ONGC’s net profit declines

GN Bureau | November 18, 2015


#PSU   #public sector   #ONGC  


ONGC reported a weak set of second quarter earnings with net profit declining 31 percent to Rs 4,842 crore and revenue falling 9.4 percent to Rs 20,679 crore.

 Last financial year, the company clocked in production of 25.94 million tonnes. However, gas production will be lower than the target and is expected to improve only in FY17, he said. In an interview to CNBC18, AK Srinivasan, Director-Finance, spoke on new exploration draft policy. He said the policy which has just come out and we are just in the process of examination this should be better ones then what it was earlier we assume.

On the ONGC’s business and realisations in the second half of the year he said “as far as the realisations are concerned basically in the Q2 we had a realization of a 48.83 and as against the average of the Indian basket was about 50.21. Similarly, the basket for the Q1 was around 61.47. Keeping these prices but now in the second half the prices are still lower.

They are hovering in the range of between $40-45. For every dollar change there is an impact considering the exchange rate remains around $65 we have an impact of about Rs 955 crore per dollar impact on the entire volume of one year. Similarly it has an impact about Rs 530 post tax. So looking half rate it should be half of the amount which is going to have an impact on increase or decrease in a dollar by that much.

Comments

 

Other News

BJP will win all 26 LS seats from Gujarat in 2019: Vijay Rupani

Gujarat chief minister Vijay Rupani has claimed that the BJP will win all 26 Lok Sabha seats in the state in 2019 polls, thus repeating the 2014 general elections victory. Rupani was interacting with a group of reporters in Gandhinagar on Wednesday. Confident of the BJP’s win, Rupani denied C

Mumbai development plan 2034: Citizens, experts raise concerns

A public meeting was organised by the Urban Design Research Institute (UDRI) in Mumbai to discuss the concerns of citizens and urban planners on the recently released Mumbai development plan (DP) 2034.   The citizens and experts have expressed concerns regarding the shortage of time to

Actor Denzil Smith talks about his love for stage and more

Denzil Smith is a stage and film actor who has featured in several Indian and international productions that have achieved both critical and commercial success. Gurinder Chadha’s Viceroy’s House was based on partition in which he played the role of Jinnah. He also appeared in The Lunchbox a

Can the JD(S)-Congress combine give stable government in Karnataka?

Can the JD(S)-Congress combine give stable government in Karnataka?

Making palliative care child’s play

Sneha Sena is a unique attempt to integrate education and healthcare by bringing school children into the field of palliative care. In Kerala’s Alappuzha district, a government medical officer has decided to create an army of student volunteers to be part of the government’s pain

An African salient

To counter Beijing’s aggressive agenda in the Indian Ocean, New Delhi is seeking to create strategic bastions in Mauritius, Seychelles and Madagascar. The immediate provocation was China’s inauguration of its first overseas military base in Djibouti, in the Horn of Africa.

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter