ONGC reports 251% YoY profits

New Delhi, Aug 13: ONGC on Friday reported a 251% year-on-year rise in its standalone net profit in the April-June quarter to 15,206 crores on the back of strong operating performance and top-line growth.

 

 

 

The standalone revenue from operations grew by 84% to Rs. 42,321 crores. The company registered a 91% y-o-y growth in offshore business at Rs. 27,990.4 crore and onshore business increased by 72% to14,330.3 crore during the quarter.

 

 

 

The company said its operating margin improved by 49.57% compared with 32.01% a year ago. The net profit margin was 35.93% compared with 18.83% in the first quarter of the last fiscal. While its net realization from the nominated oil blocks increased by 73.4% to Rs. 8,384 a barrel, the realization from joint venture blocks rose by 71.7% to Rs. 8,467 a barrel. On a consolidated basis, ONGC’s net profit for the quarter rose by 25.3% to 8,581 crores compared with6,847 crores a year earlier. Gross revenue went up by 69% to Rs. 1.82 trillion.

 

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Including its joint ventures, ONGC’s crude oil production during the quarter increased by 1.9% to 5.494 million tonnes, while gas production improved by 1.4% to 5.383 billion cubic metres (BCM).