Riding on spurt in crude oil prices, public sector undertaking Oil and Natural Gas Corporation (ONGC) has reported a ₹5,915-crore profit after tax for the last quarter of the financial year 2017-2018.
This is 36.3 per cent higher than the ₹4,340-crore net profit reported in the same quarter of the financial year 2016-2017.
The company board also recommended a final dividend of ₹1.35 per equity share of ₹5 each for the financial tear 2017-18..
The company posted an increase in profit on the back of better per-barrel realisation (average price at which ONGC sold the products it produced).
For crude oil produced from nominated fields, ONGC’s price realisation stood at $66.71 a barrel during the last quarter of the financial year 2017-2018.
This was 21.5 per cent higher than the $54.91 a barrel price realised during the same quarter of the financial year 2016-2017.
Price realisation of crude oil from joint venture projects was up 23.2 per cent (compared to the quarter ending March 2017) at $60.03 a barrel during the quarter ended March 2018.
Compared to the January-March 2017 quarter, price realisation from natural gas production too, was higher by 15.6 per cent during January-March 2018 at $2.89 per million British thermal units.
During the full financial year 2017-2018, gross revenue stood at ₹85,004 crore up 9.1 per cent from the financial year 2016-2017.
Profit after tax for the financial year 2017-2018 was 11.4 per cent higher at ₹19,945 crore.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.