ONGC net edges up to Rs 2308 cr

BS 200 SCORECARD

Oil and Natural Gas Corporation (ONGC) has reported a 8 per cent jump in net profit at Rs 2,308 crore for the first quarter of the current financial year. Sales revenue rose 31 per cent to Rs 10387.26 crore (Rs 7927.84 crore). Gross sales includes an income of Rs 1,327 crore on account of trading.

The company's total income was estimated at Rs 10,596.33 crore after factoring in the excise payment and other income. ONGC's expenditure was estimated at Rs 5141 crore (Rs 3,242 crore).

The company spent Rs 1,327 crore on purchases, while staff expenses rose 43 per cent to Rs 316 crore on account of a Rs 75 crore outgo on voluntary retirement scheme.

Earnings per share was estimated at Rs 16.19 (Rs 14.97). ONGC provided Rs 1,515 crore for taxes of which Rs 1,630 crore is for the current year and is factoring in a deferred tax asset of Rs 115.45 crore.

The company provided Rs 814.89 crore as its share to make good under recoveries by oil marketing companies on kerosene sold through the PDS and cooking gas.

As a result, the current quarter profit is lower by Rs 753.85 crore before tax and Rs 478 crore after tax, ONGC said in its notes to accounts.

The impact of subsidy of the first quarter of 2003-04 on profit before tax and profit after tax would have been Rs 626.78 crore and Rs 401.92 crore, respectively.