ONGC Announces Quarterly Results (1QFY20); Net Profit Down 3.9%

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ONGC Announces Quarterly Results (1QFY20); Net Profit Down 3.9%
Mon, 26 Aug

ONGC has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

ONGC Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m272,128267,585265,547-0.8%-2.4%
Other incomeRs m6,49922,5037,475-66.8%15.0%
TurnoverRs m278,627290,087273,022-5.9%-2.0%
ExpensesRs m136,201180,128137,725-23.5%1.1%
Gross profitRs m135,92787,457127,82246.2%-6.0%
DepreciationRs m38,87248,83038,265-21.6%-1.6%
InterestRs m7,4865,3376,46121.1%-13.7%
Profit before taxRs m96,06855,79390,57262.3%-5.7%
TaxRs m34,62915,34731,529105.4%-9.0%
Profit after taxRs m61,43940,44659,04346.0%-3.9%
Gross profit margin%49.932.748.1
Effective tax rate%36.027.534.8
Net profit margin%22.113.921.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 2.4% on a year-on-year (YoY) basis. The expenses were up by 1.1% YoY during the same period.
  • The company's operating profit declined by 6.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.1% in 1QFY20 as against 49.9% in 1QFY19.
  • Depreciation charges declined by 1.6% and finance costs declined by 13.7% YoY, respectively.
  • Other income increased by 15.0% YoY during the quarter.
  • Net profit for the quarter declined by 3.9% YoY. Net profit margins during the quarter declined from 22.1% in 1QFY19 to 21.6% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 0.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 23.5% QoQ during the same period.
  • The company's operating profit increased by 46.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 48.1% in 1QFY20 as against 32.7% in 4QFY19.
  • Net profit for the quarter increased by 46.0% QoQ, while net profit margins increased from 13.9% in 4QFY19 to 21.6% in 1QFY20.

To see how ONGC has performed over the last eight quarters,please visit here.

ONGC Share Price Performance

Over the last one year,ONGC share price has moved down from Rs 174.9 to Rs 120.7, registering a Loss of Rs 54.2 or around 31.0%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 12,839.7 (up 0.2%). Over the last one year it has moved down from 15,039.0 to 12,839.7, a gain of 2,199 points (down 14.6%).

Overall, the S&P BSE SENSEX is down 4.0% over the year.

Current Valuations

At the current price of Rs 120.7, the price to earnings (P/E) ratio of ONGC stands at 5.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.7 times.

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