ONGC Q4 Net dips 6.2% at Rs 4340 cr on royalty payments

Jon Howard
May 27, 2017

For the year ended March 31, 2017, on the consolidated basis, the company has posted a jump of 76.18% in its net profit at Rs 8235.82 crore as compared to Rs 4674.69 crore in the previous year.

State-owned Oil and Natural Gas Corp (ONGC) today reported a 6.2 per cent drop in March quarter net profit after it cleared royalty dues to Gujarat and Assam and provisioned for employee pay revision.

The company's board approved a bonus issue of 1:2, implying that an investor will receive one share for every two held.

"Profit was higher as a result of better operating efficiencies, higher sales and inventory gains", he said.

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Gross refining margin or realisation on each barrel of crude processed by the company for its Vishakhapatnam and Mumbai refineries was $7.99 per barrel in the fourth quarter, up from $7.51 per barrel a year earlier. It had posted a net profit of Rs 4624.30 crore in the corresponding quarter a year ago.

The company had an inventory gain of Rs 2,374 crore in 2016-17 against a loss of Rs 1,201crore in 2016-16.

The oil and gas explorer's income from operations increased 29 per cent to Rs 26,233 crore during the quarter while its expenses increased 47 percent to Rs 20,696 crore from Rs 14,002 crore recorded in the corresponding quarter a year ago.

During 2016-17, the company's LPG infrastructure was strengthened with commissioning of a 355-km long Mangalore Hassan Mysore Solur LPG Pipeline ahead of its scheduled completion target.

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