MRPL & OVL post handsome numbers

ONGC Videsh has posted its highest-ever net profit of Rs 4,445 crore; MRPL too posted a rise in net profit of Rs 1067 crore

State-run ONGC Videsh has posted its highest-ever net profit of Rs 4,445 crore for the current financial year, posting a 13.1% increase to the previous financial year.

The company's net profit for the previous financial year was around Rs 3,929 crore. The company's crude oil production during FY14 was higher by 26.3% due to new production stream from Azerbaijan, acquisition of 12% interest in Block BC 10 of Brazil, higher production from Sudan and resumption of production from South Sudan.

Crude oil production was 5.486 million tonne during 2013-14, compared to 4.34 MT during 2012-13.Interestingly, natural gas production dropped a bit by 1.6% to 2.87% as against 2.917% during the previous financial year. ONGC's overseas investment arm is targeting production of 8.66 million tonnes of oil and gas in 2014-15, compared with 8.36 million tonnes produced in the previous fiscal year. "We are targeting an additional 0.33 MT for the next financial year," said the company's managing director S P Garg.

MRPL net profit seen up

ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) too posted a rise in net profit of Rs 1067 crore in the fourth quarter of the financial year, as against a net loss of Rs 62 crore last year, owing to foreign exchange and inventory gains.According to ONGC chairman and managing director D K Sarraf, the rise in net profit was mainly due to a forex gain of Rs 575 crore and an inventory gain of Rs 503 crore.

The company's gross refining margin was seen at $3.18 per barrel for the period under review, against $1.98 per barrel during the same time in 2012-13. Meanwhile, its turnover saw a rise of 2.93% to Rs 20,032 crore, compared to Rs 19,462 crore last year.