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Informist, Monday, Nov. 11, 2024

 

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--ONGC Jul-Sept net profit INR 119.84 bln 
--Analysts saw ONGC Jul-Sept net profit INR 93.68 bln 
--ONGC Jul-Sept net profit INR 119.84 bln vs INR 102.38 bln year ago 
--ONGC Jul-Sept revenue INR 338.81 bln vs INR 351.63 bln year ago 
--ONGC Apr-Sept net profit INR 209.22 bln vs INR 207.65 bln year ago 
--ONGC Apr-Sept revenue INR 691.47 bln vs INR 689.77 bln year ago 
--ONGC to pay INR 6 per share interim dividend 
--ONGC Jul-Sept crude oil net realisation $78.33 per barrel, dn 7.7% on yr 
--ONGC Jul-Sept crude oil output 4.58 mln tn, up 0.7% on year 
--ONGC Jul-Sept gas output 4.91 bln cu mtr vs 5.02 bln cu mtr year ago 
 

 

By Anand J.C.

 

MUMBAI – Even though Oil and Natural Gas Corp. Ltd.'s bottom line increased 17% on-year in the September quarter, its top line decreased on the back of modest gas, muted crude oil production and a fall in its crude oil price realisation.

 

The net profit of ONGC in the September quarter was INR 119.84 billion, higher than INR 102.38 billion in the year-ago period. It was also higher than the Street's estimate of INR 93.68 billion. Sequentially, the bottom line rose 34%.

 

The company's revenue from operations was INR 338.80 billion, nearly 3.7% lower on year and sequentially, but in-line with analysts' expectations. Other income was INR 47.66 billion during the quarter, more than double its INR 20.86 billion reading in the corresponding period last year. 

 

EXPENSES

The state-owned upstream company incurred an overall expenditure of INR 236.11 billion in the September quarter, largely flat on year but 7% lower sequentially. In Jul-Sept, the cost of materials consumed, which represents the company's consumption of raw materials and spares, was INR 8.06 billion, 18.9% lower on year. Employee benefit expenses in the September quarter increased to INR 7.71 billion, 16.4% higher on year.

 

The statutory levies incurred by the company in Jul-Sept was INR 78.30 billion, nearly 28% lower than INR 107.91 billion in the same quarter a year ago. The exploration costs written off, inclusive of survey and exploratory well costs, in the September quarter were INR 12.11 billion, largely unchanged on year.

 

Depreciation, depletion, amortisation, and impairment expenses in the latest quarter were INR 55.98 billion, 18.6% higher on year. Finance costs saw an increase of 13.8% on year to INR 11.57 billion in the September quarter. The total tax expenses incurred in Jul-Sept was INR 30.52 billion, 6.5% lower on year.

 

OUTPUT, REALISATION

ONGC's standalone crude oil price realisation in the September quarter dipped 7.7% on year to $78.33 per barrel. In Apr-Sept, it remained flat on year at $80.67 a barrel. The crude oil price realisation of its joint ventures in the September quarter was $77.91 per barrel, down 1.9% on year. In Apr-Sept, realisation was $79.37 per barrel, 5.6% higher on year. 

 

ONGC's crude oil production on a standalone basis was 4.57 million tonnes, marginally higher than 4.55 million tonnes in the same quarter a year ago. In Apr-Sept, the output was 9.20 million tonnes, flat on year. The output by its joint ventures was 0.33 million tonnes in Jul-Sept, 25.4% lower on year. In Apr-Sept, the output by its joint ventures was 23% lower on year at 0.68 million tonnes.

 

In Jul-Sept, the price of gas based on administered pricing mechanism on gross calorific value basis was unchanged at $6.5 per metric million British thermal units. Natural gas production by the company on a standalone basis was 4.91 billion cubic metres, 2% lower on year in the September quarter. In Apr-Sept, the natural gas output was 9.78 billion cubic metres, 2.9% lower on year. 

 

ONGC said it has opened the three oil wells of A-field of deepwater block KG-DWN-98/2 on Oct. 30. The total oil production has been enhanced to around 25,000 oil barrels per day from eight flowing wells of the second cluster, it said in a press release. ONGC will open the remaining five wells shortly, but has not provided an exact date. 

 

In Apr-Sept, the net profit of ONGC was INR 209.22 billion, about a percent higher on year. In the same period, revenue from operations was INR 691.47 billion, largely unchanged on year. The board of ONGC has declared an interim dividend of INR 6 per share.

 

ONGC disclosed its September quarter earnings post market close. On Monday, shares of ONGC closed at INR 256.90 per share, 2.2% lower.  End

 

Edited by Akul Nishant Akhoury

 

 

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