ONGC Q4FY23 PAT down -64.8% yoy at Rs3,715 crore on exceptional write-off Rs7,445 crore

ONGC reported 6.83% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs144,087 crore. Revenues were lower by -1.64% on sequential basis. In the latest quarter, the realizations on crude stood -18.8% lower at $77.12/bbl and in rupee terms it was -11.2% lower at Rs6,344/bbl. The same was the case in the JV business also. ONGC saw margin pressure across offshore and onshore business. However, gas price realizations in the quarter were up 195% at $8.57/MMBTU.

In terms of output, the ONGC overall output was down -2.9% at 5.235 MMT with a much sharper fall in the JV business than in the domestic business. Total gas volumes were also lower in the quarter by -1.5% at 5.261 BCM. Value added products manufacture was lower -18.7% yoy at 612 KT. During the year FY23, ONGC made 8 discoveries of which three have already been monetized. The profits at a net level fell sharply due to a Rs7,445 crore write-off on provisions made for GST / ST payments on royalty.

Financial highlights for Mar-23 compared yoy and sequentially

 ONGC    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 1,44,087

₹ 1,34,880

6.83%

₹ 1,46,489

-1.64%

Operating Profit (Rs cr)

₹ 8,803

₹ 16,378

-46.25%

₹ 16,011

-45.02%

Net Profit (Rs cr)

₹ 3,715

₹ 10,550

-64.78%

₹ 11,489

-67.66%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 2.95

₹ 8.39

 

₹ 9.13

 

OPM

6.11%

12.14%

 

10.93%

 

Net Margins

2.58%

7.82%

 

7.84%

 

 

Operating profits of the E&P business fell by 60% yoy while the offshore business dipped deep into losses dur to sharply lower price realizations in the quarter. However, the onshore business actually profits improve in the quarter. ONGC declared final dividend of Rs.50 per share taking the total dividend paid out in the year to 11.25%. during the year FY23, ONGC saw reserve accretion of 41.04 MMTOE in the domestic market and 6.62 MMTOE in the ONGC Videsh operations.

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