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 ONGC's Audited Financial Results For the Financial Year 2002-03
 
23rd June 2002, ONGC News

No. Particulars Unaudited For Nine Months Ended Unaudited For
Quarter Ended		 Audited For
Year Ended		 Audited Consolidated
For Year Ended
31.12.02 31.03.03 31.03.02 31.03.03 31.03.02 31.03.03 31.03.02
1. Sales/Income from Operations 2220931 1252919 646917 3473850 2323780 3499273 2323780
  Less: Excise Duty Recovered 35153 10968 8391 46121 30876 46744 30876
  Net Sales/Income from Operations 2185778 1241951 638526 3427729 2292904 3452529 2292904
2. Other Income 159124 36801 67492 195925 163347 201227 166863
3. Total Expenditure 1004293 582886 302159 1587179 1064520 1624651 1065024
  a) (Increase) / Decrease in stock-in-trade 267 (2380) (1002) (2113) (22) 11153 (23)
  b) Consumption of raw materials* 13735 4730 5602 18465 21080 18468 21080
  c) Staff expenditure 92258 6504 12354 98762 68360 98769 68415
  d) Statutory levies 603613 273600 155503 877213 566547 885025 566547
  e) Other expenditure 294420 300432 129702 594852 408555 611236 409005
4. Interest 9773 1546 6861 11319 24691 11829 24931
5. Depreciation** 284169 128603 122742 412772 381518 415195 381726
6. Profit before Tax (1+2-3-4-5) 1046667 565717 274256 1612384 985522 1602081 988086
7. Provision For Taxation  
  a) Current Year 388500 200000 54100 588500 310120 589830 310316
  b) Earlier Years (17827)     (17827)   (17910)  
  c) Deferred Tax Liability (Asset) (9092) (2129) 55635 (11221) 55615 (14072) 55615
  Sub Total(a+b+c) 361581 197871 109735 559452 365735 557848 365931
8. Add: Share of Loss in Associates - - - - - (77) 0
9. Less: Minority Interest - - - - - (2590) 0
10. Net Profit 685086 367846 164521 1052932 619787 1046746 622155
11. Paid-up equity share capital (Face value of share Rs. 10) 142593 142593 142593 142593 142593 142593 142593
12. Reserves excluding revaluation reserves***       3393227 2783591 3396291 2795981
13. Earning per share - Basic & Diluted (Rs.) 48.04 25.80 11.54 73.84 43.47 73.41 43.63
14. Aggregate Of Non-promoter Shareholding  
- Number of shares 226594405 226594405 226594405 226594405 226594405 - -
- Percentage of shareholding 15.89 15.89 15.89 15.89 15.89 - -


NOTES:

* Represents consumption of stores & spares
** Also includes depletion, amortisation
*** Reserves excluding intangibles

1. The Audited accounts are subject to review by the Comptroller and Auditor General of India under Section 619(4) of the Companies Act, 1956.

2. The Corporation has changed the accounting policy on abandonment costs on the basis of Unit of Production Method during the year retrospectively w.e.f. 1.4.1999 when it started recognising such costs. The same were earlier being provided for equally over a period of fifteen Years. As a result of this change, the profit before tax for the year is lower by Rs. 170007 lakhs.

3. The Corporation has finalised crude oil sale agreement with PSU refineries w.e.f. 1.4.2002 (execpt HPCL) during the quarter ended 31st March, 2003; accordingly, the difference between the crude oil sales revenue provisionally recognised on the basis of March,2002 prices and prices now finalised has been accounted for in sales revenue for the quarter ended 31st March, 2003.

4. Sales Revenue in respect of Crude oil is based on agreed prices with the customers, except for sales to HPCL amounting to Rs. 372353 lakhs which is based on the draft crude oil sale agreement with HPCL.

5. The statutory auditors in their report on the accounts for the year 2002-03 have commented as under :-
(i) Non-consideration of depreciation as a charge to Profit & Loss Account being allocated to assets to be depleted and for the purpose of quantifying the depreciation under Section 205 of the companies Act, 1956.
(ii) Incorporation of unaudited figures of joint venture projects and NELP blocks respectively in the books of the Corporation.
(iii) Overdue amounts aggregating Rs. 21094 lakhs; on the basis of available information, they are unable to form any opinion on the recoverability of these dues.
(iv) Accounts pending reconciliation - the adjustments/provisions, if any, required to be made.
(v) Segregation of outstandings of Small Scale Industries( SSI) from the creditors' balances, for which they have placed reliance on the certificate issued by the Management.

Comment No. (i) (ii) & (v) do not have any impact on the financial results for the quarter as well as for the year. In respect of comment No. (iii), Management is of the opinion that the overdue amounts are good and realisable. In respect of comment No. (iv), effective steps are being taken for reconciliation of these accounts. Management does not envisage any significant impact on the above financial results.

6. The Board of Directors have recommended a dividend of Rs. 30.00 per share (inclusive of Rs. 17.00 per share already paid as interim dividend) subject to approval of shareholders in the ensuing Annual General Meeting.

7. The Consolidated Financial Results consist of results of ONGC and its subsidiaries, ONGC Videsh Ltd - a wholly owned subsidiary, ONGC Nile Ganga BV w.e.f. 12.3.2003 (wholly-owned subsidiary of ONGC Videsh Ltd.) and Mangalore Refinery and Petrochemicals Ltd. which became a subsidiary of ONGC w.e.f. 30th March, 2003. Hence the consolidated results for the previous year are not comparable to this extent.

8. The above results have been taken on record by the Board of Directors at its meeting held on 23rd June, 2003.


(R S Sharma)
Director (Finance)

Place : New Delhi
Date : June 23, 2003

 Segment-wise Revenue, Results And Capital Employed Under Clause 41 Of The Listing Agreement

No. Particulars Unaudited For Nine Months Ended Unaudited For
Quarter Ended		 Audited For
Year Ended		 Audited Consolidated
For Year Ended
31.12.02 31.03.03 31.03.02 31.03.03 31.03.02 31.03.03 31.03.02
1. Segment Revenue  
  A. In India
  (i) E&P
  - Offshore 1694238 924720 498647 2618958 1741528 2618958 1741528
  - Onshore 572371 347600 192339 919971 645195 910179 645195
  (ii) Refining - - - - - 17202 -
  B. Outside India - - - - - 19548 1107
  Total 2266609 1272320 690986 3538929 2386723 3565887 2387830
  Less: Inter Segment Revenue  
  Net sales/income from operations 2266609 1272320 690986 3538929 2386723 3565887 2387830
2. Segment Result Profit(+) / Loss(-) before tax and interest from each segment
 		 
  A. In India
  (i) E&P
  - Offshore 855405 409642 225552 1265047 810411 1265047 810411
  - Onshore 119771 153754 40717 273525 133367 269270 133367
  (ii) Refining           (3809) 0
  B. Outside India           3905 70
  Total 975176 563396 266269 1538572 943778 1534413 943848
  Less:  
  i. Interest Payment 9773 1546 8864 11319 26694 11829 26655
  ii. Other unallocable expenditure net of unallocable income (81264) (3867) (16851) (85131) (68438) (79497) (70893)
  Total Profit Before Tax 1046667 565717 274256 1612384 985522 1602081 988086
3. Capital Employed (Segment Assets - Segment Liabilities)
  
  A. In India
  (i) E&P
  - Offshore 1450024 1383621 1421848 1383621 1421848 1383621 1421848
  - Onshore 1102329 1159745 1058103 1159745 1058103 1157426 1058103
  (ii) Refining           573404 0
  B. Outside India           637319 261111
  Total 2552353 2543366 2479951 2543366 2479951 3751770 2741062
  Unallocated Corporate Assets less Liabilities 1138128 1030530 492266 1030530 492266 (164850) 244422
  Grand Total 3690481 3573896 2972217 3573896 2972217 3586920 2985484


NOTES:

1. Segments have been identified and reported taking into account the differing risks and returns,the organization structure and the internal reporting systems. These have been organized into the following main segments:
a) In India
- E&P - Offshore & Onshore
-Refining
b) Outside India - E&P

2. Segment-wise revenue, results, assets and liabilities include the respective amounts identifiable to each of the segments.

3. The consolidated figures include results in respect of the subsidiaries, ONGC Videsh Limited and Mangalore Refinery & Petrochemicals Limited

4. Previous year segments have been regrouped wherever necessary.


(R S Sharma)
Director (Finance)

Place : New Delhi
Date : June 23, 2003
 
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