Tag : ONGC

    ONGC reports highest net profit of Rs 40,306 crore

    Preeti
    May29/ 2022

    New Delhi: On the back of the best-ever price, it earned on crude oil it produces, state-owned Oil and Natural Gas Corporation (ONGC) reported a record net profit of Rs 40,305 crore in the fiscal year ended March 31, becoming India's second most profitable company behind Reliance Industries Ltd. In a statement, ONGC said net profit for the fiscal FY22 (April 2021 to March 2022) soared 258 percent to Rs 40,305.74 crore from Rs 11,246.44 crore in the previous financial year. This as it got an average of USD 76.62 for every barrel of crude oil produced and sold in the fiscal as against USD 42.78 per barrel net realization in the previous year. This is the best price that ONGC got as international oil prices surged from late 2021 and spiked to a near 14-year high of USD 139 per barrel after Russia invaded Ukraine. International rates had spiked to a record USD 147 per barrel in 2008 but ONGC's net realization at that time was much lower as it had to provide subsidies to fuel retailers so that they could sell petrol, diesel, cooking gas LPG, and kerosene at rates lower than cost. ONGC now gets international rates as the downstream fuel retailers too price petrol, diesel, and other petroleum products at global rates. The firm got USD 2.35 per million British thermal units for the gas it sold against USD 2.09 in the previous FY21 fiscal. The gas price jumped to USD 6.1 in April this year and this impact will be visible in the first-quarter earnings. Consolidated net profit, after including those earned by its subsidiaries like HPCL, MRPL, and ONGC Videsh Ltd, soared to Rs 49,294.06 crore in 2021-22 as compared to Rs 21,360.25 crore in 2020-21. Both standalone and consolidated net profit of ONGC is the second-highest profit in the count ...

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