State-run ONGC has reported a sharp rise of 12% for its June quarter at Rs 4,095 crore Y-o-Y as higher subsidy payments offset gains from a rise in crude oil and gas prices. Sales also grew at same pace of 12% at Rs 16,208 Y-o-Y.
AK Hazarika, chairman and managing director, ONGC while attributing the quarterly performance to reduced subsidy burden said, “ We paid around Rs 12,046 crore towards subsidies to state-owned refiners as subsidy sharing has returned to 33%.” This amount is over 50% lower then what it paid in Q4 FY11 as it shared 39% of the losses incurred by retailers selling diesel, domestic LPG and kerosene.
Meanwhile, the company said during the quarter it saw a gross realisation of $ 121.29- a massive improvement compared to $80.80 a barrel Y-o-Y. But net realisation in the same quarter stood at $48.76 a barrel - a very small jump over $48.04 a barrel
On standalone basis, production of crude oil stood at 5.93 metric tonnes and natural gas production was at 5.61 billion cubic meters.
ONGC said it has made 2 discoveries in North Assam and Western Onshore in the first quarter.
Shares in the company, closed 0.3% higher at Rs 277.20 ahead of the announcement. The stock has declined nearly 14% so far in 2011, compared with an 11.2% fall in the main stock index
Source: www.moneycontrol.com
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