Oil explorer ONGC on Friday announced a tepid financial result with its quarterly profit falling 6.2 per cent to Rs 4,340 crore in the fourth quarter of 2016-17 compared with Rs 4,625 crore in the comparable period a year ago. For the full year 2016-17, the company’s profit was up 10.9 per cent at Rs17,900 crore compared with Rs 16,140 crore in the previous year. The fall in quarterly profit was reported despite a 33.7 per cent increase in gross revenue to Rs 21,714 crore in the quarter ended March 31, 2017 compared with Rs16,237 crore in the period a year ago. Gross revenue for 2016-17 gained a mere 0.2 per cent to Rs 77,907 crore compared with Rs 77,740 crore in the previous year.
Though the net realisation for crude oil from nominated fields during the fourth quarter under review was Rs 3,679 per barrel compared with Rs 2,354 during the year-ago period, up 56.3 per cent, for the full year 2016-17 the gain was a mere
9.3 per cent to Rs 3,372 per barrel compared with Rs 3,086 per barrel during the previous year.
However, gas price on gross calorific value was down around 35 per cent on both quarterly and yearly basis in dollar terms. On the exploration front, the company ended the financial year on high with 23 discoveries (13 onshore of which 9 have been already monetised and 10 offshore) compared with 17 discoveries in the previous year.