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Informist, Monday, Aug 5, 2024

 

--ONGC Apr-Jun net profit 89.38 bln rupees

--Analysts saw ONGC Apr-Jun net profit 86.78 bln rupees

--ONGC Apr-Jun revenue 352.66 bln rupees

--ONGC Apr-Jun net profit 89.38 bln rupees vs 105.27 bln

--ONGC Apr-Jun revenue 352.66 bln rupees vs 338.14 bln

--ONGC: Apr-Jun net realisation 6,928 rupees/barrel, up 10.4% on yr

--ONGC: Apr-Jun net realisation $83.05 per barrel, up 8.8% on yr

--ONGC: Apr-Jun total crude oil output 5.237 mln tn, down 1.4% on yr

--ONGC: Apr-Jun total gas output 5.008 bln cu mtr, dn 4.1% on year

 

By Rajesh Gajra

 

MUMBAI – Oil and Natural Gas Corp Ltd beat the Street's estimates on its standalone net profit for the quarter ended June, but missed the topline estimate. The state-owned upstream oil and gas major reported a standalone net profit of 89.38 bln rupees in Apr-Jun, down 15.1% on year and 9.4% sequentially. However, it was above the analysts' average estimate of 86.78 bln rupees.

 

The company's standalone revenue from operations went up 4.3% on year and 1.8% on quarter to 352.66 bln rupees. It was below the Street's estimate of 354.7 bln rupees.

 

The June quarter revenue growth of the company came on the back of a 10.4% on-year rise in net crude oil realisation from nominated fields to 6,928 rupees per bbl, from 6,277 rupees per bbl. In dollar terms, the net crude oil realisation from nominated fields increased 8.8% on year to $83.05 per bbl from $76.36 per bbl.

 

The total crude oil production in the June quarter declined 1.4% on quarter to 5.24 mln tn, according to the data provided by the company in a post-earnings press release. The total natural gas output declined 4.1% on year to 5.01 bln cubic metres. The natural gas price on gross calorific value basis declined 3.1% on year in Apr-Jun.

 

The company's revenue from offshore operations was up 4.8% on year at 241.87 bln rupees, while the onshore operations revenue went up by 3.1% to 110.79 bln rupees.

 

Mainly due to a sharp rise of 31% in statutory levies, including windfall cess, to 97.72 bln rupees, and a 62% jump up in written-off exploration costs to 16.43 bln rupees, the earnings before interest and tax fell 15.5% on year to 120.07 bln rupees. The offshore operations segment recorded a fall of 13.6% on year to 102.26 bln rupees while that in the onshore operations fell nearly 25% on year to 17.79 bln rupees.

 

ONGC's operating margin contracted substantially to 37.25% in the June quarter from 44.51% a year ago. The 15% on-year fall in the bottomline of the company largely followed the 15.5?ll in EBIT and an 18% increase in depreciation, depletion, amortisation, and impairment costs to 58.97 bln rupees. Finance costs too went up sharply by 17% on year to 11.82 bln rupees.

 

The net profit fall was buffered by a 28% on-year rise in other income to 20.61 bln rupees and a 14.2?ll in tax expenses to 30.18 bln rupees.

 

ONGC said in its press release that it has declared five discoveries in the current financial year. Since May 20, when the company disclosed two discoveries in its post-March quarter press release, the company had made three more discoveries, it said. Today, shares of ONGC ended at 310.25 rupees on the National Stock Exchange, down 6%.  End

 

US$1 = 83.85 rupees

 

Edited by Aditya Sakorkar

 

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