ONGC reports FY21 gross revenue of Rs 681.41bn and net profit of Rs 112.46bn

Oil and Natural Gas Corporation (ONGC), an Indian government-owned oil and gas company, has reported gross revenue of INR 68,141 crore and net profit of INR 11,246 crore for FY21.

The gross revenue in FY21 was down by 29.2% compared to FY20, while the net profit came down by 16.5% compared to FY20.

ONGC said that its board has recommended a final dividend of 37%, at INR 1.85 per share.

In Q4FY’21, ONGC reported gross revenue of INR 21,189 crore, a 1.2% decrease compared to Q4FY’20. Its net profit for Q4FY’21 was INR 6,734 crore compared to a net loss of INR 3,214 crore in Q4FY’20.

ONGC reports FY21 gross revenue of Rs 681.41bn and net profit of Rs 112.46bn. Photo courtesy of Nandu Chitnis from Pune, India/Wikipedia.org.

The Indian oil and gas giant said that in spite of the pan-India lock-down due to the Covid-19 pandemic, it has almost achieved last year’s production levels for crude oil from its operated blocks. The company attributed the shortfall in the production of natural gas mainly on less offtake by customers because of the pandemic. The same was the case with the production shortfall of condensate and value added products (VAP), said ONGC.

The Indian oil and gas major announced 10 discoveries in total during FY 2020-21 in its operated acreages, of which three were onshore and seven are offshore.