ONGC net profit spurts by 71.09 per cent in Q4

State-run Oil and Natural Gas Corporation (ONGC) on Friday reported net profit of Rs3,776 crore for the fourth quarter of the financial year, as against Rs2,207 crore for the period last year, a growth of 71.09 per cent on year-on-year basis.

Net sales rose 7.36 per cent to Rs14,713 crore from Rs13,704 crore year on year. Other operating income rose to Rs 1,289 crore from Rs 430 crore.
Subsidy payout in the fourth quarter was at Rs4,999 crore as against Rs852 crore in same period of last year.

Total costs declined to Rs11,032 crore from Rs12,168 crore. Net realisation increased to $51.42 a barrel against $43.40/bbl year on year.

For FY10, the company has reported consolidated net profit of Rs19,403.5 crore as against Rs19,795.3 crore and net sales at Rs1.01 lakh crore against Rs1.04 lakh crore.

In a press conference, the management said the company paid subsidy of $27.74 a barrel in Q4 as against $4.45/bbl in the last quarter. Net realisation for the fiscal also jumped to $55.94/bbl against $47.70/bbl.