ONGC declares results for Q2 FY’21: Posts Net Profit of ₹ 2,878 crore up 480% from Q1 FY’21 Net Profit of ₹ 496 crore

Sarkaritel
By Sarkaritel November 14, 2020 04:49

ONGC declares results for Q2 FY’21: Posts Net Profit of ₹ 2,878 crore up 480% from Q1 FY’21 Net Profit of ₹ 496 crore


In its 332nd meeting held on 13th November, 2020, ONGC Board approved the results for Second Quarter (Q2) of FY 2020-21 (FY’21). ONGC registered a Net Profit of ₹ 2,878 crore on the Gross Revenue of ₹ 16,917 crore during Q2 FY’21. During this period ONGC produced 5.686 MMT of Crude Oil and 5.880 BCM of Natural Gas. Details are as under:

  1. Financial Performance (Standalone)
  Q2 H1  

FY’20

FY’21 FY’20 % Var FY’21 FY’20 % Var
Gross Revenue

( Crore)

16,917 24,493 (30.9) 29,927 51,047 (41.4) 96,213
Net Profit         

( Crore)

2,878 6,336 (54.6) 3,374 12,316 (72.6) 13,445
Crude Oil Price-Nominated

 

Realization (US$/bbl) 41.38 60.33 (31.4) 34.97 63.26 (44.7) 58.61
Realization (₹/bbl) 3,078 4,244 (27.5) 2,625 4,426 (40.7) 4,154
Crude Oil Price-JV
Realization (US$/bbl) 41.78 60.99 (31.5) 35.59 63.96 (44.4) 59.33
Realization (₹/bbl) 3,108 4,290 (27.6) 2,672 4,475 (40.3) 4,205
Gas Price

 

Price on GCV basis ($/mmbtu) 2.39 3.69 (35.2) 2.39 3.69 (35.2) 3.46

 

The revenue and PAT for Q2 and H1 of FY’21 have declined as compared to corresponding period of FY’20 mainly due to lower crude oil price realization. Lower gas prices also contributed to lower topline and bottom line. The Company has also recognized an Exceptional Item towards impairment loss of ₹1,238 crore in Q2 FY’21 to factor into estimated future crude oil and natural gas prices. This impairment loss may be reversed in future as and when there is increase in crude oil and gas price. However, PAT for Q2 FY’21 has increased by 480% i.e. from ₹ 496  crore in Q1 FY’21 to ₹ 2,878 crore in Q2 FY’21 due to recovery of crude oil price.

  1. Financial Performance (Consolidated)
  Q2 H1  

FY’20

FY’21 FY’20 % Var FY’21 FY’20 % Var
Gross Revenue (Crore) 83,619 1,01,575 (17.7) 1,46,115 2,11,121 (30.8) 4,25,001
Net Profit

(₹ Crore)

5,801 5,560 4.3 6,891 12,680 (45.7) 11,560
Net Profit

(₹ Crore) – attributable to owners

4,335 5,349 (19.0) 4,455 12,120 (63.2) 10,907

 

  1. Production Performance
  Q2 H1 Actual

FY’20

FY’21 FY’20 % Var FY’21 FY’20 % Var
Crude Oil – ONGC(MMT) 4.818 4.782 0.8 9.617 9.574 0.4 19.331
Crude Oil – JVs (MMT) 0.580 0.704 (17.6) 1.154 1.419 (18.7) 2.639
Condensate (MMT) 0.288 0.356 (19.1) 0.580 0.718 (19.2) 1.383
Total Crude Oil (MMT) 5.686 5.842 (2.7) 11.351 11.711 (3.1) 23.353
Gas – ONGC (BCM) 5.693 5.969 (4.6) 11.085 12.117 (8.5) 23.853
Gas – JVs (BCM) 0.187 0.300 (37.7) 0.339 0.567 (40.2) 1.043
Total Gas (BCM) 5.880 6.269 (6.2) 11.424 12.684 (9.9) 24.896
Value Added Products (KT) 826 853 (3.2) 1,547 1,771 (12.6) 3,548

 

Sarkaritel
By Sarkaritel November 14, 2020 04:49