Oil and Natural Gas Corporation (ONGC) reported a nearly seven-fold rise in consolidated net profit to Rs 6,846.73 crores for the first quarter of financial year 2021-22. The consolidated profit stood at Rs 1,085.05 crores in the same quarter of financial year 2020-21.
Consolidated total income during the period under review also rose to Rs 1,09,301.82 crores, up from Rs 63,694.14 crores in the comparable months of the last financial year.
The consolidated results include proceeds from ONGC’s subsidiary, Hindustan Petroleum Corporation (HPCL). On a standalone basis, gross revenue stood at Rs 23,022 crores during the first quarter of this fiscal, up from Rs 13,011 crores in the same quarter of the last fiscal. Standalone Net profit rose to Rs 4,335 crores, up from Rs 497 crores in the first quarter of the financial year 2020-21.
Profit from exploration and production, ONGC’s core business area, stood at Rs 6,225.29 crores in the quarter ending June 2021, up from Rs 1,557.20 crores in the pandemic hit quarter ending June 2020.
In a statement to the exchanges, ONGC said that Company has assessed the possible impact of continuing Covid-19 on the basis of internal and external sources of information and expects no significant impact on the continuity of operations, useful life of Property Plant and Equipment, recoverability of assets, trade receivables etc., and the financial position of the Company on a long-term basis.
“However, the revenue for the quarter ended June 30, 2020 were impacted by low crude oil and natural gas prices due to the Covid-19 pandemic and volatile global crude oil and natural gas markets. Accordingly, the same are not comparable with those for the quarter ended June 30, 2021,” ONGC said.
During the quarter under review, the net realisation per barrel of crude oil produced by ONGC from nominated fields rose to $ 65.59 a barrel. This is up from $ 28.87 a barrel in the same quarter of last year.
Total crude oil production during the quarter fell by 4.8 per cent to 5.395 million tonnes. Gas production was also down 4.3 per cent to 5.309 billion cubic metres.
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