New Delhi: Maharatna ONGC, India’s largest crude oil and natural gas company, has posted Rs 4,335 crore as its standalone net profit in the first quarter of financial year 2021-22 (FY 2021-22) while the standalone gross revenue has been pegged at Rs 23,022 crore as compared to Rs 13,011 crore in the last corresponding period. The consolidated gross revenue for the first quarter of the current fiscal has been pegged at Rs 1,08,136 crore as compared to Rs 62,496 crore in the last corresponding period.
The company has assessed the possible impact of continuing Covid-19 on the basis of 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 among others, and the financial position of the company on a long-term basis.
“However, the revenue for the quarter ended June 30, 2020 was 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,” said the company in a regulatory filing.
ONGC contributes around 71 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL -- last two are subsidiaries of ONGC -- to produce petroleum products like petrol, diesel, kerosene, Naphtha, and cooking gas LPG.
It has a unique distinction of being a company with in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services. The winner of the ‘Best Employer’ award, this public sector enterprise has a dedicated team of around 28,500 professionals who toil round the clock in challenging locations.
ONGC Videsh owns participating interests in 35 oil and gas assets in 15 countries and produced about 30.3 per cent of oil and 23.7 per cent of oil and natural gas of India’s domestic production in 2019-20. In terms of reserves and production, ONGC Videsh is the second largest petroleum company of India, next only to its parent company ONGC. /BI/
