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ONGC 2022 Q4 results: Profit jumps 31% on high oil, gas prices

By Priyanka Verma 
Updated Date

New Delhi: On Saturday, May 28, Oil and Natural Gas Corporation (ONGC) reported a 31.5 percent jump in its March quarter net profit as it got the best ever price for crude oil it produces and sells. According to the company’s regulatory filing, standalone net profit was ₹8,859.54 crore, or ₹7.04 per share, in January-March, compared to ₹6,733.97 crore, or ₹5.35 per share, in the same period a year ago.

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From ₹21,188.91 crore in January-March 2021 to ₹34,497.24 crore in the fourth quarter of the fiscal year 2021-22, revenue from operations increased to ₹34,497.24 crore. For the full fiscal (April 2021 to March 2022), ONGC posted a record net profit of Rs 40,305.74 crore, up from Rs 11,246.44 crore in the previous financial year.

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This comes after international energy prices surged from late 2021 and spiked after Russia invaded Ukraine in February. ONGC gets international prices for crude oil it produces and so it benefited from the surge in energy prices. ONGC gets international rates as the downstream fuel retailers too price petrol, diesel and other petroleum products at global rates.

After including those earned by its subsidiaries like HPCL and ONGC Videsh Ltd, Consolidated net profit, soared to ₹12,061.44 crore in March quarter and ₹49,294.06 crore in the full fiscal 2021-22. This compared to ₹10,963.04 crore in January-March 2021 and ₹21,360.25 crore in 2020-21.

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