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ONGC: Being wasted...

Jun 22, 2004

India's premier upstream company in the energy sector, ONGC has declared poor 4QFY04 and FY04 results with the topline declining by 33% and the bottomline witnessing a dip of 46% YoY for the quarter. For the full year, the topline has declined by 7% while the bottomline has witnessed a dip of 18% due to the negative impact of subsidy sharing.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 124,195 83,077 -33.1% 342,773 320,639 -6.5%
Other income 3,680 4,800 30.4% 19,593 15,471 -21.0%
Expenditure 58,289 40,603 -30.3% 158,718 143,834 -9.4%
Operating profit (EBDITA) 65,907 42,474 -35.6% 184,055 176,806 -3.9%
Operating profit margin (%) 53.1% 51.1%   53.7% 55.1%  
Interest 155 292 89.0% 1,132 468 -58.7%
Depreciation 12,860 16,694 29.8% 41,277 55,719 35.0%
Profit before tax 56,572 30,288 -46.5% 161,238 136,090 -15.6%
Tax 19,787 10,425 -47.3% 55,945 49,446 -11.6%
Profit after tax/(loss) 36,785 19,864 -46.0% 105,293 86,644 -17.7%
Net profit margin (%) 29.6% 23.9%   30.7% 27.0%  
No. of shares (m) 1,425.9 1,425.9   1,425.9 1,425.9  
Diluted earnings per share (Rs)* 103.2 55.7   73.8 60.8  
P/E ratio (x)         10.1  
(* annualised)            

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