| 28 July, 2004, ONGC
News
| * Represents consumption
of stores & spares ** Also includes depletion, amortisation
*** Reserves excluding intangibles |
NOTES: Segment revenue in respect of onshore segment for the
current quarter includes Rs. 132745 lakhs on account of trading.
NOTES :
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 above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors in its meeting
held on 28th July, 2004.
3. In terms of the decision of the Govt. of India, ONGC has
to share the burden of under recoveries of Oil Marketing Companies
(OMCs) on PDS Kerosene and domestic LPG for the 1st qtr of
2004-05 by allowing discount in the prices of Crude Oil, PDS
Kerosene and domestic LPG. Accordingly, Sales revenue in respect
of Crude Oil, SKO and LPG is net of Rs. 81489 lakh in the
current quarter. Consequently, the current quarter profit
is lower by Rs. 75385 lakh before Tax and Rs. 47800 lakh after
Tax. There was no such subsidy in the first quarter of the
last year. However, the orders for the subsidy for 2003-04
were received in October, 2003, which was adjusted with effect
from April to December 2003, in 3rd Quarter Accounts. Adjustment
for additional amount of subsidy for which orders were received
in April, 2004 was carried out in Annual Accounts 2003-04
in addition to the subsidy as per the earlier order of October,
2003. Impact of subsidy of 1st Quarter of last year on profit
before tax and profit after tax would have been Rs. 62678
lakh and Rs. 40192 lakh respectively.
4. Gross sales during the quarter ended 30th June, 2004 includes
Rs. 132745 lakh on account of trading.
5. Staff expenditure for the current quarter includes Rs.
7500 lakh on account of provision for Voluntary Retirement
Scheme (VRS).
6. The statutory auditors in their report on the accounts
for the year 2003-04 had commented on incorporation of unaudited
figures relating to some joint venture projects & NELP
blocks and non-adjustment of difference between physical verification
of fixed assets and books of accounts in some of the cases.
Management Clarifications :-
Audited Accounts of JVs were not available until finalization
of Accounts. Regarding differences between physical verification
of fixed assets and 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.
7. The number of investor complaints pending at the beginning
of the quarter was 11. During the quarter 52 complaints were
received and 56 complaints were cleared. 7 complaints were
pending as on 30.06.2004. This excludes investors' complaints
regarding the offer of sale of 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.
8. The above quarterly results are subject to limited review
by the statutory auditors of the company.
9. Previous period's figures have been regrouped/reclassified
wherever necessary.
By order of the Board
-sd-
(Y B Sinha)
Director (Exploration)
Place : New Delhi
Date : July 28, 2004 |
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