google adsense check
Home INTERNATIONAL ONGC posts loss of Rs 10,529 cr in Q4 over falling crude...

ONGC posts loss of Rs 10,529 cr in Q4 over falling crude prices, lockdown

&#13
&#13
Condition-operate Oil and Pure Gas Company (ONGC) documented a pre-tax loss of Rs 10,529 crore in the fourth quarter of the financial yr 2019-20 (Q4FY20) simply because of a drop in crude oil prices, the effect of the lockdown, and trade losses.&#13
&#13
This is ONGC’s initial at any time quarterly loss. It gained a profit before tax (PBT) of Rs 11,691 crore in the corresponding period of FY19. The company’s revenue from operations declined by 7 per cent to Rs 104,489 crore in the period of time beneath review, compared to Rs 112,539 crore the previous yr. “This is a person of the 1st moments in recent yrs that we are submitting a loss. The put together impression of decreased demand, Covid-19, diminished offtake and decreased crude selling prices had an effect on our numbers to the tune of Rs 4,900 crore. A different significant component was foreign exchange losses. The rupee experienced depreciated greatly during the quarter, resulting in a loss of Rs 1,113 crore on exchange rate variation, as from a obtain of more than Rs 200 crore all through the exact time previous 12 months,” mentioned Subhash Kumar, director of finance at ONGC.&#13
&#13
&#13
&#13
&#13
ALSO Examine: Spain’s Solarpack Corp quotes most affordable tariff of Rs 2.36/unit for solar electric power&#13
&#13
For the duration of the quarter below overview, the company’s web realisation on crude was seen $49.01 a barrel, as against $61.93 a barrel a yr back. Fuel price for the quarter was also reduce at $3.23 for each million metric British thermal unit (mmBtu), as opposed to $3.36 a mmBtu in the yr-ago period. “ONGC experienced recognised an remarkable product in direction of impairment loss of Rs 4,899 crore in Q4 to factor into approximated potential crude oil and organic gasoline prices,” the organization claimed. This adversely impacted its quantities.&#13
&#13
For the entire of FY20, the company’s PBT fell by 65 per cent to Rs 19,068 crore as from Rs 54,846 crore in FY19. Revenue from operations observed a 6 per cent drop from Rs 453,683 crore in FY19 to Rs 425,001 crore in FY20. Throughout the quarter beneath evaluate, the company’s full crude oil production dropped by 1.4 for each cent to 5.8 million tonnes (MT), in comparison to 5.9 MT in a year back. Whole gasoline production, way too, declined 7.9 for every cent to 6.04 billion cubic meter (bcm), compared to 6.56 bcm a calendar year ago.&#13
&#13
“Our price tag of production on fuel is about $3.7 for each mBtu, when we are realising only $2.39 a unit from April 1. We hope some support from the government, that may well strengthen gasoline production in very long run,” Kumar extra.&#13
&#13

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

IDBI Bank share price: Share market update: 61 stocks hit 52-week highs on NSE

NEW DELHI: Close to 61 stocks rose to touch their 52-7 days highs on NSE in Thursday's session. Amid the stocks that touched their 52-7...

Tesla gets most beneficial automaker as shares rally

(File picture)NEW DELHI: Tesla Inc on Wednesday turned the maximum-valued automaker as its shares surged to record highs and the electrical carmaker's market capitalisation...

Recent Comments