News: 'ONGC is India's most valuable corp'
New Delhi: Stamping its authority as the 'most valuable corporate', the ONGC group on Sunday announced a net profit of Rs 15485 crore during 2005-06, reflecting a six per cent growth over previous year, even after absorbing a subsidy burden of nearly Rs 12,000 crore.
Announcing provisional financial results of the group, its Chairman Subir Raha told reporters that the flagship company Oil and Natural Gas Corporation was "India's most valuable corporate in terms of market capitalisation, net worth and net profit".
The group turnover on a gross basis was put at Rs 86,414 crore, which is 21 per cent higher than Rs 71,627 crore recorded in 2004-05 while the ONGC Ltd clocked a revenue of Rs 50,900 crore and its profits rose by nine per cent to Rs 14,175 crore.
Reflecting the confidence of the investors in the flagship company, which ranks 15th among world's integration oil and gas companies, the market capitalisation of the ONGC crossed Rs 190,000 crore on March 30 this year, Raha said.
On the physcial performance front, ONGC fell short of the target of 26.6 million tonnes of crude by eight per cent as production was limited to 24.4 million tonnes, Raha admitted, but added that a floating production system was scheduled to be put in place in the next two months to augment production.
Targeting to restore the production to 270,000 barrels a day by August, the level it was operating at prior to the accident at Mumbai High in one of its platform on July 27 last year, Raha said the production would then be stepped up to 300,000 barrels of oil per day on sustained basis in 2006-07.
Gas production by the ONGC at 22.6 billion cubic metres during 2005-06 outperformed target of 21.4 BCM by 106 per cent, Raha said, adding gas sales at 18.2 BCM also kept pace by surpassing the target of 17.1 BCM by 107 per cent.
Value-added product production stood at 3,240 kilo tonnes, 120 per cent of the target of 2,840 KT, he said.
Raha said ONGC's wholly owned subsidiary ONGC Videsh Ltd, which has total 21 properties in 12 countries, recorded a 22 per cent rise in net profit of Rs 930 crore during last fiscal on a turnover of Rs 7,600 crore, up 26 per cent over Rs 6,026 crore during 2004-05.
The subsidary committed cumulative investment of $4.9 bn, of which $3.97 bn have been invested.
OVL made 10 acquisitions overseas, comprising two each in Vietnam and Cuba, and one each in Libya, Egypt, Qatar, Myanmar, Nigeria and Syria.
OVL, in the first one-to-one joint venture with CNPC, acquired Petro Canada's share in 36 producing fields in Syria.
The subsidiary produced 48 million barrels of oil during the period, up 31 per cent year-on-year.
Raha said OVL was India's biggest multinational by investments abroad and had paid its maiden dividend of Rs 105 crore to parent ONGC.
OVL today is the sole operator and 100 per cent partner in block 8 in Iraq, block 34 and 35 in Cuba, block 127 and 128 in Vietnam, block 81-1 in Libya, Najwet Najim in Qatar and 40 per cent partner and operator in Farsi offshore block in Iran.
However, ONGC's another subsidiary MRPL's net profit reduced by more than a half at Rs 380 crore during last fiscal against Rs 880 crore during 2004-05.
Raha attributed the fall in profit to decision by IOC, BPCL and HPCL to deviate from agreed Refinery Gate Price Formula, forcing discounts on invoiced prices of LPG, MS, SKO and HSD.
Withdrawal of target plus benefit scheme on exports during the current year also impacted the profits.
The listed company MRPL, whose earning per share stood at Rs 2.17, has recorded a 36.3 per cent rise in turnover at Rs 28,214 during 2005-06.
The revenue from direct sales rose by 227 per cent to Rs 1,419 crore compared to the previous year. Export sales almost doubled to Rs 11,920 crore against Rs 6,185 crore in previous year.
MRPL's distillate yield improved inspite of higher processing of sour crude, Raha said.
Announcing provisional financial results of the group, its Chairman Subir Raha told reporters that the flagship company Oil and Natural Gas Corporation was "India's most valuable corporate in terms of market capitalisation, net worth and net profit".
The group turnover on a gross basis was put at Rs 86,414 crore, which is 21 per cent higher than Rs 71,627 crore recorded in 2004-05 while the ONGC Ltd clocked a revenue of Rs 50,900 crore and its profits rose by nine per cent to Rs 14,175 crore.
Reflecting the confidence of the investors in the flagship company, which ranks 15th among world's integration oil and gas companies, the market capitalisation of the ONGC crossed Rs 190,000 crore on March 30 this year, Raha said.
On the physcial performance front, ONGC fell short of the target of 26.6 million tonnes of crude by eight per cent as production was limited to 24.4 million tonnes, Raha admitted, but added that a floating production system was scheduled to be put in place in the next two months to augment production.
Targeting to restore the production to 270,000 barrels a day by August, the level it was operating at prior to the accident at Mumbai High in one of its platform on July 27 last year, Raha said the production would then be stepped up to 300,000 barrels of oil per day on sustained basis in 2006-07.
Gas production by the ONGC at 22.6 billion cubic metres during 2005-06 outperformed target of 21.4 BCM by 106 per cent, Raha said, adding gas sales at 18.2 BCM also kept pace by surpassing the target of 17.1 BCM by 107 per cent.
Value-added product production stood at 3,240 kilo tonnes, 120 per cent of the target of 2,840 KT, he said.
Raha said ONGC's wholly owned subsidiary ONGC Videsh Ltd, which has total 21 properties in 12 countries, recorded a 22 per cent rise in net profit of Rs 930 crore during last fiscal on a turnover of Rs 7,600 crore, up 26 per cent over Rs 6,026 crore during 2004-05.
The subsidary committed cumulative investment of $4.9 bn, of which $3.97 bn have been invested.
OVL made 10 acquisitions overseas, comprising two each in Vietnam and Cuba, and one each in Libya, Egypt, Qatar, Myanmar, Nigeria and Syria.
OVL, in the first one-to-one joint venture with CNPC, acquired Petro Canada's share in 36 producing fields in Syria.
The subsidiary produced 48 million barrels of oil during the period, up 31 per cent year-on-year.
Raha said OVL was India's biggest multinational by investments abroad and had paid its maiden dividend of Rs 105 crore to parent ONGC.
OVL today is the sole operator and 100 per cent partner in block 8 in Iraq, block 34 and 35 in Cuba, block 127 and 128 in Vietnam, block 81-1 in Libya, Najwet Najim in Qatar and 40 per cent partner and operator in Farsi offshore block in Iran.
However, ONGC's another subsidiary MRPL's net profit reduced by more than a half at Rs 380 crore during last fiscal against Rs 880 crore during 2004-05.
Raha attributed the fall in profit to decision by IOC, BPCL and HPCL to deviate from agreed Refinery Gate Price Formula, forcing discounts on invoiced prices of LPG, MS, SKO and HSD.
Withdrawal of target plus benefit scheme on exports during the current year also impacted the profits.
The listed company MRPL, whose earning per share stood at Rs 2.17, has recorded a 36.3 per cent rise in turnover at Rs 28,214 during 2005-06.
The revenue from direct sales rose by 227 per cent to Rs 1,419 crore compared to the previous year. Export sales almost doubled to Rs 11,920 crore against Rs 6,185 crore in previous year.
MRPL's distillate yield improved inspite of higher processing of sour crude, Raha said.
posted by InCar Group Press Room at 13:31
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