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| ONGC
Q1 Net Profit Up 34 Percent |
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Oil and Natural Gas Corporation Ltd (ONGC) posted
a net profit of Rs. 1980.80 crore for the 1st quarter ended
June 30, 2002, registering a growth of 34% over the corresponding
period of the previous year.
Click here for Unaudited Financial
Results (Provisional) for the Quarter ended 30th June, 2002
Click
here for above Financial Results in Hindi
The revenues increased by 31% to Rs. 7616.78 crore from Rs.
5823.41 crore. Crude oil production increased by 0.5 MMT, mainly
due to use of advanced drilling techniques in Mumbai offshore
fields. Increased production and higher price realization (consequent
to dismantling of APM) both contributed to the significant increases
in revenues and profits.
During this quarter ONGC pre-paid World Bank and ADB loans amounting
to Rs. 2507.42 crore, effectively becoming a debt-free company
with a debt-equity ratio of 0.02 : 1. With this, ONGC stands
in a stronger position to take up the substantial risks in exploring
for oil and gas in the Deep Waters and in the Frontier Basins
of India.
The Earning Per Share (not annualized) has improved by 33.6%
i.e. to Rs. 13.89 from Rs. 10.40. Crude production at 6.37 Million
Metric Tonnes (MMT) and Natural Gas production at 5788 MMSCM
were 102.8 % and 102.2 % over the respective targets for the
first quarter.
Total production of value added products like Natural Gas Liquid
(NGL), Aromatic Rich Naptha (ARN), LPG (cooking gas), Superior
Kerosene and Ethane - Propane (C2 – C3) petrochemical feedstock
was 0.843 MMT, 105.4% of the target.
Commenting on the first quarter performance, Shri Subir Raha,
Chairman & Managing Director, said that with the Government
of India granting the marketing rights for transportation fuels
in April 2002, ONGC is now moving downstream, building on the
strength acquired in the upstream business, to create wealth
through integration on the hydrocarbon value-chain.
Unaudited Financial Results (Provisional)
for the Quarter ended 30th June, 2002
By order of the Board
Place: New Delhi
Date: July 30th, 2002
-sd-
(RS Sharma)
Director (Finance) |
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