Economy News: ONGC's biggest loss so far in the quarter, loss of Rs 3,098 crore due to lower oil and gas prices | ONGC's biggest loss so far in the quarter, loss of Rs 3,098 crore due to lower oil and gas prices

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  • Offshore business revenue fell 13 percent to Rs 63,521 crore
  • Onshore business revenue down 10.8 percent at Rs 32,691 crore

Daily newspaper

Jun 30, 2020, 10:38 PM IST

Mumbai. State-run Oil and Natural Gas Corporation (ONGC) reported its biggest ever quarterly loss in the March quarter. The company has a net loss of Rs 3,098 crore. It had a profit of Rs 4,239 crore in the same period a year ago. This deficit is due to the sudden reduction in oil and gas prices.

Profit for December quarter was Rs 4,226 crore

The company released its financial results on Tuesday. The company said its profit in the December quarter was Rs 4,226 crore. The main reason for the country's major oil and gas producer losses is that the valuation of assets in the company has to be reduced beforehand due to the fall in oil and gas prices. Company Chairman and MD Shashi Shankar said that the company incurred a loss of Rs 4,899 crore on assets in the fourth quarter of 2019-20 due to falling crude oil prices. However, the company has made a profit during the entire financial year.

Revenue down 19.8 percent at Rs 21,456 crore

The company's revenue fell 19.8 percent to Rs 21,456 crore in the March quarter. Other income declined 44.6 percent. It has been Rs 1,325 crore. The company's standalone profit fell 49.8 percent to Rs 13,444 crore for the full year. A year ago it was Rs 26,765 crore. Revenue fell 12.3 percent to Rs 96,213 crore during the same period.

Crude oil production stood at 58.2 lakh tonnes

The company's crude oil production fell marginally to 58.2 lakh tonnes in the January-March quarter from 59 lakh tonnes in the same period last year. Revenue from its offshore business has also declined. It has fallen by 13 per cent to Rs 63,521 crore. Onshore business revenue fell by 10.8 per cent to Rs 32,691 crore. The company's shares have fallen by 49.4 percent in the last one year. While its stock has fallen by 36.8 percent in the first half of the calendar year ie from January to now.

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