ONGC Q4 Results: Net Profit Jumps 31% YoY on Higher Oil Prices

ONGC
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Net profit increase: Oil and Natural Gas Corporation, a state-owned company, reported a 31.5% increase in the net profit for Q4FY22 at Rs 8,859.54 crore. In the year-ago period, the net profit reported was Rs 6,733.97 crore. It is the highest net profit reported by the company.

Consolidated net profit, after including those earned by its subsidiaries like HPCL and ONGC Videsh Ltd, stood at Rs 12,061.44 crore in the March quarter and Rs 49,294.06 crore in the full fiscal 2021-22. 

Revenue increase: The company reported an increase in revenue from operation as it stood at Rs 34,497.24 crore in the Jan-Mar quarter. In the year-ago period, the revenue stood at Rs 21,188.91 crore, and the revenue increased by 62.8%.

For the full fiscal, ONGC posted a record net profit of Rs 40,305.74 crore, up from Rs 11,246.44 crore in the previous financial year.

Exploration Performance: The company has declared 4 discoveries (2 in onland, 2 in offshore) during FY 2021-22 in its operated acreages. Out of these, 3 are prospects (1 in onland, 2 in offshore) and 1 is a new pool (onland). Six hydrocarbon discoveries have been monetized during the year including the two discoveries notified during the fiscal of 2021-22. 

Reserve Replacement Ratio: Reserve Replacement Ratio (2P) from domestic fields (excluding JV share) was 1.01. With this, ONGC has achieved a Reserve Replacement Ratio (2P) of more than one for the 16th consecutive year.

Updates from important subsidiaries:

  • ONGC Videsh Ltd: ONGC’s overseas arm registered production of oil and gas of 12.330 MMTOE in FY’22, as compared to 13.039 MMTOE in FY’21. The company's revenue was Rs 17,322 crore during FY’22 against the turnover of Rs 11,956 crore during FY’21.
  • HPCL: HPCL reported its highest-ever annual sales revenue of Rs 3,72,642 crore for FY 2021-22 as against Rs 2,69,243 crore last year, a growth of 38%. The Profit after Tax (PAT) is Rs 6,383 crore as against Rs 10,664 crore last year. 

Dividend: The company has announced a dividend of Rs 14 per share for the full financial year.

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