OIL AND NATURAL GAS CORPORATION LIMITED
Regd.Office : ‘Jeevan Bharati’, Tower II, 8th Floor, 124-Indira Chowk,
NEW DELHI 110 001.
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2005
(Rs. in lakh)
Sl.	Particulars	Unaudited			Audited		Audited
No.		For Nine Months ended	For the Quarter ended		For the Year ended		Consolidated For the Year ended
		31.12.2004	31.03.2005	31.03.2004	31.03.2005	31.03.2004	31.03.2005	31.03.2004
1	Gross Sales/Income from Operations	3448172	1223042	844575	4671214	3251192	6228074	4530227
	Less: Excise Duty Recovered	26770	8150	13808	34920	44799	253342	166957
	Net Sales/Income from Operations	3421402	1214892	830767	4636294	3206393	5974732	4363270
2	Other Income	123673	49306	48004	172979	154708	196240	225854
3	Total Expenditure	1641620	577166	406032	2218786	1438336	3168920	2407314
	a) (Increase)/Decrease in stock-in-trade	(4000)	1014	(854)	(2986)	1115	(12762)	(13835)
	b) Purchases	392435	117697	0	510132	0	283	0
	c) Consumption of raw materials*	12344	6065	2706	18409	13507	1066257	755517
	d) Staff expenditure	81027	19265	30646	100292	95525	106872	99142
	e) Statutory levies	745030	252623	217440	997653	846760	1309979	1025181
	f) Other expenditure	414784	180502	156094	595286	481429	698291	541309
4	Interest	2752	1019	2922	3771	4675	16435	37853
5	Depreciation**	444318	175843	166936	620161	557186	739393	656350
6	Profit before Tax (1+2-3-4-5)	1456385	510170	302881	1966555	1360904	2246224	1487607
7	Provision for taxation
	a) Current Year	568120	130050	55540	698170	435160	747442	462425
	b) Earlier Years	0	(262)	(1416)	(262)	(1416)	(547)	(1416)
	c) Deferred Tax Liability (Asset)	(30274)	616	50121	(29658)	60717	47268	77788
	Sub Total(a+b+c)	537846	130404	104245	668250	494461	794163	538797
8	Add: Share of Profit/(Loss) in Associates						1135	1561
9	Less: Minority Interest						19296	12345
10	Net profit (6-7+8-9)	918539	379766	198636	1298305	866443	1433900	938026
11	Paid-up equity share capital (Face value of share Rs. 10)	142593	142593	142593	142593	142593	142593	142593
12	Reserves excluding revaluationreserves***				4463832	3832649	4638239	3906382
13	Earning per share - Basic & Diluted (Rs.)	64.42	26.63	13.93	91.05	60.76	100.56	65.78
14	Aggregate of non-promoter shareholding
	-Number of shares	368773541	368773541	368560245	368773541	368560245	368773541	368560245
	-Percentage of shareholding	25.86	25.86	25.85	25.86	25.85	25.86	25.85

* Represents consumption of stores & spares. ** Also includes depletion, amortisation and impairment loss *** Reserves excluding intangibles
Notes:
1	The audited accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
2	In terms of the decision of the Government of India conveyed by Ministry of Petroleum and Natural Gas vide letter dated 30th October 2003 and further communication by Petroleum Planning & Analysis Cell (PPAC) vide their letter dated 24th April, 2004, ONGC
3	The Corporation has adopted the Guidance Note on Accounting for Oil and Gas producing Activities issued by the Institute of Chartered Accountants of India w.e.f. 1.4.2003 and has changed its accounting policies in line with the requirements of the Guidanc
	i)The time limit of carry over of exploratory wells in progress has been changed to two years from three years for charging the same to Profit and Loss Account.As a result of this change,the dry well expenditure for the quarter has gone up by Rs. 65
	ii) For purposes of calculation of depletion as per Guidance Note, the Capital work in progress related to facilities and development wells in progress havebeen excluded from the cost base.As a result of this change depletion for the quarter is lower
4	The statutory auditors in their report on the accounts for the year 2003-04 have commented as under :-
*	(i) Non consideration of depreciation as a charge to Profit & Loss Account being allocated to assets to be depleted and for the purpose of quantifying the depreciation under Section 205 of the Companies Act, 1956.
*	(ii) Incorporation of unaudited figures of joint venture projects and NELP blocks respectively in the books of the Corporation.
	(iii) Overdue amounts aggregating Rs. 21094 lakhs. On the basis of available information, they were unable to form any opinion on the recoverability of these dues.
	(iv) Accounts pending reconciliation - the adjustments/provisions, if any, required to be made.
*	(v) Segregation of outstanding of Small Scale Industry( SSI) from the creditors balances, for which they had placed reliance on the certificate issued by the Management.
Management Clarifications :-
*	Comment No. (i) (ii) & (v) do not have any impact on the above financial results.
	In respect of comment No. (iii), The overdue amounts have either been realised or provided for as doubtful during the current period or are realisable in the opinion of the Management.
	In respect of comment No. (iv), effective steps are being taken for reconciliation of these accounts and management does not envisage any significant impact on the above financial results.
5	The number of investor complaints pending at the beginning of the quarter were 4. During the quarter 42 complaintswere received and 37 complaints were cleared. 9 complaints were pending as on 31.12.2003.
	The Board of Directors have recommended a final dividend of Rs.Per share amounting to Rs.Subject to the approval of the shareholders in addition to interimj dividend of Rs. 14 per shgare already paid.
	The consolidated financial Results consists of resultd of ONGC and its subsidiaries ONGC Videsh Ltd.- a wholly owned subsidiary, ONGC Nile Ganga B.V (wholly owned subsidiary of ONGC Videsh Ltd.) and Mangalore Refinery and Petrochemicals Ltd.
7	The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at the meeting held on 22nd June, 2004.
8	Previous period's figures have been regrouped/reclassified wherever necessary.
Place : New Delhi.
Dated: June 22, 2004