Oil and Natural Gas Corp.'s quarterly profit rose over fivefold aided by higher revenue and an exceptional item.
Net profit rose 435% sequentially to Rs 6,733.97 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 3,503.2-crore consensus estimate of analysts tracked by Bloomberg. An exceptional income of Rs 2,613.2 crore aided the bottom line.
Revenue rose 24.5% quarter-on-quarter to Rs 21,188.9 crore. Analysts had pegged revenue at Rs 21,843 crore. That came as other income rose 157% over last quarter to Rs 3,132.4 crore.
Highlights (QoQ)
- Operating profit rose 25.2% to Rs 8,149 crore.
- Operating margin expanded to 38.5% from 38.2%.
- Total income grew 32% quarter-on-quarter, outpacing expenditure growth of 15.9%.
Prices of Brent crude rose 36.1% quarter-on-quarter to $60.7 per barrel in the three months through March.
Domestic gas prices under the administered pricing mechanism—which are revised once every six months—stood at $1.8 per metric million British thermal units in the second half of FY21 and remained unchanged in the first half of the ongoing fiscal.
ONGC's domestic natural gas production fell 4.2% sequentially in the fourth quarter to 5,327.6 million metric standard cubic meters, according to Oil Ministry data. Its domestic crude oil production dropped 2% quarter-on-quarter to 4.97 million metric tonnes.
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