ONGC FY21 results: Q4 profit at Rs 6,733.97 cr; dividend of Rs 1.85 per share declared

• For the entire financial year FY21, ONGC's PAT recorded 16.5 percent decline year-on-year as it settled at Rs 11,246 crore as opposed to Rs 13,464 crore in FY20
• The Gross Revenue for Q4 of FY21 recorded a marginal decline of 1.2 percent year-on-year at Rs 21,189 crore as opposed to Rs 21,456 crore in Q4 FY20

New Delhi: Improving its performance on account of better realisation, state-run Oil & Natural Gas Corporation (ONGC) has posted a Profit after Tax (PAT) of Rs 6,733.97 crore in Q4 of FY21 and declared a dividend of Rs 1.85 per share. This takes the total dividend for FY21 to Rs 3.60 per share. In the Q4 of the previous financial year, ONGC has posted a net loss of Rs 3,214. For the entire financial year FY21, ONGC's PAT recorded 16.5 percent decline year-on-year as it settled at Rs 11,246 crore as opposed to Rs 13,464 crore in FY20.

ONGC FY21 Dividend pay out

The ONGC board has recommended a final dividend of 37 percent (Rs 1.85 per share). The E&P Maharatna PSU had earlier declared interim dividend of 35 percent (Rs 1.75 per share) during the year. Thus, the total dividend for FY21 has been 72 percent (Rs 3.60 per share). The total dividend payout for FY21 would be Rs 4,529 crore, said ONGC.

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The Gross Revenue for Q4 of FY21 recorded a marginal decline of 1.2 percent year-on-year at Rs 21,189 crore as opposed to Rs 21,456 crore in Q4 FY20. However, in comparison to the December quarter, the revenue rose 24.5 percent. 

Brent crude price increased by 36.1% quarter-on-quarter

Prices of Brent crude increased by 36.1 percent quarter-on-quarter to $60.7 per barrel in the three months through March. Domestic natural gas prices — which are revised once every six months — stood at $1.8 per mmBtu in the second half of FY21 and remained unchanged in the first half of the current financial year. Despite a countrywide lock-down due to COVID-19 pandemic, ONGC inched closer to last year's crude oil production levels from its operated blocks. The shortfall in Natural Gas production was primarily due to less offtake by customers due to COVID-19 pandemic, said ONGC. This has resulted in production shortfall of Condensate and Value Added Products (VAP) as well.

ONGC said it had declared a total 10 discoveries (3 in onland, 7 in offshore) during FY21 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)," it added. With the monetisation 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," said ONGC.

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