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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.
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