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ONGC Q1 FY22 results: Net profit up 773% y-o-y, but drops 35.62% q-o-q

ONGC has posted a 773% rise in net profit y-o-y in Q1 of FY22 on account of improved crude oil realisation and a low base in the COVID-impacted corresponding quarter
ONGC Q1 FY22 results: Net profit up 773% y-o-y, but drops 35.62% q-o-q
ONGC Q1 FY22 results: Net profit up 773% y-o-y, but drops 35.62% q-o-q
  • ONGC’s revenue from operations for Q1 of FY22 improved by 77 percent year-on-year and 8.64 percent quarter-on-quarter
  • Crude oil realisation for the June quarter of FY22 was $65.59/bbl for nominated fields and $66.86/bbl for JVs

New Delhi: Oil & Natural Gas Corporation (ONGC) has posted a nearly 773 percent rise in standalone net profit year-on-year in Q1 of FY22 at Rs 4,334.75 crore on account of improved crude oil realisation and a low base in the COVID-impacted June quarter of the previous fiscal. On quarter-on-quarter basis, net profit dropped by 35.62 percent. ONGC’s consolidated net profit for the quarter registered a growth of 531 percent year-on-year at Rs 6,846.73 crore and a decline of 37.45 percent in comparison to the March quarter of the previous financial year.

ONGC improves revenue from operations by 77% in Q1 FY22

ONGC’s revenue from operations for Q1 of FY22 improved by 77 percent year-on-year at Rs 23,021.64 crore, up from Rs 13,011.29 crore recorded in the corresponding quarter of the previous fiscal. On quarter-on-quarter basis, the standalone revenue increased by 8.64 percent. 

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The consolidated revenue from operations for the period at Rs 1,08,135.63 crore grew by 73.02 percent year-on-year and dipped by 5.28 percent quarter-on-quarter.

Crude oil realisation improves both q-o-q, y-o-y

Crude oil realisation for the June quarter of FY22 was $65.59/bbl for nominated fields and $66.86/bbl for JVs. In the corresponding quarter of the previous fiscal, which recorded a historic crash in global crude oil prices, the net realisations for ONGC were $28.27/bbl for nominated fields and $29.60/bbl for JVs. In the March quarter of FY 21, crude oil realisation for nominated fields was $58.05/bbl and $59.16/bbl for JVs. 

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