FY 2019-20
ONGC Q4FY20 results
ONGC Q4FY20 results

ONGC FY'20 net profit at Rs 13,445 crore

12 discoveries in FY'20; 03 discoveries so far in FY'21

Thesynergyonline Corporate Bureau

NEW DELHI, JUNE 30 : Oil and Natural Gas Corporation (ONGC) registered a gross revenue of Rs 21, 456 crore in the fourth quarter financial year 2019-20(Q4FY30) as against Rs 26, 759 crore in the fourth quarter of 2018-19(Q4FY19), down by 19.8 per cent.

The gross revenue in the fiscal 2019-20 (FY20) was Rs 96,214 crore as against Rs 1,09,655 crore in fiscal2018-19 (FY19), down by 12.3 per cent.

The company has recognized an exceptional item towards impairment loss of Rs. 4,899 crore in Q4 FY'20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY'20 and FY'20 as compared to last year.

The company registered profit afrter tax of Rs 3, 098 crore in Q2FY20 from RS 4,240 in Q4FY1 9 , down by 173.1 per cent.

In fiscal 1920 (FY20) the company's PAT was Rs 13,445 crore from Rs 26,765crore in financial year 2018-19(FY19), down vy 49.8 per cent.

ONGC has declared total 12 discoveries (7 onland, 5 offshore) during FY 2019-20 in its operated nomination acreages. Out of these, 7 are prospects (3 onland, 4 offshore) and 5 are pools (4 onland, 1 offshore).

In FY 20-21 ONGC has notified 3 discoveries so far (two in offshore deep-water NELP block and another in on-land block in Nomination PML) i. Well KGD982NA-CHAN-B-1in Cluster II of KG-DWN-98/2 deep water block , KG Basin flowed gas from two intervals @5,69,330 m3/day and 5,25,152 m3/day respectively. ii. Well KU#13 drilled in Kunjanban PML, Tripura flowed gas @1,56,000 m3/day along with condensate @ 0.23 m3/day. iii. Well KGD982NA-R1-E#1 in Cluster II of KG-DWN-98/2 deep water block, KG Basin flowed gas @ 4,64,141 m3/day ONGC's overseas arm, ONGC Videsh Ltd. registered increase in production of oil and gas by 1% with net production of 14.981 MMTOE in FY'20, as compared to 14.833 MMTOE in FY'19 The company has achieved a turnover of Rs. 15,538 crore during FY'20 against the turnover of Rs. 14,632 crore during FY'19 (increased by 6%). The company registered a PAT of Rs. 454 crore in FY'20, as against a PAT of Rs. 1,682 crore in FY'19. The company's board recommended final dividend of Rs. 2.00 per share on fully paid equity share par value of Rs. 100 each, subject to approval by the shareholders. The dividend amounts to Rs. 300 crore.

HPCL has registered good performance during the FY'20 considering the specific challenges faced by the sector especially towards year end due to demand contraction on account of Covid 19 pandemic.

During 2019-20, HPCL refineries at Mumbai and Visakhapatnam achieved combined refining throughput of 17.18 Million Metric Tons (MMT) with capacity utilization of 109%. Both Mumbai and Vizag Refineries were up-graded to produce BS VI compliant transportation fuels and BS VI grade MS and HSD was rolled out pan India basis as per the timelines stipulated by Government of India. During 2019-20, HPCL achieved the highest ever sales volume of 39.6 MMT compared to previous year's sales of 38.7 MMT. HPCL commissioned record number of 1,194 new retail outlets and 245 new LPG distributorships during 2019-20 taking the number of total retail outlets to 16,476 and number of total LPG distributors to 6,110 as of 31st March, 2020

HPCL achieved combined Gross Refining Margin of USD 1.02/bbl during the year as compared to USD 5.01/bbl during 2018-19. GRMs were lower in comparison to previous year mainly due to inventory losses and reduced cracks in Diesel, LPG and FO.

Gross sales for the FY 19-20 were Rs. 2,86,250 crore as compared to Rs. 2,95,713 crore for the previous year. HPCL achieved the profit of Rs. 2,637 crores on standalone basis during the FY'20, as against profit of Rs. 6,029 crores during FY'19. For the year 2019-20, HPCL has proposed a final dividend of Rs. 9.75 per share.

MRPL achieved throughput of 14.14 MMT for the FY'20 as against 16.43 MMT during last year.

MRPL has achieved a turnover of Rs. 60,752 crore during FY'20 as against Rs. 72,315 crore during the FY'19.

MRPL registered a negative GRM of US$ 0.23/bbl during FY'20 as against positive GRM of US$ 4.06/bbl during FY'19.

MRPL has posted loss After Tax of Rs. (2,708) crore in FY'20 as against profit of Rs. 332 crore in FY'19. The primary reason for reduction in GRM/profitability are disruptions in operations due to water shortage during Q1, landslide inside refinery during Q2 and impact of COVID in the last quarter.

ONGC continues to hold 49% of equity shares in OMPL and the rest is held by MRPL. The total Para-Xylene production for FY'20 was 659 KT, Benzene -165 KT and Paraffinic Raffinate -178 KT. The Company has introduced a new product, viz., Paraffinic Raffinate in the export market and started sale of Heavy Aromatics in domestic market. The Revenue from Operations was 4,954 Crore during FY 2019-20 as against Rs. 8,567 Crore during last year. The Company posted loss After Tax of Rs. (1,400) Crore in FY'20 as against a Profit after tax of Rs. 23 Crore during the FY'19. This was due to unprecedented fall in International prices of Para-Xylene and Benzene owing to various factors like Capacity additions in China, Crude volatility and US-China Trade issues etc. The Company consistently maintained excellent safety record of zero LTI (Lost time Injury) in the past 4 years.

Petronet MHB Limited (PMHBL) is a subsidiary company of ONGC where ONGC and its subsidiary HPCL holds 49.99% shareholding each. Both ONGC and HPCL have increased their stake by 17.28% by acquiring additional shares from 8 public sector banks during the FY'20.PMHBL has earned revenue from operations of Rs. 111 crore with profit of Rs. 88 crore in FY'20.

ONGC Petro Additions Ltd (OPaL) a JV company of ONGC has stabilized its operations and has established itself in domestic / export market with sale of prime grade products. OPaL operated at average 88% capacity in FY'20; and aggregated more than 1.65 Million Tonnes of polymer and chemical sales. Revenue from operations of OPaL during the year FY'20 has been Rs. 10,183 crore as against Rs. 9,739 crore during FY'19. During the year, much awaited Hazira Dahej Naphtha Pipeline was commissioned which will reduce the feed cost to OPaL and increase the profitability.

OTPC's both power units of 363.3 MW each are fully operational. OTPC has earned revenue from operations of Rs. 1248 crore and PAT of Rs. 71 crore. OTPC has declared interim dividend at Rs. 0.30 per share and final dividend at Rs. 0.20 per share for FY'20, subject to approval of shareholders