ONGC slips after weak Q1 results

ONGC fell 1.64% to Rs 273.10 at 9:40 IST on BSE after net profit fell 33.92% to Rs 4015.98 crore on 3.35% decline in total income to Rs 20505.03 crore in Q1 June 2013 over Q1 June 2012.

The company announced Q1 result after market hours today, 12 August 2013.

Meanwhile, the BSE Sensex was up 55.76 points, or 0.29%, to 19,002.74.

On BSE, 78,000 shares were traded in the counter compared with average volume of 3.19 lakh shares in the past one quarter.

The stock hit a high of Rs 278.60 and a low of Rs 270.90 so far during the day. The stock hit a 52-week high of Rs 354.10 on 18 January 2013. The stock hit a 52-week low of Rs 248.75 on 27 November 2012.

The stock had underperformed the market over the past one month till 12 August 2013, sliding 6.29% compared with the Sensex's 5.07% decline. The scrip had also underperformed the market in past one quarter, falling 15.44% as against Sensex's 5.84% fall.

The large-cap state-run company has an equity capital of Rs 4277.74 crore. Face value per share is Rs 5.

ONGC gave a gross subsidy discount of Rs 12622 crore in Q1 June 2013, which was higher than Rs 12346 crore in Q1 June 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10803 crore and profit after tax (PAT) by Rs 7131 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.

ONGC sold crude at $102.90 per barrel in Q1 June 2013, but after giving subsidy discounts the net realization was $40.17 in Q1 June 2013 against $45.91 a barrel in Q1 June 2012.

ONGC said that due to changes in accounting policies, the profit before tax was higher by Rs 222 crore.

ONGC said it has provided for Rs 1611 crore in Q1 June 2013 towards contribution for conversion of Post Retirement Benefit Scheme from Defined Benefit Scheme to Defined Contributory Scheme based on guidelines of the Department of Public Enterprise.

ONGC reported 4 hydrocarbon discoveries in Q1 June 2013 and an additional discovery in August 2013.

The Government of India (GoI) holds 69.23% stake in ONGC (as per the shareholding pattern as on 30 June 2013).

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