Oil & Natural Gas Corporation Limited
NSE Symbol ONGC
ONGC is one PSU which has been consistently improving its profits superbly over the last 4 quarters, as can be seen from the results below. But first a comparison of the FY 10 results with FY 09 results :
(1) consolidated Results for the year ended on 31-MAR-2010 as follows:
Net Sales of Rs. 10176045 lacs for year ending on 31-MAR-2010 against Rs. 10456943 lacs for the year ending on 31-MAR-2009.
Net Profit / (Loss) of Rs. 1940353 lacs for the year ending on 31-MAR-2010 against Rs. 1979534 lacs for the year ending on 31-MAR-2009.
(2) Standalone Results for the year ended on 31-MAR-2010 as follows:
Net Sales of Rs. 5998761 lacs for year ending on 31-MAR-2010 against Rs. 6359983 lacs for the year ending on 31-MAR-2009.
Net Profit / (Loss) of Rs. 1676755 lacs for the year ending on 31-MAR-2010 against Rs. 1612631 lacs for the year ending on 31-MAR-2009.
Thus FY 10 results were marginally below that of FY 09 results in terms of both sales and Profits.But, subsequent to that, there is a rebound in the trend of results in each quarter of current year (FY 11).
Net Sales is Rs.18586.41 cr – up by 2.16% from Q2 FY 11; up by 36.01% from Q1 FY 11; up by 26.32% from Q4 FY 10; and up by 21.36% from Q3 FY 10.
Total Expenditure is Rs.10913.56 cr – down by 5.17% from Q2 FY 11; Up by 24.81% from Q1 FY 11; down by 1.08% from Q4 FY 10; and up by 0.61% from Q3 FY 10. Thus, there is no significant increase in expenditure though sales have gone up well.
Profit from Operations is Rs.9890.59 cr – up by 42.89% from Q2 FY 11; up by 94.74% from Q1 FY 11;up by 99.01% from Q4 FY 10; and up by a huge 112.29% from Q3 FY 10.
Profit before tax is Rs.10554.41 cr – up by 34.85% from Q2 FY 11; up by 92.48% from Q1 FY 11; Up by 96.07% from Q4 FY 10; and up by a huge 128.16% from Q3 FY 10.
Net Profit is Rs.7083.23 cr – up by 31.44% from Q2 FY 11; Up by 93.47% from Q1 FY 11; Up by 87.57% from Q4 FY 10; and up by a HUGE 131.96% from Q3 FY 10.
ONGS HAS THEREFORE PROPOSED :-
(i) sub-division of the equity share of Rs.10/-each into two equity shares of Rs.5/-each.
(ii) Issuance of bonus shares in the ratio of 1:1 i.e. one new fully paid equity bonus share of Rs.5/- each for every one existing equity share of Rs.5/-each, by capitalization of reserves.
Oil & Natural Gas Corporation Limited has informed the Exchange that the Company has fixed February 09, 2011 as the Record Date for the purpose of ascertaining the eligibility of the shareholders/ beneficial owners who would be entitled to receive sub-divided shares and Bonus shares.
Therefore, it is seen that the current price Of Rs.281.50 is on the face value of Rs.5 (and also on enhanced equity).
ONGC is performing extremely well and is expected to improve further in coming quarters. It there appears to be a good medium to long term investment.
STAND ALONE RESULTS TABLE :
O N G C | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
Net Sales | 1858641 | 1819359 | 1366560 | 1471326 | 1531449 |
Net Sales | 1858641 | 2.16 | 36.01 | 26.32 | 21.36 |
Other Operating Income | 221774 | 23669 | 15741 | 128908 | 19165 |
Incr./decr. in SIT / WIP | 4286 | -488 | -9233 | 5347 | -830 |
Raw Materials | 14111 | 14602 | 13529 | 19567 | 13415 |
Traded Goods | 323 | 294 | 434 | 467 | 455 |
Employees Cost | 29134 | 30590 | 27892 | 26605 | 30473 |
Depreciation | 364098 | 440007 | 311427 | 444803 | 467579 |
Other Expenditure | 679404 | 665849 | 530358 | 606445 | 573633 |
Total Expenditure | 1091356 | 1150854 | 874407 | 1103234 | 1084725 |
Total Expenditure | 1091356 | -5.17 | 24.81 | -1.08 | 0.61 |
Profit from Operations | 989059 | 692174 | 507894 | 497000 | 465889 |
Profit from Operations | 989059 | 42.89 | 94.74 | 99.01 | 112.29 |
Other Income | 66926 | 90618 | 40721 | 46913 | -3013 |
Interest | 544 | 91 | 276 | 5608 | 293 |
Profit before tax | 1055441 | 782701 | 548339 | 538305 | 462583 |
Profit before tax | 1055441 | 34.85 | 92.48 | 96.07 | 128.16 |
Tax expense | 347118 | 243824 | 182225 | 160664 | 157225 |
Net Profit | 708323 | 538877 | 366114 | 377641 | 305358 |
Net Profit | 708323 | 31.44 | 93.47 | 87.57 | 131.96 |
Dividend (%) | - | - | - | 150 | - |
Face Value (In Rs | - | 10 | 10 | 10 | 10 |
Paid Up Equity | 213889 | 213889 | 213889 | 213889 | 213887 |
Basic EPS | 33.12 | 25.19 | 17.12 | 17.66 | 14.28 |
Public Holding (%) | 25.86 | 25.86 | 25.86 | 25.86 | 25.86 |
ONGC NEW DISCOVERIES
ONGC notifies three discoveries : one each in Cambay Basin and Krishna Godavari Onland Basin and one new pool discovery in KG shallow offshore basin, Since the last Board Meeting 3 discoveries have been notified to DGH by ONGC:
1.Well Aliabet # 2, NELP block CB-OSN-2003/1, Cambay Basin:
(Notified on 12.02.2011)
Well Aliabet # 2 in NELP block CB-OSN-2003/1 of Cambay Basin was drilled to a depth of 2107m. One of the zones in the interval 1890 – 1896m, on testing produced gas @ 12884 m3/day and condensate @ 6 m3/day. Two more zones are yet to be tested.
This discovery has opened up a new play in Hazad member in the area and may facilitate the efforts to proceed for appraisal and delineation phase in the NELP block.
It is notable that this area was explored earlier, as pre-NELP block CB-OS-I, by companies like VALCO, HARDY, ENRON and BGEIPL without any discovery.
On further testing after notification the well produced 77167 m3/day and 11 m3/day of condensate through 6 mm bean size. The lower production level previously was due to lower levels of drawdown.
2.Well Malleswaram # 1, PEL block 1A in Krishna Godavari Onland Basin:
(Notified on 17.02.2011)
Well Malleswaram # 1 in PEL block 1A in Krishna Godavari Onland Basin was drilled to a depth of 4105m. The interval 3518 – 3509.5m and 3508.5 – 3503m on testing produced oil @ 47.52 m3/day and gas @ 11124 m3/day. The oil produced has an API gravity of 460.
This is a very significant oil discovery in synrift section in this part of the basin resulting from improved subsurface imaging through new 3D API. This discovery has a potential of being one of the very significant finds of KG onland basin.
New Pool Discovery:
3.Well GS-29#6, GS-29 PML, KG shallow offshore basin:
(Notified on 17.02.2011)
The well GS-29#6, drilled in the shallow offshore Krishna Godavari basin at a water depth of 95m, was drilled to a depth of 2502m. The well encountered interesting sands zones in the intervals viz. 2388 – 2424m, 2237– 2259m and 2278 – 2284m.
The interval 2237 – 2245m (a new pool) on testing produced oil @ 570.33 m3/day and gas @ 118,925 m3/day through 32/64” choke. The oil produced is of good quality with gravity between 37.5 – 38.20 API.
In addition, another interval, 2390 – 2414.5m, on testing produced oil @ 617 m3/day and gas @ 123,400 m3/day through 32/64” choke. The oil produced is of good quality with a gravity of 380 API.
Significant pay thickness and flow rates achieved in this well will boost, significantly, the scenario of integrated development of GS-29 fields with the discoveries of Northern Discovery Areas of NELP block KG-DWN-98/2.
ANNOUNCEMENTS
TO THE EXCHANGE
28-02-2011 Oil & Natural Gas Corporation Limited has informed the Exchange vide its letter dated February 28, 2011, regarding a press release titled "I. ONGC in its 215th Board Meeting held on February 25, 2011 approved the ONGC Group Consolidated Financial Performance II. ONGC notifies three discoveries: one each in Cambay Basin and Krishna Godavari Onland Basin and one new pool discovery in KG shallow offshore basin".
21-02-2011 Oil & Natural Gas Corporation Limited had informed the Exchange vide its letter dated February 19, 2011 regarding "Announcement of updated management estimates of Oil and Gas Reserves". The Corporation has now informed the Exchange that the words "West Nile Oil Project" appearing two times in Bullet Point 2 on Page 4 has been replaced with the words "White Nile Oil Project." Further, the Company has submitted to the Exchange a copy of announcement incorporating the corrections.
19-02-2011 Oil & Natural Gas Corporation Limited has informed the Exchange vide its letter dated February 19, 2011 regarding "Announcement of updated management estimates of Oil and Gas Reserves".
28-01-2011 Oil & Natural Gas Corporation Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 1858641 lacs for quarter ending on 31-DEC-2010 against Rs. 1531449 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 708323 lacs for the quarter ending on 31-DEC-2010 against Rs. 305358 lacs for the quarter ending on 31-DEC-2009.
28-01-2011 Oil & Natural Gas Corporation Limited has informed the Exchange that pursuant to Section 192A of the Companies Act, 1956 read with Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 the Members of the Company through postal ballot have approved following items on January 28, 2011 (i) sub-division of the equity share of Rs.10/-each into two equity shares of Rs.5/-each and consequent amendment of the Memorandum of Association & Articles of Association of the Company. (ii) Issuance of bonus shares in the ratio of 1:1 i.e. one new fully paid equity bonus share of Rs.5/- each for every one existing equity share of Rs.5/-each, by capitalization of reserves. -
21-01-2011 Oil & Natural Gas Corporation Limited has informed that following Update on the Oil Spill has been released : "It is observed that the leakage of oil has stopped. Coast Guard had assessed the situation of oil spill and feeling that matter is under control, decided to withdraw the Regional Contingency Plan. It has been estimated that oil spill will be dispersed within 48 hours. Surveillance and monitoring of operations will continue jointly by ONGC and Coast Guard. Oil production has resumed from Mumbai High through ICP-Heera Uran Trunk (HUT) pipeline".
28-12-2010 Oil & Natural Gas Corporation Limited has submitted to the Exchange a copy of Notice pursuant to Section 192A of the Companies Act, 1956 read with Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 in respect of the Resolutions to be passed through Postal Ballot : (1) Ordinary Resolution for Sub-division of each equity share of Rs.10 each in two equity shares of Rs.5 each; (2) Ordinary Resolution for amendment of Clause V of the Memorandum of Association for sub-division of each equity share of Rs.10 each in two equity shares of Rs.5 each; (3) Special Resolution under Section 31 of the Companies Act, 1956 for amendment of Article 5 of the Articles of Association for sub-division of each equity share of Rs.10 each in two equity shares of Rs.5 each; (4) Ordinary Resolution for issuance of Bonus shares by capitalization of the reserves.
23-12-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated December 22, 2010, titled "Government of Brazil Approves Farming Out in the Block BM-S-73".
22-12-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated December 21, 2010, titled "ONGC ANNOUNCES FRAMEWORK AGREEMENT WITH SISTEMA".
16-12-2010 Oil & Natural Gas Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on December 16, 2010 have : (1) Approved a Special Interim dividend of Rs. 32 (Rupees Thirty two) per share of Rs. 10/- each fully paid up for the Financial Year 2010-11. The Record Date for the same has already been fixed on December 21, 2010 and payment of the Special Interim Dividend shall start from December 22, 2010 onwards to the shareholders; (2) Recommended for approval of the shareholders for sub division of each Equity share of Rs. 10/- each fully paid up into two equity shares of Rs. 5/- each fully paid up; (3) Recommended for approval of the shareholders for issuance of Bonus shares in the proportion of one new equity bonus share of Rs.5/- each for every one existing equity share of Rs.5/- each fully paid up by capitaIisation of reserves; (4) Approved for seeking the consent of the shareholders to the proposal at (2) and (3) above through Postal Ballot in terms of Section 192A of the Companies Act, 1956 and the Rules framed thereunder.
15-11-2010 Oil & Natural Gas Corporation Limited has informed the Exchange, vide its letter dated November 13, 2010, regarding a press release, titled "OVL Board adopts the Half Yearly results (H1 2010-11) - Onetime extra-ordinary provisionings drags down PAT, despite higher Production and Revenue".
04-11-2010 Oil & Natural Gas Corporation Limited has informed the Exchange vide its letter dated November 04, 2010 regarding a press release, titled "ONGC climbs to the highest ever Global Ranking".
28-10-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated October 28, 2010, titled " I. ONGC Q2 FY'11 net up by 5.9% despite higher under-recovery discount. II. ONGC notifies one more oil discovery in Cambay Basin, Western Onshore - on 28th October 2010.."
28-10-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 1819359 lacs for quarter ending on 30-SEP-2010 against Rs. 1508059 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 538877 lacs for the quarter ending on 30-SEP-2010 against Rs. 508964 lacs for the quarter ending on 30-SEP-2009.
21-10-2010 Oil & Natural Gas Corporation Limited has informed the Exchange vide its letter dated October 21, 2010 regarding "Proposed sale of shares of Cairn India Limited by Cairn Energy PLC, UK."
18-10-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated October 15, 2010, titled "ONGC Notified Two More Discoveries - (1) Exploratory Well North Kovilkallappal-1, Cauvery Basin - Onland (2) Well GS-KV-1, KG Basin- Shallow Offshore".
13-10-2010 Oil & Natural Gas Corporation Limited has submitted to the Exchange the Minutes of Annual General Meeting of the Company held on September 23, 2010.
24-09-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding the clarification issued to the press on September 23, 2010 with respect to the Company's Press Release on September 22, 2010 relating two new Discoveries notified by ONGC to DGH on September 21, 2010.
24-09-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 23, 2010, titled "ONGC AGM approves aggregate dividend of Rs.33 per share for FY'10; ONGC announces highest-ever dividend payout".
23-09-2010 Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 22, 2010, titled "(1) New Prospect Discoveries: Two exploration discoveries have been notified to Directorate General of Hydrocarbons (DGH) on September 21, 2010. Both the discoveries are in nominated PEL Blocks. (2) ONGC begins Shale Gas exploration: First Shale Gas well RNSG-1 in Ichapur village near Durgapur in Burdwan District of West Bengal spudded on September 21, 2010".
20-09-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding a press release dated September 20, 2010, titled "ONGC releases 'Assured' Sustainability Report for FY'10".
27-08-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding a press release dated August 26, 2010, titled "(I) New Prospect Discovery -Exploratory Well Vadatal-1 in Western Onshore Basin, NELP- VI Block producing 278bbls of oil per day; (II) Board approves investment of Rs.372.11 Crore for development of BHE and BH-35 Area in Western Offshore."
31-07-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding a press release dated July 29, 2010, titled "(1) ONGC Q1FY'11 net down by 24.5%, due to excessive subsidy discounts. (2) Five new discoveries in Q1FY'11, two more in July'10. (3) Board approves new 102MW wind power investment in Rajasthan for Rs 650 crore. (3) MRPL Investment for Single Point Mooring off Mangalore coast also approved for Rs.1,044 crore".
29-07-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 1366560 lacs for quarter ending on 30-JUN-2010 against Rs. 1487927 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 366114 lacs for the quarter ending on 30-JUN-2010 against Rs. 484792 lacs for the quarter ending on 30-JUN-2009.
12-07-2010 Oil & Natural Gas Corpn Limited has informed the Exchange that Register of Members and Share Transfer Books of the Company will remain closed from September 14, 2010 to September 23, 2010 (both days inclusive) for the purpose of Annual General Meeting and for reckoning the entitlement of the shareholders/ beneficiaries for the payment of Final Dividend @ Rs. 15/- per share, for the year 2009-10. Further, the Annual General Meeting will be held on September 23, 2010. -
28-05-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 10176045 lacs for year ending on 31-MAR-2010 against Rs. 10456943 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 1940353 lacs for the year ending on 31-MAR-2010 against Rs. 1979534 lacs for the year ending on 31-MAR-2009.
28-05-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 5998761 lacs for year ending on 31-MAR-2010 against Rs. 6359983 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 1676755 lacs for the year ending on 31-MAR-2010 against Rs. 1612631 lacs for the year ending on 31-MAR-2009.
28-05-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 1471326 lacs for quarter ending on 31-MAR-2010 against Rs. 1370380 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 377641 lacs for the quarter ending on 31-MAR-2010 against Rs. 220676 lacs for the quarter ending on 31-MAR-2009.
26-04-2010 Oil & Natural Gas Corpn Limited has informed the Exchange regarding a press release dated April 26, 2010, titled "ONGC achieves highest Reserve Accretion in last two decades".
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