ONGC first-quarter net slips 8.2 pct

By: |
Published: July 28, 2017 5:20:37 AM

While ONGC's profit fell from Rs 4,233 crore to Rs 3,885 crore, revenue increased from Rs 17,784 crore to Rs 19,073 crore. The company has a planned capex of Rs 30,000 crore for the year. However, it will require to shell out Rs 28,000 crore alone for the proposed takeover of the government’s 51.1% stake in oil marketer HPCL.

ONGC, ONGC net profit, ONGC profit in Q1, National oil explorer, Oil India fields, HPCL, GSPC, Krishna Godavari BasinWhile profit fell from Rs 4,233 crore to Rs 3,885 crore, revenue increased from Rs 17,784 crore to Rs 19,073 crore.

National oil explorer ONGC on Thursday reported a 8.2% slide in its net profit for the first quarter of financial year 2017-18 compared with a year ago, though its revenue was up 7.2%. While profit fell from Rs 4,233 crore to Rs 3,885 crore, revenue increased from Rs 17,784 crore to Rs 19,073 crore. Interestingly, the company which has been struggling to increase its production was able to increase its crude oil production to 6.444 MT during the April-June 2018 quarter compared with 6.345 MMT in the year-ago period.

Its gas production, too, jumped from 5.494 BCM to 6.030 BCM for the comparable periods. The ministry of petroleum and natural gas has formed committees headed by DGH to monitor production from ONGC and  The committees have already a few meetings with the oil explorers.

The company notified five discoveries during the quarter under review wherein three are new prospects and two are new pool discoveries. Out of these, three have been made in offshore blocks while two discoveries have been made in onshore blocks. The company has a planned capital expenditure of Rs 30,000 crore for the year. However, it will require to shell out Rs 28,000 crore alone for the proposed takeover of the government’s 51.1% stake in oil marketer HPCL, for which the Cabinet has already given its in-principle approval.

The deal is likely to be closed within this year. The state-run company’s board has also approved to acquire GSPC’s 80% stake in the Deen Dayal West fields in the Krishna Godavari Basin. ONGC’s net realisation per barrel for crude oil, both from nominated as well as joint ventures, improved during the first quarter of 2017-18.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1NTT Communications looks to meet rising digital demand in India, announces Rs 1K cr investment in new data centres
2Apple abandons cheapest iPods in step toward eventual oblivion
3Government to offer only 20 airports in 2nd round of RCS bidding