Oil and Natural Gas Corporation (ONGC) reported 31.6% year-on-year (YoY) growth in standalone net profit to Rs 8,860 crore in Q4 FY22. Net sales in the January-March 2022 quarter jumped 62.8% to Rs 34,497.24 crore from Rs 21,188.91 crore recorded in the same period last year. Profit before tax in Q4 FY22 stood at Rs 11,714 crore, up by 31.2% from Rs 8,928 crore reported in Q4 FY21. While the companys net crude oil price realization was $94.98 per barrel (up 63.6% YoY), gas price realization was$2.90 per mmbtu (up 62% YoY) in the fourth quarter. ONGCs crude oil production declined by 2.1% to 4.651 MMT in Q4 FY22 over Q4 FY21. Gas production during the period under review was 5.167 BCM, lower by 4% on YoY basis. The decrease in oil/gas production is mainly due to impact of cyclone-Tauktae in Western Offshore Assets and Western Onshore Assets and modification work at Hazira,? the oil & gas producer said. The companys board has recommended a final dividend of Rs 3.25 per equity share for FY22. ONGC reported 11.5% rise in consolidated net profit to Rs 10,550.29 crore on a 36.6% increase in net sales to Rs 1,55,920.48 crore in Q4 FY22 over Q4 FY21. The company recorded 179.2% increase in consolidated net profit to Rs 45,522.11 crore on a 47.5% rise in net sales to Rs 5,31,761.81 crore in FY22 as compared with FY21. With respect to Russia operations, ONGC said that the Group has considered the possible effects that may result from the special operations, carried out by Russia in Ukraine, various sanctions have been imposed on Russia by several countries. These economic sanctions have a cascading effect on the economies globally. The Group has assessed the impact of these sanctions on its operations/assets in Russia. Subsidiary ONGC Videsh has 3 assets in Russia, namely Sakhalin-1 (Joint arrangement 20% Stake), Vankorneft (Associate 26% Stake) and Imperial Energy (wholly owned subsidiary). ONGC informed that the Sakhalin-1 project is operated by ENL, a subsidiary of Exxon Mobil. With the current geopolitical situation, further to the announcement by Exxon Mobil (Operator-ENL) discontinuing operations in the Sakhalin-1 project, the consortium is heading towards a transition of operatorship which is in progress. The temporary unavailability of International Group of Protection & Indemnity (IG P&I) insurance for crude oil tankers hired by the project for delivery of its crude oil to international buyers has created a logistic constraint for evacuation of its production from May 22 thereby resulting in reduced output from the project. The situation is likely to improve with the efforts of the consortium to actively resolve the insurance issues. JSC Vankorneft being an equity-accounted entity is entitled to dividend which was due till March 2022 and has been received. Production from the field continues as per the Business Plan 2022. Imperial Energys operations are continuing as per the Business Plan except for the value of crude oil sales being affected due to prevailing discount. The Group has considered the above aspect in assessing the impairment of its CGUs in Russia under the consolidated financial statements,? ONGC said in a statement. Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.91% stake in ONGC as of March 2022. The scrip rose 0.07% to currently trade at Rs 143.85 on the BSE. Powered by Capital Market – Live News
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