Oil and Natural Gas Corporation (ONGC) rose 1.56% to Rs 123.95 after the corporation reported a consolidated net profit of Rs 9,404.16 crore in Q4 FY21 as against a net loss of Rs 6,338.12 crore in Q4 FY20.
Net sales during the quarter rose 9.4% YoY to Rs 1,14,168.26 crore. Pre-tax in Q4 FY21 stood at Rs 13,664.10 crore compared with a pre-tax loss of Rs 10,680.26 crore in Q4 FY20.
On a standalone basis, ONGC's net profit surged to Rs 4,762.86 crore in Q4 FY21 from Rs 836.86 crore in Q4 FY20. Net sales during the quarter declined by 1.2% to Rs 21,188.91 crore in Q4 FY21 over Q4 FY20.
Net realisation increased by 18.4% to $58.05 a barrel in the March quarter, compared with $49.01 a barrel in the year-ago quarter.
The corporation recorded 38.2% drop in standalone net profit to Rs 10,303.66 crore on 29.2% fall in net sales to Rs 68,141.09 crore in FY21 over FY20.
"Despite country wide lock-down due to COVID-19 pandemic, ONGC has almost reached last year's production levels in case of crude oil from its operated blocks. The shortfall in natural gas production is primarily due to less offtake by customers due to COVID-19 pandemic. This has resulted in a production shortfall of condensate and value added products (VAP) as well," the company said in a statement.
ONGC has declared total 10 discoveries (3 in onland, 7 in offshore) during FY 2020-21 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore).
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ONGC board has recommended final dividend of Rs 1.85 per share.
ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India as on 30 March 2021.
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