Wednesday, September 28, 2022

Q1FY20: ONGC standalone net profit slips around 4% y-o-y

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New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) registered a 3.9 percent decline in net profit in the June quarter of financial year 2019-20 on the back of declining oil prices and crude oil production from its own fields. Net profit for the first quarter of FY2019-20 stood at Rs 5,904 crores, down from Rs 6,144 crore in the year-ago period.

Revenue falls 2.4%

The company’s standalone gross revenue fell 2.4 percent to settle at Rs 26,555 in the June quarter, down from Rs 27,213 crores in the corresponding quarter a year ago. However, the consolidated gross revenue dropped 0.8 percent year-on-year as the total stood at Rs 1,09,515 crores in Q1 FY2019-20, down from Rs 1,10,367 crore in the corresponding quarter of the previous financial year.

Net realisation goes down

ONGC got $66.30 for every barrel of crude oil produced and sold, down 7.3 per cent from $71.49 a barrel net realisation in the corresponding quarter a year ago. Natural gas price realisation, on the other hand, was up by a fifth to $3.69 per million British thermal unit. The decline in profits and revenue can be primarily attributed to about 4.7 percent drop in crude oil production to 4.8 million tonnes in the June quarter of FY2019-20. Natural gas production, however, rose nearly 4 percent to 6.15 billion cubic metres. ONGC said it made four discoveries during Q1 FY2019-20.

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