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ONGC: Bottomline soars 60%
Nov 8, 2011

ONGC has announced the second quarter results for financial year 2011-2012 (2QFY12). The company has reported 24.4% year on year (YoY) increase in top line and 60.4% YoY increase in the bottom-line for the quarter. Here is our analysis of the results.

Performance summary
  • Topline growth rose 24.4% YoY during the quarter (2QFY12) versus 18.7% YoY in the previous quarter (1QFY12). For the half year, the growth in net sales came at 21.9% YoY.
  • Operating profits registered a growth of 27.8% YoY during the quarter while margins stood at 63.1%, up 1.7% (YoY). The margins for the half year came at 60.9% versus 60.5% in 1HFY11.
  • Net profits were up 60.4% YoY with margins at 37.7%, up 8.5% YoY. The net profit margins for the half year came at 32.4%, down 1.5% (YoY).
  • The company saw a gross realization of US$ 116.94 a barrel in the quarter versus US$ 79.21 per barrel in the corresponding quarter last year. For the half year, the gross realizations came at US$ 119.06 per barrel versus US$ 79.99 per barrel in the 1HFY11.The net realizations for the quarter stood at US$ 83.7 per barrel versus US$ 62.75 per barrel in the corresponding quarter last year. For the half year, the net realizations stood at US$ 66.52 per barrel versus US$ 55.73 per barrel in the 1HFY11
  • ONGC total crude oil production stood at 6.84 MMT versus 6.85 MMT in the corresponding quarter last year. The total gas production stood at 6.39 BCM (versus 6.25 BCM last year). For 1HFY12, the total gas production stood at 12.55 BCM (versus 12.66 BCM) while crude oil production was at 13.6 MMT versus 13.45 MMT last year. During the quarter, the production of value added products (VAP) stood at 0.8 MMT versus 0.75 MMT last year. For the half year, ONGC produced 1.52 MMT of VAP, same as last year.
  • The gross under recoveries discount for the quarter stood at Rs 57.1 bn during the quarter, up 89% YoY. At the bottomline level, it had an impact to the extent of Rs 33.2 bn, up 93% YoY. For the half year, the gross under recoveries discount stood at Rs 177.6 bn, up 108% YoY translating into an impact of Rs 102 bn at the bottomline level, up 108% YoY.

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