Millennium Post

ONGC posts Q4 net profit

State-owned Oil and Natural Gas Corp (ONGC) on Tuesday posted a net profitof Rs 5,644.38 crore for the quarter ended 31 March 2012, compared to Rs 2,790.86 crore for the year-ago period. Total income increased to Rs 20,332.90 crore for the fourth quarter from Rs 16,693.48 crore for the quarter ended 31 March 2011. The company posted a net profit of Rs 25,122.92 crore for the year ended 31 March 2012, compared to Rs 18,924 crore for the year ended 31 March 2011. Total income increased to Rs 80,995.42 crore in the year ended 31 March 2012, from Rs 71,745.5 crore in the previous year.

The group posted a net profit after taxes, minority interest and shareof profit of associates of Rs 28,143.61 crore for the year ended 31 March 2012, compared to Rs 22,455.94 crore for the year ended 31 March 2011. Total income increased to Rs 1,52,132.54 crore for the year ended 31 March 2012, from Rs 123864.11 crore in the previous year.

The domestic oil and gas production (including joint-venture share) was maintained at 52.43 mtoe against 52.60 in FY'11 (Oil 26.92 mtoe against 27.28 mtoe in FY'11 and Gas 25.51 bcm against 25.32 bcm in FY'11).

Total 23 discoveries were made in 2011-12 which include 15 new prospects (9 offshore, 6 Onshore) and 8 New pools (1 offshore, 7 onshore).

ONGC's ultimate reserve accretion of 84.13 MTOE from domestic acreages is highest in last 2 decades. Declaring the audited financial results, CMD Sudhir Vasudeva said, 'Our focus on reserve accretion, brown field management and sound financial management have always paid the dividend.

However, we are renewing our focus and charting out a Perspective Plan 2030 that will guide ONGC to scale greater heights in the coming years.'
Agencies

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