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ONGC Q4 PAT down 6.2% to Rs 4340 crore

ONGC Q4 PAT down 6.2% to Rs 4340 crore

ONGC Q4 PAT down 6.2% to Rs 4340 crore

Oil and Natural Gas Corporation, the state-owned oil and gas explorer, recorded a 6.54 percent drop in net profit at Rs 4,340 crore for the quarter ended March 2017 on account of higher expenses which rose a whopping 47 percent. While PAT for 2016-17 stood at Rs6,209 crore compared with Rs3,726 crore a year ago on a standalone basis, the fourth quarter profit was Rs1,819 crore against Rs1,388 crore a year ago.

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"But for the royalty payments, our net profit would have been higher by Rs 1,600 crore", he said. During the fourth quarter of 2017, it had an inventory gain of Rs 743 crore against Rs 37 crore during the same period past year. The company has earmarked ₹1,944 crore for pay revision of officers and unionized category that is due from January 1 this year. Total income of company increased by 8.26% at Rs 215317.71 crore for year under review as compared to Rs 198887.99 crore for the year ended March 31, 2016.

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The company earned $7.99 on turning every barrel of crude oil into fuel in the quarter compared with a gross refining margin (GRM) of $7.51 per barrel, he said.

During 2016-17, the company's LPG infrastructure was strengthened with commissioning of a 355-km long Mangalore Hassan Mysore Solur LPG Pipeline ahead of its scheduled completion target. This works out to a payout of ₹1,027 crore.

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