31 May 2018, News Wires – State-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) of India has posted a 36.2 per cent jump in net profit at Rs 5,915.12 crore for the quarter ended March 2018 on a standalone basis as compared to net profit of Rs 4,340 crore posted in the corresponding quarter previous fiscal (2016-17).
Total income of the company during the quarter rose 5.3 per cent to Rs 27,703 crore from Rs 26,361 crore in the corresponding quarter previous fiscal.
The company said in a statement its net realization of crude during the fourth quarter increased 21.5 per cent to $66.71 per barrel for nominated fields. Realization for joint venture (JV) fields rose 23.2 per cent to $60.03 per barrel.
The company’s total crude oil production during the quarter dropped 3 per cent to 6.2 million tonne while gas production rose 2.2 per cent to 6.0 billion cubic meter (BCM). Crude oil production during the full financial year 2017-18 dropped 0.4 per cent to 25.4 million tonne while gas production increased 5.8 per cent to 24.6 BCM.
For the full fiscal 2017-18, ONGC reported a net profit of Rs 26,067 crore on a consolidated basis, 10.6 per cent down as compared to net profit of Rs 29,169 crore in the previous fiscal. Total income of the company last financial year, however, rose 10.3 per cent to Rs 369,714 crore as against total income of Rs 334,989 crore in 2016-17.
The company’s share price at the Bombay Stock Exchange (BSE) today closed at Rs 173.95, down 0.85 per cent as compared to previous close.