ONGC records a whopping 220% yoy rise in Q3FY22 consolidated PAT to Rs11,637 crore; Stock hits new high

14 Feb 2022 , 01:49 PM

State-owned ONGC stock held steady ground on Monday after announcing robust growth in financial performance for the quarter ending December 2021 (Q3FY22). Consolidated net profit of ONGC rose to a whopping 220% to Rs11,637 crore in Q3FY22 versus Rs3,637 crore in the same quarter last year. Consolidated gross revenue was at Rs1,45,686 crore up by 45.3% from Rs1,00,289 crore of Q3FY21.

Consolidated crude oil production stood at 5.451 MMT in Q3FY22 down by 3.2% yoy, while gas production declined by 4.2% yoy to 5.564 BCM in the quarter under review.

ONGC said, “The production of crude oil and gas has declined during the current year mainly due to restrictive conditions created by cyclone Tauktae & Covid, delay in the mobilization of MOPU Sagar Samrat to WO-16 Cluster project, modification work at Hazira and reservoir issues in S1 Vashistha fields in Eastern Offshore.”

On the standalone front, net profit grew by a breathtaking 596.7% yoy to Rs8,764 crore, while gross revenue climbed 67.3% yoy to Rs28,474 crore.

In Q3FY22, crude price (nominated) realisation was $75.73 per barrel increasing by 75.3% yoy, while the gas price on a GCV basis stood at $2.90 per MMBtu up 62% yoy.

During the nine months ended December 2021, the Company had decided to opt for a lower tax regime u/s 115BAA of the Income Tax Act, 1961, with effect 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 of the option has resulted in a decrease in deferred tax by Rs8,689 crore and a decrease in current tax by Rs2,107 crore.

ONGC board has approved a 2nd interim dividend of 35%, i.e. Rs1.75 on each equity share of Rs5. The total payout on this account will be Rs2,201.55 Crore. The Record date for distribution of dividends has been fixed for 22nd February 2022 which has been intimated to the stock exchanges. This is in addition to 1st interim dividend of Rs5.50 per share(110%) declared earlier in Nov 2021.

On NSE, ONGC stock hits a new 52-week high of Rs176.35 per piece in early deals. The stock at around 1.46 pm, trades at Rs168.35 per piece up 0.12%.