ONGC 3rd quarter turnover rises 16% to Rs 21,089 crore
12 Feb 2013 6:49 AM IST
State-owned Oil and Natural Gas Corporation (ONGC) on Monday reported 17.5 per cent drop in net profit for its third quarter ended December as crude oil output fell.
Net profit at Rs 5,563 crore during October-December 2012-13 was lower than the Rs 6,741 crore in the year-ago period, Oil and Natural Gas Corporation Chairman and Managing Director Sudhir Vasudeva told reporters here.
Vasudeva said that profit in the third quarter last year was higher due to a Rs 3,142 crore one-time exceptional income from cost recovery being allowed on royalty it paid on Cairn India's Rajasthan oil block.
The benefit of the decision came for the full year in that quarter and if this exceptional item was excluded, the quarter-on-quarter net profit should have been higher by Rs 736 crore, he said.
Also, Oil and Natural Gas Corporation's share in fuel subsidy was marginally lower at Rs 12,433 crore as against Rs 12,536 crore in October-December 2011-12.
Upstream firms like Oil and Natural Gas Corporation bear a portion of the losses retailers incur on selling diesel, domestic Liquefied petroleum gas( LPG) and kerosene at government controlled rates. This they do by selling crude oil at discount to the refiners.
Oil and Natural Gas Corporation realised $47.97 per barrel after paying a discount out of $110.16 a barrel gross realisation. The net realisation was higher than the $ 44.71 a barrel realised in the third quarter last year.
Vasudeva said that the net profit would have been higher by Rs 7,260 crore if it were not to foot the subsidy bill.
Oil and Natural Gas Corporation produced 6.05 million tonnes (mt) of crude oil in the third quarter, 3.02 per cent lower than 6.244 million tonnes output a year ago.Gas sales was almost unchanged at 5,026 million standard cubic meters (mscm) while production of value added products was down 1 per cent to 831 kilo tonnes. The company's turnover was up 16 per cent to Rs 21,089 crore.
TATA POWER POSTS Rs 329 CR LOSS IN OCT-DEC QUARTER
Tata Power slumped into consolidated net loss of Rs 328.92 crore during the quarter ended December 2012, bogged down by impairment charge of Rs 600 crore related to its Mundra Ultra Mega Power Project.
The country’s largest private power producer had posted net profit of Rs 297.95 crore in the October-December quarter of 2011.
The total income from operations climbed, however, to Rs 9,039.31 crore in the third quarter of current financial year.
In 2011-12, it was Rs 6,659.87 crore, Tata Power said in a regulatory filing today.
Impairment charge of Rs 600 crore with regard to its flagship 4,000 MW Mundra UMPP, which is grappling with high fuel costs and low tariff realisation, pushed the company into the red.
Imported coal fired-Mundra, the country’s first UMPP, is being implemented by Coastal Gujarat Power Ltd (CGPL). Rise in overseas coal prices is impacting the financial viability of the project and the company has sought higher tariff for electricity generated from the plant. The company said it has decided to take a provision for impairment loss after reviewing the ‘recoverability of the carrying amount of the project (including assets under construction) considering the fuel cost, exchange rate variation and other operating costs that would impact future cash flows on commencement of commercial operations’.
The impairment loss provision for nine months of this fiscal ended December is Rs 850 crore.
To support CGPL’s cash flows, Tata Power will restructure its holding structure whereby at least 75 per cent of its equity interests in the Indonesian Coal Companies to CGPL, subject to regulatory and other approvals.
Net profit at Rs 5,563 crore during October-December 2012-13 was lower than the Rs 6,741 crore in the year-ago period, Oil and Natural Gas Corporation Chairman and Managing Director Sudhir Vasudeva told reporters here.
Vasudeva said that profit in the third quarter last year was higher due to a Rs 3,142 crore one-time exceptional income from cost recovery being allowed on royalty it paid on Cairn India's Rajasthan oil block.
The benefit of the decision came for the full year in that quarter and if this exceptional item was excluded, the quarter-on-quarter net profit should have been higher by Rs 736 crore, he said.
Also, Oil and Natural Gas Corporation's share in fuel subsidy was marginally lower at Rs 12,433 crore as against Rs 12,536 crore in October-December 2011-12.
Upstream firms like Oil and Natural Gas Corporation bear a portion of the losses retailers incur on selling diesel, domestic Liquefied petroleum gas( LPG) and kerosene at government controlled rates. This they do by selling crude oil at discount to the refiners.
Oil and Natural Gas Corporation realised $47.97 per barrel after paying a discount out of $110.16 a barrel gross realisation. The net realisation was higher than the $ 44.71 a barrel realised in the third quarter last year.
Vasudeva said that the net profit would have been higher by Rs 7,260 crore if it were not to foot the subsidy bill.
Oil and Natural Gas Corporation produced 6.05 million tonnes (mt) of crude oil in the third quarter, 3.02 per cent lower than 6.244 million tonnes output a year ago.Gas sales was almost unchanged at 5,026 million standard cubic meters (mscm) while production of value added products was down 1 per cent to 831 kilo tonnes. The company's turnover was up 16 per cent to Rs 21,089 crore.
TATA POWER POSTS Rs 329 CR LOSS IN OCT-DEC QUARTER
Tata Power slumped into consolidated net loss of Rs 328.92 crore during the quarter ended December 2012, bogged down by impairment charge of Rs 600 crore related to its Mundra Ultra Mega Power Project.
The country’s largest private power producer had posted net profit of Rs 297.95 crore in the October-December quarter of 2011.
The total income from operations climbed, however, to Rs 9,039.31 crore in the third quarter of current financial year.
In 2011-12, it was Rs 6,659.87 crore, Tata Power said in a regulatory filing today.
Impairment charge of Rs 600 crore with regard to its flagship 4,000 MW Mundra UMPP, which is grappling with high fuel costs and low tariff realisation, pushed the company into the red.
Imported coal fired-Mundra, the country’s first UMPP, is being implemented by Coastal Gujarat Power Ltd (CGPL). Rise in overseas coal prices is impacting the financial viability of the project and the company has sought higher tariff for electricity generated from the plant. The company said it has decided to take a provision for impairment loss after reviewing the ‘recoverability of the carrying amount of the project (including assets under construction) considering the fuel cost, exchange rate variation and other operating costs that would impact future cash flows on commencement of commercial operations’.
The impairment loss provision for nine months of this fiscal ended December is Rs 850 crore.
To support CGPL’s cash flows, Tata Power will restructure its holding structure whereby at least 75 per cent of its equity interests in the Indonesian Coal Companies to CGPL, subject to regulatory and other approvals.
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