For the full year 2016-17, the company’s profit was up 10.9% at Rs17,900 crore compared with Rs16,140 crore in the previous year.(PTI)Oil explorer ONGC on Friday announced a tepid financial result with its quarterly profit falling 6.2% to Rs4,340 crore in the fourth quarter of 2016-17 compared with Rs4,625 crore in the comparable period a year ago. For the full year 2016-17, the company’s profit was up 10.9% at Rs17,900 crore compared with Rs16,140 crore in the previous year.
The fall in quarterly profit was reported despite a 33.7% increase in gross revenue to Rs21,714 crore in the quarter ended March 31, 2017 compared with Rs16,237 crore in the period a year ago. Gross revenue for 2016-17 gained a mere 0.2% to Rs77,907 crore compared with R77,740 crore in the previous year.
Though the net realisation for crude oil from nominated fields during the fourth quarter under review was Rs3,679 per barrel compared with Rs2,354 during the year-ago period, up 56.3%, for the full year 2016-17 the gain was a mere 9.3% to Rs3,372 per barrel compared with Rs3,086 per barrel during the previous year.
However, gas price on gross calorific value was down around 35% on both quarterly and yearly basis in dollar terms. On the exploration front, the company ended the financial year on high with 23 discoveries (13 onshore of which 9 have been already monetised and 10 offshore) compared with 17 discoveries in the previous year.