ONGC Q4 Results: Net Profit Jumps Over Fivefold Aided By Exceptional Item
Oil and Natural Gas Corp.’s quarterly profit rose over fivefold aided by higher revenue and an exceptional item.
Net profit rose 435% sequentially to Rs 6,733.97 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 3,503.2-crore consensus estimate of analysts tracked by Bloomberg. An exceptional income of Rs 2,613.2 crore aided the bottom line.
Revenue rose 24.5% quarter-on-quarter to Rs 21,188.9 crore. Analysts had pegged revenue at Rs 21,843 crore. That came as other income rose 157% over last quarter to Rs 3,132.4 crore.
- Operating profit rose 25.2% to Rs 8,149 crore.
- Operating margin expanded to 38.5% from 38.2%.
- Total income grew 32% quarter-on-quarter, outpacing expenditure growth of 15.9%.
Prices of Brent crude rose 36.1% quarter-on-quarter to $60.7 per barrel in the three months through March.
Domestic gas prices under the administered pricing mechanism—which are revised once every six months—stood at $1.8 per metric million British thermal units in the second half of FY21 and remained unchanged in the first half of the ongoing fiscal.
ONGC’s domestic natural gas production fell 4.2% sequentially in the fourth quarter to 5,327.6 million metric standard cubic meters, according to Oil Ministry data. Its domestic crude oil production dropped 2% quarter-on-quarter to 4.97 million metric tonnes.