| No. |
Particulars |
Unaudited For the
Quarter Ended |
Unaudited For the Nine
Months Ended |
Audited Results
For the Year Ended |
| 31.12.04 |
31.12.03 |
31.12.04 |
31.12.03 |
31.03.04 |
| 1. |
Segment Revenue |
|
| |
- Offshore |
844603 |
579101 |
2354662 |
1822877 |
2499612 |
| |
- Onshore |
389836 |
162481 |
1130219 |
604679 |
805544 |
| |
Total |
1234439 |
741582 |
3484881 |
2427556 |
3305156 |
| |
Less: Inter Segment Revenue |
|
| |
Net sales/income from
operations |
1234439 |
741582 |
3484881 |
2427556 |
3305156 |
| 2. |
Segment
Result Profit(+) / Loss(-) before tax and interest from
each segment
|
|
| |
- Offshore |
460804 |
261554 |
1223684 |
906285 |
1185507 |
| |
- Onshore |
66905 |
(11292) |
182301 |
96366 |
114718 |
| |
Total |
527709 |
250262 |
1405985 |
1002651 |
1300225 |
| |
Less: |
|
| |
i. Interest Payment |
1704 |
330 |
2752 |
1753 |
4675 |
| |
ii. Other unallocable
expenditure net of unallocable income |
(18459) |
(27692) |
(53152) |
(57125) |
(65354) |
| |
Total Profit Before
Tax |
544464 |
277624 |
1456385 |
1058023 |
1360904 |
| 3. |
Capital Employed (Segment
Assets - Segment Liabilities)
|
|
| |
- Offshore |
1514384 |
1376608 |
1514384 |
1376608 |
1355656 |
| |
- Onshore |
1157125 |
1123980 |
1157125 |
1123980 |
1153964 |
| |
Total |
2671509 |
2500588 |
2671509 |
2500588 |
2509350 |
| |
Unallocated Corporate
Assets less Liabilities |
1978480 |
1741152 |
1978480 |
1741152 |
1544959 |
| |
Grand Total |
4649989 |
4241740 |
4649989 |
4241740 |
4054309 |
* Represents consumption of stores & spares
** Reserves excluding intangibles
Note: segment revenue in respect of onshore segment for the
current quarter and 9 months ended 31st december, 2004 includes
Rs 142697 (Previous Period Nill) and Rs 392435 lakh (Previous
Period Nill) respectively on account of trading of MRPL products-
a subsidiary of ONGC
--------------------------------------------------------------------------------------------------------------------------------------------------
NOTES:
1.The above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors in its meeting
on 31st January, 2005
2.In terms of Government's decision ONGC has to share the
burden of underrecoveries Oil Marketing Companies towards
subsidies on PDS Kerosene and domestic LPG. Accordingly, Sales
revenue for the quarter and 9 months ended 31st December,
2004 is net of Rs 133202 lakh (corresponding quarter of previous
year Rs 153568 lakh including Rs 101407 for the earlier two
quarters) and Rs 311419 lakh (corresponding nine months of
previous year Rs 153568 lakh) respectively.
3. Gross sales and purchases during the current quarter
and nine months ended 31st December, 2004 includes Rs 142697
lakh (Previous Period Nil) and Rs 392435 lakh (Previous Period
Nil) respectively on account of trading of MRPL products-
a subsidiary of ONGC.
4. In September 2002 Government of India (GOI) issued the
notice of non-payment of additional profit petroleum under
Ravva PSC to JV partners including ONGC. Based on this notice
and subsequent letters issued by DGH, ONGC has been recognising
the amounts claimed by GOI as contingent liability which works
out to Rs 80346 lakh upto 31st December, 2004. The initial
phase of arbitration award dated 12th October, 2004 has been
given in favour of the GOI in respect of certain disputes,
which has yet to crystalise finally.
5. Other expenditure from the current quarter includes arrears
of Rs 25157 lakh to Port Trust Authorities towards way leave
fee, wharfage, land rent, since 1978.
6. The company is in the process of conducting an exercise
for identification of impaired assets, if any, as required
by AS-28 Impairment of Assets issued by the Institute of Chartered
Accountants of India. Accordingly no effect has been considered
in the above results for impairment, if any.
7. The statutory auditors in their reports on the accounts
for the year 2003-04 had commented on incorporation of unaudited
figures relating to some joint venture projects & NELP
blocks as well as non adjustment of differences between physical
verification of inventories, fixed assets, and capital stores
vis-a-vis the books of accounts in some cases.
Management Clarifications
The differences between Audited and Unaudited figures (which
were insignificant) were adjusted in the quarter ended 30th
September,2004. Regarding differences between physical verification
of inventories, fixed assets and capital stores viv-a-vis
the books of accounts, effective steps are being taken for
reconciliation. Management does not envisage any significant
impact of these adjustments on the above financial results.
8. The Board of Directors had declared an interim dividend
of 20 per share (200%) amounting to Rs 285187 lakh in its
meeting held on 24th December, 2004 which has since been paid.
9. The number of investor complaints pending at the beginning
of the quarter was 4. During this quarter, 122 complaints
were received and 108 complaints were cleared. The balance
18 complaints were pending at the end of the quarter have
since been resolved. This excludes investors' complaints regarding
the offer for sales upto 10% of equity shares of the company
made by the government of India, which are being attended
to by the Registrar to the issue appointed by Govt. of India.
10. The above quarterly results are subject to limited review
by the statutory auditors of the company.
11. Previous period's figures have been regrouped / reclassified
wherever necessary.
By order of the Board
(R S Sharma)
Director (Finance)
Place : New Delhi
Date : January 31, 2005
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