ONGC declares results for Q3 FY’21: Posts net profit of ₹1,378 crore; declares interim dividend of ₹ 1.75/share

Sarkaritel
By Sarkaritel February 13, 2021 18:12

ONGC declares results for Q3 FY’21: Posts net profit of ₹1,378 crore; declares interim dividend of ₹ 1.75/share


Highlights:      

  •      Crude Oil Production from operated blocks reaches last year’s levels
    ·         Net profit of ₹1,378 crore on the gross revenue of ₹17,024 crore during Q3 FY-21
    ·         Interim Dividend of ₹1.75 per share
    ·         Notifies 8 discoveries so far in FY’21

ONGC Board in its 334th meeting held on 13 February 2021, approved the results for Third Quarter (Q3) of FY 2020-21 (FY-21). The details are as under:

  1. Production Performance (ONGC + Share in JVs):
  Q3 9 Months Actual
FY’21 FY’20 % Var FY’21 FY’20 % Var FY’20
Crude Oil–ONGC(MMT) 5.078 5.158 (1.6) 15.275 15.450 (1.1) 20.714
Crude Oil – JVs (MMT) 0.554 0.665 (16.7) 1.708 2.084 (18.0) 2.639
Total Crude Oil (MMT) 5.632 5.823 (3.3) 16.983 17.534 (3.1) 23.353
Gas – ONGC (BCM) 5.626 5.875 (4.2) 16.711 17.991 (7.1) 23.853
Gas – JVs (BCM) 0.183 0.298 (38.6) 0.522 0.865 (39.7) 1.043
Total Gas (BCM) 5.809 6.173 (5.9) 17.233 18.856 (8.6) 24.896
Value Added Products (KT) 809 898 (9.9) 2,355 2,669 (11.8) 3,548

 Despite countrywide lockdown due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of Crude oil from its operated blocks. The shortfall in Gas production is primarily due to less offtake by customers due to COVID-19 pandemic.

  1. Financial Results (Standalone)
  Q3 9 Months Actual

FY’20

FY’21 FY’20 % Var FY’21 FY’20 % Var
Gross Revenue ( Crore) 17,024 23,710 (28.2) 46,952 74,757 (37.2) 96,214
Net Profit          ( Crore)

 

1,378 4,226 (67.4) 4,752 16,543 (71.3) 13,445
Crude Oil Price-Nominated
Realization (US$/bbl)

 

43.20 59.73 (27.7) 37.74 62.08 (39.2) 58.61
Realization (₹/bbl)

 

3,186 4,255 (25.1) 2,816 4,369 (35.5) 4,154
Crude Oil Price-JV 
Realization (US$/bbl)

 

43.91 58.24 (24.6) 38.77 62.14 (37.6) 59.33
Realization (₹/bbl)

 

3,238 4,148 (21.9) 2,893 4,374 (33.9) 4,205
Gas Price
Price on GCV basis ($/mmbtu)

 

1.79 3.23 (44.6) 2.19 3.54 (38.1) 3.46
  1. Financial Performance (Consolidated) 
  Q3 9 Months Actual

FY’20

FY’21 FY’20 % Var FY’21 FY’20 % Var
Gross Revenue (₹ Crore) 1,00,289 1,09,466 (8.4) 2,46,404 3,20,587 (23.1) 4,25,001
Net Profit (₹ Crore) 3,764 5,459 (31) 10,654 18,140 (41.3) 11,560
Net Profit (₹ Crore) – attributable to owners 2,643 4,979 (46.9) 7,098 17,099 (58.5) 10,907

 

  1. Dividend

Board has approved interim dividend of 35%, i.e. ₹ 1.75 on each equity share of ₹5. The total payout on this account will be ₹ 2,201.55 Crore. The Record date for distribution of dividend has been fixed for 20th February, 2021  which has been intimated to the stock exchanges. 

  1. Other major decisions of Board
  1. Formation of subsidiary for Gas Business: Board has approved creation of new wholly owned subsidiary Company for focusing on Gas & LNG business value chain subject to necessary approvals. 

The Company is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, Hydrogen enriched CNG(HCNG), Gas to Power business, bio-energy/bio-gas/bio methane/other bio fuels business, etc.

  1. 5% equity in Indian Gas Exchange Ltd (IGX): Board has approved acquisition of 5% equity in Indian Gas Exchange Ltd (IGX) as strategic investment. IGX is a subsidiary of IEX, India’s first and leading Power Exchange. IGX Ltd is presently India’s first and only authorized Gas Exchange, which provides an automated platform for trading of natural gas, covering wide range of products. As an important stakeholder in the gas sector, it would be critical for ONGC to participate at the Gas exchange for development of gas sector. ONGC’s interests towards realizing maximum value from its gas marketing efforts may be substantiated through this first gas trading platform in the country.It is expected that this partnership will play a role in achieving the Go
Sarkaritel
By Sarkaritel February 13, 2021 18:12