ONGC December Quarter Net Profit Dips
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As expected, upstream major ONGC saw its net profits fall by 4.8 per cent to Rs 6,741 crore in the December quarter of 2011 as against Rs 7,083 crore in the year-ago period on the back of higher subsidy outflow. The sharp rise in subsidy burden offset the one-time gains it made from Cairn India’s Rajasthan oilfields.
The company’s topline also witnessed de-growth by 2.4 per cent on a YoY basis to Rs 18,199 crore as against Rs 18,648 crore. The company’s under-recovery discount rose by a whopping 197 per cent to Rs 12,536 crore. Its gross realisations came in at USD 111.73 per barrel, higher by 25 per cent when compared to USD 89.13 per barrel.
However, the net realisations were impacted as they stood at USD 44.96 per barrel as compared to USD 64.49 per barrel in the year-ago period, down by 31 per cent. The total oil and gas production volumes were flat on a YoY basis. During the quarter under review, ONGC has notified about five new discoveries, taking its total to 20 this fiscal.
| Financial Performance |
|---|
| Particulars | Q3FY12 | Q3FY11 | % Change |
|---|
| Sales (Rs Crore) | 18,199 | 18,648 | -2.4 |
| Net Profit (Rs Crore) | 6,741 | 7,083 | -4.8 |
| Under-Recovery Discount (Rs Crore) | 12,536 | 4,222 | 196.9 |
| Gross Realisation (USD Per Barrel) | 111.73 | 89.13 | 25.4 |
| Net Realisation (USD Per Barrel) | 44.96 | 64.79 | -30.6 |
| Oil Production (MMT) | 6.74 | 7.03 | -4.1 |
| Gas Production (BCM) | 0.81 | 0.78 | 3.8 |