Oil and Natural Gas Corporation (ONGC) rose 1.56% to Rs 123.95 after the corporation reported a consolidated net profit of Rs 9,404.16 crore in Q4 FY21 as against a net loss of Rs 6,338.12 crore in Q4 FY20.
Net sales during the quarter rose 9.4% YoY to Rs 1,14,168.26 crore. Pre-tax in Q4 FY21 stood at Rs 13,664.10 crore compared with a pre-tax loss of Rs 10,680.26 crore in Q4 FY20.
On a standalone basis, ONGC's net profit surged to Rs 4,762.86 crore in Q4 FY21 from Rs 836.86 crore in Q4 FY20. Net sales during the quarter declined by 1.2% to Rs 21,188.91 crore in Q4 FY21 over Q4 FY20.
Net realisation increased by 18.4% to $58.05 a barrel in the March quarter, compared with $49.01 a barrel in the year-ago quarter.
The corporation recorded 38.2% drop in standalone net profit to Rs 10,303.66 crore on 29.2% fall in net sales to Rs 68,141.09 crore in FY21 over FY20.
"Despite country wide 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 COVID-19 pandemic. This has resulted in a production shortfall of condensate and value added products (VAP) as well," the company said in a statement.
ONGC has declared total 10 discoveries (3 in onland, 7 in offshore) during FY 2020-21 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore).
With the monetization of Ashoknagar-1 discovery, the Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in up-gradation of Bengal basin to category-I basin as per the new three tier category -classification of sedimentary basins of India.
ONGC board has recommended final dividend of Rs 1.85 per share.
ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India as on 30 March 2021.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU