Net profit at Rs 4,233 crore, or Rs 4.95 a share, in April-June was 21.14 per cent lower than Rs 5,368 crore, or Rs 6.27 per share, in the same period a year ago, the company said in a statement.
Oil and Natural Gas Corp got $46.10 for every barrel of crude oil it produced in the first quarter of current fiscal as compared to net realisation of $59.08 a barrel in the year-ago period.
In rupee term, Oil and Natural Gas Corp got 17.78 per cent lower price at Rs 3,085 per barrel in April-June this year as opposed to Rs 3,752 a barrel a year ago.
Also, the company got 34.33 per cent lower gas price at $3.06 per million British thermal unit. Oil and Natural Gas Corp said oil output dropped 2 per cent to 6.01 million tons while gas production was 5.55 per cent lower at 5.494 billion cubic meters. It did not have to offer any fuel subsidy in the quarter. In April-June of last financial year, Oil and Natural Gas Corp had paid Rs 1,096 crore to help state-owned fuel retailers sell kerosene through PDS shops and cooking gas at government controlled rates.
Sales fell 21.41 per cent to Rs 17,784 crore. The company said it has made seven oil and gas discoveries during the quarter.
Oil and gas was found in an exploratory wells in Golaghat district of Assam Arakan basin while a similar probe led to a gas discovery in South Dahej in Gujarat, it said.
In the NELP block CB-ONN-2001/1, oil was found at depth of 1,727 meters and another in Saurastra offshore block MB-OSN-2005/1 yielded a natural gas and condensate reserve, it added.
GAIL quarterly profit zooms 244%
State gas utility GAIL India Ltd on Wednesday reported a 244 per cent jump in its June quarter net profit, boosted by a turnaround in petrochemical business and sale of stake in Mahanagar Gas, which retails CNG in Mumbai. Net profit in April-June 2016 at Rs 1,335 crore compared with Rs 388 crore in the same period a year ago, the company said in a statement here.
This was mostly because of the revenue GAIL got from the IPO of Mahanagar Gas Ltd. "GAIL's PAT excluding gain from stake sale in Mahanagar Gas Limited is Rs 846 crore, signifying an increase by 118 per cent," it said.
During the quarter, GAIL's petrochemical business saw a turnaround with production and sales jumping 149 per cent and 121 per cent respectively. This resulted in revenue increase in this segment by 95 per cent to Rs 1,133 crore, while the profit stood at Rs 9 crore as against loss of Rs 397 crore in the corresponding period of the previous year.
"The increase in net profit during Q1 of financial year 2016-17 was also supported by increase in natural gas sales and transmission volumes which increased by 15 per cent and 10 per cent respectively," it said, without giving details.