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ONGC Announces Quarterly Results (4QFY19); Net Profit Down 31.6%

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ONGC Announces Quarterly Results (4QFY19); Net Profit Down 31.6%
Mon, 3 Jun

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

ONGC Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m239,698276,941267,585-3.4%11.6%
Other incomeRs m37,33722,24622,5031.2%-39.7%
TurnoverRs m277,035299,187290,087-3.0%4.7%
ExpensesRs m156,235137,976180,12830.5%15.3%
Gross profitRs m83,464138,96587,457-37.1%4.8%
DepreciationRs m32,45534,77448,83040.4%50.5%
InterestRs m5,9425,8075,337-8.1%-10.2%
Profit before taxRs m82,405120,63055,793-53.7%-32.3%
TaxRs m23,25338,00315,347-59.6%-34.0%
Profit after taxRs m59,15182,62740,446-51.0%-31.6%
Gross profit margin%34.850.232.7
Effective tax rate%28.231.527.5
Net profit margin%21.427.613.9
* 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 grew 11.6% on a year-on-year (YoY) basis. The expenses were up by 15.3% YoY during the same period.
  • The company's operating profit increased by 4.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.7% in 4QFY19 as against 34.8% in 4QFY18.
  • Depreciation charges increased by 50.5% and finance costs declined by 10.2% YoY, respectively.
  • Other income declined by 39.7% YoY during the quarter.
  • Net profit for the quarter declined by 31.6% YoY. Net profit margins during the quarter declined from 21.4% in 4QFY18 to 13.9% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 3.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 30.5% QoQ during the same period.
  • The company's operating profit declined by 37.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.7% in 4QFY19 as against 50.2% in 3QFY18.
  • Net profit for the quarter declined by 51.0% QoQ, while net profit margins declined from 27.6% in 3QFY18 to 13.9% in 4QFY19.

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 up from Rs 173.0 to Rs 169.2, registering a Loss of Rs 3.8 or around 2.2%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,829.4 (up 0.6%). Over the last one year it has moved up from 14,342.3 to 15,829.4, a gain of 1,487 points (up 10.4%).

Overall, the S&P BSE SENSEX is up 13.3% over the year.

Current Valuations

At the current price of Rs 169.2, the price to earnings (P/E) ratio of ONGC stands at 8.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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