The Hindu Business Line : OVL net rises 78 pc

ONGC Videsh Ltd (OVL), a 100 per cent subsidiary of Oil and Natural Gas Corporation Ltd (ONGC) has earned the highest-ever consolidated net profit of Rs 761 crore for the financial year ended March 31, compared to Rs 428 crore during the last year, up 78 per cent.

The consolidated gross revenue increased by 72 per cent from Rs 3,502 crore to Rs 6,026 crore during the same period.

According to a company statement, the OVL Board has recommended a maiden dividend amounting to Rs 105 crore, which is 35 per cent on its paid-up equity share capital of Rs 300 crore. OVL's consolidated oil and gas production overseas increased to 5.063 million tonnes of oil + oil equivalent gas (O+OEG) in 2004-05, up 31 per cent from 3.868 million tonnes in 2003-04.

Out of this, gas and condensate production in Vietnam increased to 1.349 billion cubic meter and 0.039 million tonnes during 2004-05, up 158 per cent and 77 per cent year-on-year.

During the year, OVL repaid in full the bank loan of Rs 248 crore for its Vietnam project. With improved cash flows, OVL has also repaid Rs 654 crore of loans and advances to its parent ONGC, who now funds all its foreign investments at zero-interest cost.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
TPL Q4 net profit at Rs 20.15 cr

OVL net rises 78 pc

Apollo Tyres Q4 net at Rs 20.28 cr

NIIT Tech Q4 net up 87 pc

Tata Coffee net zooms 77 pc

Kotak Mahindra Bank Q4 net up 12 pc