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Home STOCKS ONGC Q4 final results: Stories standalone net loss of Rs 3,098 crore...

ONGC Q4 final results: Stories standalone net loss of Rs 3,098 crore on impairment loss of Rs 4,899 crore

New Delhi: Oil & Normal Gas Company (ONGC) on Tuesday posted a standalone web loss of Rs 3,098.26 crore for the quarter finished March 31 due to excellent product in the direction of impairment loss of Rs 4,899 crore.
It experienced posted a net profit of Rs 4,239.50 crore in the corresponding quarter last yr.
Revenue from operations declined 19.81 per cent year-on-12 months (YoY) to Rs 21,456.20 crore in the course of the quarter underneath evaluate against Rs 26,758.46 crore in the very same interval last 12 months.
An impairment loss is a recognised reduction in the carrying volume of an asset that is induced by a decline in its fair value.
The exact motive also led to the corporation observing FY20 net profit falling to Rs 13,444.54 crore from Rs 26,764.60 crore a year ago.
“The organization has recognised an exceptional product towards impairment loss of Rs 4,899 crore in Q4 FY20 to aspect into believed foreseeable future crude oil and natural fuel charges. This has adversely impacted PAT for Q4 FY20 and FY20 as as opposed to final 12 months,” ONGC stated in a launch.
Full crude oil production declined marginally by 1.40 for every cent YoY to 5.82 million tonnes in January-March period, as in contrast to 5.90 million tonnes in the identical interval previous yr.
On the other hand, gas output declined 7.90 per cent YoY to 6.04 billion cubic meters from 6.56 bcm in January-March 2019 as demand fell thanks to the Covid-19-induced lockdown.
The company introduced its outcomes put up market hrs. Earlier, the scrip closed 1.21 per cent down at Rs 81.40. On the other hand, the benchmark BSE Sensex settled .13 for every cent down at 34,915.80.

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