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ONGC: Profit doubles during the quarter - Views on News from Equitymaster

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ONGC: Profit doubles during the quarter
Jun 20, 2012

Oil and Natural Gas Corporation (ONGC) has announced its results for the fourth quarter of financial year 2012 (4QFY12). The topline registered an increase of 22.8% YoY during the quarter and bottomline was up by more than two fold. Here is our analysis of the results.

Performance summary
  • Topline was up by 22.8% YoY during the quarter. For full year (FY12), the growth in the topline stood at 12.0% YoY.
  • The operating profits were up by 56.4% YoY during the quarter with margins at 41.5% (versus 32.6% in 4QFY11). For FY12, the growth in the operating profits came at 14.6% YoY and operating margins stood at 47.8% YoY (versus 46.7% in FY11).
  • The company registered 102.2% YoY in the bottomline during the quarter with net profit margins at 29.2% versus 17.7% in 4QFY11.For full year, the bottomline registered a growth of 32.8% YoY with margins at 32.8% (27.7% in FY11)
  • The oil and gas production including share from Joint Ventures stood at 52.43 million tonnes oil equivalent (MTOE), marginally less than 52.6 MTOE in FY11. Of the total, oil production declined to 26.92 MTOE in FY12 (versus 27.28 MTOE in FY11) and gas production stood at 25.51 billion cubic metres (bcm) versus 25.32 bcm in FY11.
  • ONGC's ultimate reserve accretion from domestic acreages is at 84.13 MTOE, highest in last 2 decades.
  • The Board of Directors has recommended a final dividend of Rs 2.0 per share (over and above the interim dividend of Rs 7.75 per share) subject to approvals of shareholders.
  • During the quarter, the outflow to compensate oil marketing companies (OMCs) for fuel under recoveries stood at Rs 141.7 bn , up 16.8% YoY. For FY12, the discount to OMCs stood at Rs 444.7 bn, up 78.6% YoY.
  • ONGC maintained a reserve replacement ratio (RRR) of 1.79 in FY12 (1.76 in FY11).
  • The gross realizations on Crude oil stood at US$ 121.64 per barrel during the quarter, up 11.7% YoY. For FY12, the gross realizations stood at US$ 117.4 per barrel, up 31.3%.
  • The net realizations on crude stood at US$ 44.32 per barrel during the quarter, up 14.4% YoY. For FY12, the net realizations stood at US$ 54.71 per barrel, up 1.7% YoY.
  • On a consolidated basis, the net sales during FY12 registered a growth of 22.6%YoY and bottomline was up 24.6% YoY.

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