Moneycontrol BureauOil and Natural Gas Corporation's (ONGC) first quarter earnings missed street expectations on bottomline and operational front. Profit grew by 14.2 percent year-on-year (up 27.6 percent sequentially) to Rs 5,460 crore during the quarter. Net was estimated at Rs 5,790 crore for the quarter, according to a CNBC-TV18 poll.
In Q1FY16, the impact of under-recoveries shared for oil marketing companies on profit was Rs 628 crore and revenue Rs 1,103 crore against Rs 7,396 crore and Rs 12,820 crore respectively, said the country's largest state explorer. For March quarter 2015, the company has not shared under-recoveries of oil marketing companies, it added.
Revenue for the quarter was at Rs 22,825 crore, a growth of 4.5 percent over the year-ago period and 5.4 percent over March quarter, said the company in its filing to the exchange.
ONGC said net realisation for the quarter was at USD 58.92 a barrel (against USD 47.15 a barrel Y-o-Y), which was lower than analysts' expectations of USD 60 a barrel.
Operating profit (earnings before interest, tax, depreciation and amortisation) grew by 19.4 percent year-on-year to Rs 10,582 crore, which was lower than forecast of Rs 12,700 crore. Margin expanded by 580 basis points to 46.4 percent in June quarter.
Tax expenses increased 19.7 percent to Rs 2,891 crore during the quarter compared to Rs 2,415 crore in same quarter last year.
At 15:23 hours IST, the scrip of Oil and Natural Gas Corporation was quoting at Rs 272.35, up Rs 3.25, or 1.21 percent on the BSE.Posted by Sunil Shankar Matkar
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