State-owned
ONGC has reported a stellar bottom-line front during the fourth quarter ending March 2021 (Q4FY21). ONGC posted a net profit of Rs6,734cr in Q4FY21 against a net loss of Rs3,214cr a year ago same period. ONGC stock was trading with modest gains on Friday.
Unlike Q4 PAT, ONGC's gross revenue was at Rs21,189cr in the quarter under review declining marginally 1.2% from Rs21,456cr in the corresponding period of the previous year.
However, ONGC also witnessed production shortfalls. ONGC said in the filing, "despite countrywide lock-down due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of Crude oil from its operated blocks. The shortfall in Natural Gas production is primarily due to less offtake by customers due to the COVID-19 pandemic. This has resulted in production shortfall of Condensate and Value Added Products (VAP) as well."
ONGC's total crude oil production was at 5.551MMT in Q4FY21 down by 4.6% from 5.819 MMT of Q4FY20. While total gas production was at 5.583BCM in Q4 of FY21, contracting by 7.6% from 6.040 BCM of the same quarter last year.
Furthermore, crude oil net realization stood at $58.05 per barrel rising by 18.4% from Q4FY20 where realization stood at $49.01 per barrel.
ONGC Board has recommended a final dividend of 37% (Rs. 1.85 per share). The Company had earlier declared an interim dividend of 35% (Rs. 1.75 per share) during the year; thus the total dividend for FY’21 has been 72% (Rs. 3.60 per share). The total dividend payout for FY’21 would be Rs4,529cr.
At around 11.22 AM, ONGC was performing at Rs122.75 per piece up by 0.57% on Sensex. The stock has hit an intraday high of Rs124.90 per piece on the same index.
ONGC stock is currently near its record level of Rs128.45 per piece on Dalal Street.