ONGC net profit rises nearly seven-fold in Q1 to Rs 6,846 crore

Oil and Organic Gasoline Company (ONGC) reported a in close proximity to sevenfold rise in consolidated revenue to Rs 6,846.73 crore for the first quarter of economic 12 months 2021-22 (Q1FY22). The consolidated revenue was Rs one,085.05 crore in the corresponding quarter past 12 months.

Consolidated complete earnings throughout the period of time less than overview also rose to Rs one,09,301.eighty two crore, up from Rs sixty three,694.14 crore past 12 months.

The consolidated results include proceeds from ONGC’s subsidiary, Hindustan Petroleum Company (HPCL).

On a standalone basis, gross income stood at Rs 23,022 crore in Q1, up from Rs thirteen,011 crore past 12 months. Standalone Net revenue rose to Rs four,335 crore, up from Rs 497 crore in Q1FY21.

Financial gain from exploration and generation, ONGC’s core business enterprise place, stood at Rs 6,225.29 crore in Q1, up from Rs one,557.2 crore past 12 months.

In a statement to the exchanges, ONGC explained the organization has assessed the achievable impression of continuing Covid-19 on the basis of inside and exterior resources of data and expects no important impression on the continuity of operations, helpful lifetime of property plant and gear, recoverability of assets, trade receivables and many others, and the economic situation of the organization on a long-time period basis.

“However, the income for the quarter ended June thirty, 2020 had been impacted by very low crude oil and pure gas price ranges because of to the Covid-19 pandemic and unstable global crude oil and pure gas markets. Appropriately, the identical are not comparable with all those for the quarter ended June thirty, 2021,” ONGC explained.

During the quarter less than overview, the net realisation for every barrel of crude oil manufactured by ONGC from nominated fields rose to $sixty five.59 a barrel.

This was up from $28.87 a barrel in Q1FY21.

Total crude oil generation throughout the quarter fell by four.eight for every cent to five.395 million tonnes. Gasoline generation also fell four.three for every cent to five.309 billion cubic metres.

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