ONGC logs multifold leap in Q3 revenue on spike in oil, fuel costs
State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported practically seven-fold leap in third quarter web revenue after increased oil and fuel costs offset a drop in manufacturing.
Net revenue of Rs 8,764 crore in October-December 2021 rose 596.7 per cent over Rs 1,258 crore web revenue in the identical interval a yr again, the corporate mentioned in an announcement.
The nation’s prime oil and fuel producer obtained USD 75.73 for each barrel of crude oil it produced and bought within the third quarter of the present fiscal yr as in comparison with USD 43.20 a barrel realisation in the identical interval of 2020-21.
Gas value rose to USD 2.90 per million British thermal unit in October-December 2021 as towards USD 1.79 a yr again. This spurt in costs greater than made up for the autumn in manufacturing. Oil manufacturing fell 3.2 per cent to five.45 million tonne whereas fuel output was 4.2 per cent decrease at 5.5 billion cubic meters.
“The production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and Covid, delay in mobilization of mobile production unit Sagar Samrat to WO-16 Cluster project (in western offshore), modification work at Hazira and reservoir issues in S1 Vashistha fields in eastern offshore,” the assertion mentioned.
Revenue within the quarter beneath overview was up 67.3 per cent to Rs 28,474 crore.
During the primary 9 months of the present fiscal yr, web revenue rose to Rs 31,446 crore as in comparison with Rs 4,512 crore in April-December 2020. Revenue was up 61.5 per cent to Rs 75,849 crore.
“During the 9 months ended December 31, 2021, the corporate had determined to go for a decrease tax regime u/s 115BAA of the Income Tax Act, 1961, with impact from FY 2020-21.
“Accordingly, the company has recognized provision for tax expenses and re-measured its net deferred tax liabilities. The net impact due to availing the option has resulted in decrease in deferred tax by Rs 8,689 crore and decrease in current tax by Rs 2,107 crore,” the assertion mentioned.
The board of the agency accredited a second interim dividend of 35 per cent (Rs 1.75 per share). “The total payout on this account will be Rs 2,201.55 crore.” This dividend is along with the primary interim dividend of Rs 5.50 per share (110 per cent) declared earlier in November 2021.
During the present fiscal yr, ONGC made three oil and fuel discoveries – an oil and fuel discover in Ratna & R-Series area within the Mumbai offshore basins and two fuel discoveries in KG onland block.
“Out of three hydrocarbon discoveries notified till date during FY 2021-22, two onland discoveries — South Velpuru-2 and Gopavaram Deep-1 (in KG onland block) have already been monetized by ONGC,” the assertion added.
