State-owned ONGC reports Q4 profit at Rs 6,734 crore on high realisation

State-owned Oil and Natural Gas Corporation (ONGC) has reported a profit after tax at Rs 6,734 crore for the January to March quarter as compared to a loss of Rs 3,214 crore in the year-ago period.

However, for the whole financial year FY21, profit after tax was down 16 per cent to Rs 11,246 crore as against Rs 13,464 crore in FY20.

Gross revenue in Q4 FY21 declined by 1 per cent to Rs 21,189 crore as against Rs 21,456 in Q4 FY20. But in FY21 it was down 29 per cent to Rs 68,141 crore from Rs 96,214 crore in FY20.

Net realisation increased by 18 per cent to 58.05 dollars a barrel in the March quarter as compared to 49.01 dollars a barrel in the year-ago quarter due to rising global oil prices amid hope for demand recovery following a decline in COVID-19 cases.

Despite countrywide lockdown due to the pandemic, ONGC has almost reached last year's production levels in case of crude oil from its operated blocks, the company said in a statement.

"The shortfall in natural gas production is primarily due to less offtake by customers due to COVID-19 pandemic. This has resulted in a production shortfall of condensate and value added products as well," it said.

The board of directors has recommended a final dividend of Rs 1.85 per share, taking the total dividend for FY21 to Rs 3.60 per share.