ONGC declares results for Q2 FY’22: Posts Net Profit of ₹ 18,348 Crore, up 565% from Q2 FY’21, declares interim dividend of ₹ 5.50 per share

New Delhi:  In its 343rd meeting held on 12th November, 2021, ONGC Board approved the results for Second Quarter (Q2) of FY 2021-22 (FY’22).

Major Highlights:

  • Gross Revenue ₹24,353 crore in Q2 , up by 44%% Q-o-Q
  • Net profit ₹ 18,348 crore in Q2, up by 565% Q-o-Q
  • Interim Dividend of ₹5.50 per share

Details are as under:

  1. Financial Performance (Standalone)
  Q2 H1  

FY’21

FY’22 FY’21 % Var FY’22 FY’21 % Var
Gross Revenue(₹Crore) 24,353 16,916 44.0 47,375 29,927 58.3 68,141
Net Profit (₹ Crore) 18,348 2,758 565.3 22,682 3,254 597.0 11,246
Crude Oil Price-Nominated

 

Realization (US$/bbl) 69.36 41.38 67.6 67.45 35.05 92.4 42.78
Realization (₹/bbl) 5,139 3,078 67.0 4,986 2,631 89.5 3,174
Crude Oil Price-JV

 

Realization (US$/bbl) 71.11 41.78 70.2 68.99 35.59 93.8 43.87
Realization (₹/bbl) 5,269 3,108 69.5 5,100 2,672 90.9 3,255
Gas Price

 

Price on GCV basis ($/mmbtu) 1.79 2.39 (25.1) 1.79 2.39 (25.1) 2.09

During the quarter, the Company has decided to opt for lower tax regime u/s 115BAA of the Income Tax Act, 1961,with effect from FY 2020-21. Accordingly, the Company has recognized provision for tax expenses and re-measured its net deferred tax liabilities. The net impact due to availing the option has resulted in decrease in deferred tax by ₹ 8,541 crore and decrease in current tax by ₹ 1,304 crore.

  1. Dividend

Board has approved interim dividend of 110%, i.e. ₹ 5.50 on each equity share of ₹5. The total payout on this account will be ₹ 6,919 Crore. The Record date for distribution of dividend has been fixed for 23rd November, 2021 which has been intimated to the stock exchanges.

  1. Financial Performance (Consolidated)
  Q2 H1  

FY’21

FY’22 FY’21 % Var FY’22 FY’21 % Var
Gross Revenue (₹ Crore) 1,22,029 83,619 45.9 2,30,165 1,46,115 57.5 3,60,572
Net Profit

(₹ Crore)

 

18,749 5,675 230.4 25,596 6,760 278.6 21,343
Net Profit (₹Crore) –

attributable to owners

18,055 4,211 328.8 24,040 4,326 455.7 16,249

 

  1. Production Performance
  Q2 H1 Actual
FY’22 FY’21 % Var FY’22 FY’21 % Var FY’21
Crude Oil – ONGC(MMT) 4.676 4.818 (2.9) 9.272 9.617 (3.6) 19.172
Crude Oil – JVs (MMT) 0.555 0.580 (4.3) 1.113 1.154 (3.6) 2.259
Condensate (MMT) 0.240 0.288 (16.7) 0.480 0.580 (17.2) 1.102
Total Crude Oil (MMT) 5.471 5.686 (3.8) 10.865 11.351 (4.3) 22.533
Gas – ONGC (BCM) 5.260 5.693 (7.6) 10.369 11.085 (6.5) 22.096
Gas – JVs (BCM) 0.207 0.187 10.7 0.407 0.339 20.1 0.720
Total Gas (BCM) 5.467 5.880 (7.0) 10.776 11.424 (5.7) 22.816
Value Added Products (KT) 787 826 (4.7) 1573 1547 1.7 3,120

 

 

The production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and due to Covid impact. Further delay in mobilization of MOPU Sagar Samrat to WO-16 Cluster project impacted production from this field.

Awards/Recognitions:

Forbes World’s Best Employers List: In yet another global recognition of its employer branding, ONGC has again featured among the coveted Forbes – World’s Best Employers 2021 list. ONGC’s inclusion in the Forbes list is a validation of its strong fundamentals as an Employer.

 

  1. Exploratory Success:

ONGC has notified one (1) new discovery since last press release on 13.08.2021.

South Velpuru-2 (SVLAB): Exploratory well South Velpuru-2 (SVLAB) in Godavari PML Onland block, KG-Onland, KG-PG Basin was drilled down to a depth of 4,445.5 m to explore sands within Gollapalli and Raghavapuram Formation. Three objects in Golapalli Formation on testing  in the intervals 4357-4354 m, 4310.5-4303 m, 4339-4335.5 m, 4329-4326.5m & 4351.5-4346.5 m flowed gas @ 48452 m3/day.The interval 1876-1870m in Tirupati Formation has flown oil and gas at a stabilized flow rate of @ 109.9 m3/day and @ 9204 m3/day respectively.