State-run Oil and Natural Gas Corporation (ONGC) has posted a net profit of Rs 59.15 billion for the fourth quarter of the financial year 2017-18, up 36.3 per cent from Rs 43.4 billion during the same quarter in 2016-17, due to higher net realisation.
The company’s gross revenue also rose 10.4 per cent during the quarter under review to Rs 239.7 billion, from Rs 217.14 billion. The net realisation for the quarter stood at $66.71 a barrel, compared to $54.91 a barrel during the fourth quarter of 2016-17.
The rising crude oil prices also had a positive impact on the company’s numbers during the financial year 2017-18, posting a rise of 11.4 per cent in its net profit to Rs 199.45 billion versus Rs 179 billion during the previous financial year.
The company’s gross revenue for the year zoomed 9.1 per cent to Rs 850.04 billion compared to a year-ago Rs 779 billion. The ONGC Board has recommended a final dividend of 27 per cent. The Company had earlier declared interim dividends of 105 per cent during the year; thus the total dividend for FY’18 has been 132 per cent. The net realisation for the entire financial year stood at $57.33 a barrel compared to $50.27 a barrel during a lower price regime in 2017-17.
Meanwhile, the company’s crude oil production, including condensate, dropped by 3 per cent to 6.2 million tonne during the quarter under review, while during the same period last year, it produced 6.39 MT. The yearly production of crude oil also saw a marginal decline of 0.4 per cent.
On the other hand, overall gas production during the fourth quarter increased by 2.2 per cent to 6.07 billion cubic meter (bcm), while it was seen at 5.94 bcm during the Q4 of 2016-17. For the entire financial year 2017-18, the company’s gas production increased by 5.8 per cent to 24.61 bcm.