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ONGC declares results for FY’22 posts highest ever net profit of Rs 40,306 crore

ONGC declares results for FY’22; posts highest ever net profit of Rs 40,306 crore for FY’22, up by 258%, highest ever total dividend of 210% for FY’22

New Delhi : ONGC declares results for FY’22; posts highest ever net profit of Rs 40,306 crore for FY’22, up by 258%, highest ever total dividend of 210% for FY’22

Highlights:

  • Gross Revenue Rs.34,497 crore in Q4FY’22, up by 63%; Rs. 1,10,345 crore in FY’22, up by 62% 
  • Net profit Rs.8,860 crore in Q4 FY’22, up by 32%; Rs. 40,306 crore in FY’22, up by 258%
  • Total dividend for FY’22 Rs. 10.50 per share(210%) considering interim dividend of Rs. 7.25 per share (145%) and Final dividend of Rs. 3.25 per share(65%) 
  • Four discoveries made and six monetized in FY’22

ONGC Board of Directors in its 350th Meeting held on 28th May, 2022, approved the annual results for FY’22. 

  1. Financial Performance
Particulars Q4FY’22 Q4FY’21 % Var FY’22 FY’21 % Var
Gross Revenue (Rs. Crore) 34,497 21,189 62.8 1,10,345 68,141 61.9
Profit/(loss) Before Tax (PBT) 

(Rs. Crore)

11,714 8,928 31.2 41,040 16,403 150.2
Profit/(loss) After Tax (PAT) 

(Rs. Crore)

8,860 6,734 31.6 40,306 11,246 258.4
Crude Oil Price-Nominated
Net Realization (US$/bbl) 94.98 58.05 63.6 76.62 42.78 79.1
Net Realization (Rs./bbl) 7,147 4,231 68.9 5,709 3,174 79.9
Crude Oil Price-JV
Realization (US$/bbl) 95.53 59.16 61.5 77.15 43.87 75.9
Realization (Rs./bbl) 7,189 4,312 66.7 5,748 3,255 76.6
Gas Price
Price on GCV basis ($/mmbtu) 2.90 1.79 62.0 2.35 2.09 12.4
  1. Dividend pay out

The total dividend for FY’22 would be 210% (Rs.10.50 per share of face value Rs 5 each) with a total payout of Rs. 13,209 crore. This includes interim dividend of 145% 

  1. Production Performance
Particulars Q4FY’22 Q4FY’21 % Var FY’22 FY’21 % Var
Crude Oil–ONGC (MMT) 4.651 4.752 (2.1) 18.604 19.172 (3.0)
Crude Oil–JV share (MMT) 0.513 0.552 (7.1) 2.162 2.260 (4.3)
Condensate (MMT) 0.226 0.247 (8.5) 0.941 1.101 (14.5)
Total Crude Oil (MMT) 5.390 5.551 (2.9) 21.707 22.533 (3.7)
Gas – ONGC (BCM) 5.167 5.385 (4.0) 20.907 22.096 (5.4)
Gas – JV share (BCM) 0.172 0.199 (13.6) 0.773 0.720 7.4
Total Gas (BCM) 5.339 5.584 (4.4) 21.680 22.816 (5.0)
Value Added Products (KT) 753 764 (1.4) 3,089 3,120 (1.0)

The decrease in oil/gas production is mainly due to impact of cyclone-Tauktae in Western Offshore Assets and Western Onshore Assets and modification work at Hazira.

  1. Exploration Performance

(a) ONGC has declared 4 discoveries (2 in onland, 2 in offshore) during FY 2021-22 in its operated acreages. Out of these, 3 are prospects (1 in onland, 2 in offshore) and 1 is new pool (onland). 

Six hydrocarbon discoveries have been monetized during the year including the two discoveries notified during the fiscal of 2021-22. 

(b) Exploratory well Hatta#3 in Son valley sector of Madhya Pradesh produced gas @ 62,044 m3/day on testing and confirmed the potential of commercial production from Vindhyan Basin paving the way for establishing the 9th producing Basin of India. ONGC is working out various options for early monetization.

(c) The details of latest prospect discovery notified since the last press release in this regard on 11th February 2022 are as under:

Exploratory well SD-4-4 was drilled in C-Series Nomination ML Block in Mumbai Offshore. Two objects were tested in Daman Formation, object-I flowed gas @ 4,52,351m3/d and condensate @1004bpd and object-II flowed oil @1747bpd with gas @30,291m3/d. With these results, commercial hydrocarbon presence especially that of oil along the rising flank of the Eastern margin fault is established. The prospectivity of such fault blocks may open up a corridor for exploiting oil accumulations in Tapti Daman area.

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