ONGC Q4 Net dips 6.2% at Rs 4340 cr on royalty payments

Driven by a strong growth in revenues and an overall operational beat, oil and gas major Hindustan Petroleum Corporation's (HPCL) net profit for the March quarter beat Street expectations at Rs 1,819 crore against profit of Rs 1,590 crore during the previous quarter.

The company's total expenditure during the January-March quarter at Rs 20,696.46 crore also shot up 47.59 per cent, as compared to the expenses of Rs 14,022.15 crore in the fourth quarter of 2015-16.

Total income of Rs 26,234 crore was up nearly 30% on higher crude oil prices.

"We set out Rs 2,444 crore to clear royalty payments to Gujarat and Assam as had been ordered by the Supreme Court", ONGC Director (Finance) A K Srinivasan said.

Also, the company provisioned Rs 1,944 crore towards ensuing pay revision for employees. Its performance was better in inventory gain, which was Rs 743 crore in the fourth quarter of 2016-17, against Rs 37 crore gain reported past year.

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Out of 13 onland discoveries, nine were monetized during the year itself having a potential of 0.218 million tonnes of oil equivalent per year.

For the full financial year 2016-17, the company recorded a 64 per cent increase in consolidated profit at Rs 21,478 crore as compared to the previous financial year (2015-16).

The company board proposed a final dividend of Rs 1.10 per share, taking the total dividend for the fiscal to Rs 30 per share (ex-bonus).

Consolidated turnover was up 4.8 per cent at Rs 1,42,149 crore.


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