New Delhi: Shares of State-owned Oil and Natural Gas Corp. Ltd (ONGC) gained 2% on Thursday after the company reported its highest profit in 17 quarters on back of higher oil prices.
Fourth-quarter net profit jumped 37% to Rs5,915.12 crore compared to a profit of Rs4,340.18 crore in the same period last year, the company said in a statement on Wednesday.
ONGC shares closed at Rs177.35 per share, up 1.95% from its previous close.
The company realised $66.71 for every barrel of crude oil it produced from nominated fields in the quarter, up from $54.91 a barrel it got in 2017 quarter. Gas price realisation was also up 15.6% at $2.89 per million British thermal unit. ONGC’s oil production declined 3% at 6.2 million tonnes in the quarter.
For the full 2017-18 fiscal, net profit was up 11.4% at Rs19,945 crore.
Turnover in the fourth quarter rose 5% to Rs27,703.54 crore. The company made 12 oil and gas discoveries in the year, half of them were on land. Out of the six onland discoveries, two were monetised during the year itself, the statement said without giving details.
“In FY18, ONGC has registered an RRR in excess of ‘one’ for the 12th consecutive year. This reflects ONGC’s strong exploratory record over the years,” it said. The discoveries were made in Krishna Godavari basin, Assam and Tripura.
The board of directors of ONGC recommended a final dividend of Rs1.35 per share (27%). This is in addition to the interim dividend of Rs 5.25 per share declared in two phases previously.livemint