ONGC FY19 net profit up by 33.9% at INR 26,716 crore

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Highest ever Consolidated Turnover ` 4,53,461 Crore (25% up from ` 3,62,246 Crore in FY’18).

Highlights:

• Highest ever Gross Revenue of `1,09,655 crore in FY’19, up 29% YoY
• Final dividend of 15% taking total dividend in FY’19 to 140%
• 13 discoveries in FY’19
• 5.4% increase in Gas production from ONGC operated fields
• VAP Production up by 7.6%
• Highest ever Consolidated Net Profit (PAT) ` 33,887 Crore, up 30% YoY

In its 318th Board Meeting held on 30th May, 2019, ONGC presented the annual results for FY’19.

1. Financial Performance

Particulars Q4FY’19 Q4FY’18 % Var FY’19 FY’18 % Var
Gross Revenue (₹ Crore) 26,759 23,970 11.6 1,09,655 85,004 29.0
Profit Before Tax (PBT) (₹ Crore) 5,579 8,240 (32.3) 39,954 28,892 38.3
Profit After Tax (PAT) (₹ Crore) 4,045 5,915 (31.6) 26,716 19,945 33.9
Crude Oil Price-Nominated
Net Realization (US$/bbl) 61.93 64.27 (3.6) 68.19 55.19 23.6
Net Realization (₹/bbl) 4,365 4,133 5.6 4,766 3,557 34.0
Crude Oil Price-JV
Realization (US$/bbl) 61.29 60.03 2.1 65.97 51.47 28.2
Realization (₹/bbl) 4,320 3,860 11.9 4,611 3,317 39.0
Gas Price
Price on GCV basis ($/mmbtu) 3.36 2.89 16.3 3.21 2.69 19.3

 

2. Dividend Payout

The ONGC Board has recommended final dividend of 15%(` 0.75 per share). The Company had earlier declared interim dividends of 125%(`6.25 per share) during the year; thus the total dividend for FY’19 has been 140%(`7.00 per share) as against 132%(`6.60 per share) in last year. The total dividend payout for FY’19 would be `8,806 crore (excluding Dividend Distribution Tax).

3. Consolidated Results

1. Highest ever Consolidated Turnover ` 4,53,461 Crore (25% up from ` 3,62,246 Crore in FY’18)
2. Highest ever Consolidated Net Profit (PAT) ` 33,887 Crore as against ` 26,068 crore in FY’18 (30% up)

Turnover

The Company has achieved a turnover of ` 14,632 crore duringFY’19against the turnover of ` 10,418 crore during FY’18 (increased by 40.5%).

Profit After Tax (PAT) and Dividend

The Company registered a PAT of ` 1,682 crore in FY’19, as against a PAT of ` 981 crore in FY’18. The Board of Directors of the Company has recommended final dividend of ` 3.40 per share on fully paid equity share par value of ` 100 each, subject to approval by the shareholders. The dividend amounts to ` 510 crore.

4. Hindustan Petroleum Corporation Ltd (HPCL)

HPCL has registered outstanding physical and financial performance during the FY’19.

Refining throughput and Sales Volume

During FY’19, HPCL refineries at Mumbai and Vizag have maximized crude processing and achieved the highest ever combined refining throughput of 18.44 Million Metric Tonnes (MMT) with capacity utilization of 117%, compared to throughput of 18.28 MMT achieved during FY’18. During FY’19, HPCL achieved the highest ever sales volume of 38.7 MMT with a domestic sales growth of 4.7% over historical. A total of 478 new retail outlets were commissioned during FY’19 taking the number of total retail outlets to 15,440 as of March 19.

Gross Refinery Margin (GRM)

HPCL achieved combined Gross Refining Margin of US$ 5.01 per barrel during the year as compared to US$ 7.40 per barrel during FY’18. GRMs were lower in comparison to previous year mainly on account of reduced cracks in all products except HSD and FO, higher fuel & loss cost due to increased crude price and exchange rate variation loss due to rupee depreciation.

Turnover, PAT and Dividend

HPCL achieved the profit of ` 6,029 crores on standalone basis during the FY’19, as against profit of ` 6,357 crores during FY’18. Gross Sales during the financial year has increased to ` 2,95,713 crores as against ` 2,43,227 crores during the previous financial year. For the FY’19, HPCL has proposed final dividend of ` 9.40 per share, which combined with the interim dividend `6.50 per share totals to a dividend of `15.90 per share.

5. Mangalore Refinery and Petrochemicals Ltd (MRPL)

Throughput

MRPL has achieved highest ever throughput of 16.43 MMT for the FY’19 as against 16.31 MMT during last year.

Turnover

MRPL has achieved a turnover of ` 72,315 crore during FY’19as against ` 63,084 crore during the FY’18 (increase by 14.63%).

Gross Refinery Margin (GRM)

MRPL registered a GRM of US$ 4.06/bbl during FY’19 as against US$ 7.54/bbl during FY’18.

Profit After Tax (PAT) and Dividend

MRPL has posted Profit After Tax (PAT) of ` 332 crore in FY’19and declared dividend of ` 1.00 per share (10% of paid-up capital) amounting to `175.26 Crore.

6. ONGC Mangalore Petrochemicals Limited (OMPL)

OMPL operated at capacity utilization of ~100% in FY’19. Throughput increased by 12.49% from 1353 KT in FY’18 to 1522 KT in FY’19. Total revenue in FY’19 is ` 8,362 crore. Net Profit after Tax is ` 23 Crore for FY’19 and this is the first year when the company has generated positive PAT. Exports increased by 18.21% from 862 KT to 1,019 KT in FY’19.

7. ONGC Tripura Power Company (OTPC)

OTPC, a JV company of ONGC, achieved itshighest ever turnover of `1,461 Crore and net profit of `204 Crore during FY’19. OTPC has declared final dividend of 6% in addition to interim dividend of 8% paid earlier. Total Dividend for FY’19 is ` 157 crore.

8. ONGC Petro additions Limited (OPaL)

ONGC Petro Additions Ltd (OPaL) a JV company of ONGC has started stabilized operation of all its units last year. In the FY’19, OPaL plant has run on an average capacity of around 68% and expected to run at 100% capacity in coming year. OPal has sold more than one MMT of polymers and has grossed ` 9,785 crore as revenues in FY19.