On a consolidated basis, Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 5,985.16 crore in Q1 FY22, steeply higher than net profit of Rs 115.89 crore in Q1 FY21.
Net sales during the quarter rose 73% YoY to Rs 108135.63 crore. The company posted a pre-tax profit of Rs 10194.37 crore in Q1 FY22 compared with a pre-tax profit of Rs 2001.68 crore in Q1 FY21.
On a standalone basis, ONGC recorded a net profit of Rs 4334.75 crore in Q1 FY22, higher than net profit of Rs 495.97 crore in Q1 FY21. Net sales rose 76.9% YoY to Rs 23021.64 crore during the period under review.
During the quarter under review, the net realisation per barrel of crude oil produced by ONGC from nominated fields rose to $65.59 a barrel, up 127.2% from $28.87 a barrel in Q1FY21.
Total crude oil production during the quarter fell by 4.8% to 5.395 million tonnes. Gas production declined 4.3% to 5.309 billion cubic metres during the quarter under review.
"The management of the holding Company has assessed the possible impact of continuing COVID-19 on the group based on the internal and external sources of information and expects no significant impact on the continuity of operations, useful life of Property Plant and Equipment, recoverability of assets, trade receivables etc., and the financial position of the Company on a long term basis. However, the revenue for the quarter ended June 30, 2020 were impacted by low crude oil and natural gas prices due to the COVID-19 pandemic and volatile global crude oil and natural gas markets. Accordingly, the same are not comparable with those for the quarter ended June 30, 2021," ONGC said in a statement.
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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