ONGC records fourth quarter PAT of Rs6,734cr, gross income slightly down due to production shortfall; The stock is close to a record

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The state-owned ONGC reported excellent net income in the fourth quarter ending March 2021 (T4FY21). ONGC posted a net profit of Rs6,734cr in Q4FY21 against a net loss of Rs3,214cr a year ago in the same period. ONGC stock traded with modest gains on Friday.

Unlike PAT’s fourth quarter, CGSB’s gross revenue was Rs21,189cr in the quarter under review, a marginal decline of 1.2% from Rs21,456cr in the corresponding period of the last year.

However, ONGC also experienced production shortfalls. ONGC said on the file, “Despite the nationwide lockdown due to the COVID-19 pandemic, ONGC has almost reached last year’s production levels in the case of crude oil from its operated blocks. The deficit in natural gas production is mainly due to a decrease in customer withdrawals due to the COVID-19 pandemic. This has also resulted in a deficit in the production of condensates and value-added products (VAP).

CGSB’s total crude oil production was 5.551 MMT at T4FY21, down 4.6% from 5.819 MMT at T4FY20. While total gas production stood at 5.583 GCM in the fourth quarter of FY21, it contracted 7.6% from 6.040 GCM in the same quarter last year.

In addition, net crude oil realization was $ 58.05 per barrel, up 18.4% from Q4FY20 where realization was $ 49.01 per barrel.

The CGSB board recommended a final dividend of 37% (Rs. 1.85 per share). The company had previously declared an interim dividend of 35% (Rs. 1.75 per share) during the year; thus the total dividend for FY’21 was 72% (Rs. 3.60 per share). The total dividend payment for FY’21 would be Rs4,529cr.

At around 11:22 a.m., ONGC was performing at Rs122.75 per play, up 0.57% on Sensex. The stock hit an intraday high of Rs 124.90 per coin on the same index.

CGSB stock is currently near its all-time high of Rs128.45 per coin on Dalal Street.


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