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UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH SEPTEMBER, 2005

(Rs. In lakh)
Sl. Particulars Unaudited Unaudited Audited
No.   For the Quarter ended For the Half Year ended For the Year ended
    30.09.2005 30.09.2004 30.09.2005 30.09.2004 31.03.2005
1 Gross Sales/Income from Operations
1272837
1190261
2368196
2228987
4671214
  Less: Excise Duty Recovered
4857
8642
13242
17938
34920
  Net Sales/Income from Operations
1267980
1181619
2354954
2211049
4636294
2 Other Income
86351
47310
116208
77513
172979
3 Total Expenditure
552446
545745
1028909
1059903
2218786
  a) (Increase)/Decrease instock-in-trade
416
511
235
(1744)
(2986)
  b) Purchases (Trading)
121438
116993
215002
249738
510132
  c) Consumption of rawmaterials*
5371
3602
8719
6680
18409
  d) Staff expenditure
23524
28171
51594
59821
100292
  e) Statutory levies
266224
254754
516180
486269
997653
  f) Other expenditure
135473
141714
237179
259139
595286
4 Interest
551
229
769
1048
3771
5 Depreciation**
193635
153349
328808
315690
620161
6 Profit before Tax (1+2-3-4-5)
607699
529606
1112676
911921
1966555
7 Provision for taxation
 
 
 
 
 
  a) Current Year
190540
206040
360580
369080
698170
  b) Earlier Years
9277
0
9277
0
(262)
  c) Deferred Tax Liability(Asset)
(7192)
(14821)
(5020)
(26366)
(29658)
  d) Fringe Benefit Tax
1249
0
2126
0
0
  Sub Total (a+b+c+d)
193874
191219
366963
342714
668250
8 Net profit (6-7)
413825
338387
745713
569207
1298305
9 Paid-up equity sharecapital (Face value of share Rs. 10)
142593
142593
142593
142593
142593
10 Reserves excludingrevaluation reserves***
4463832
 
 
 
 
11 Earning per share - Basic& Diluted (Rs.)
29.02
23.73
52.30
39.92
91.05
12 Aggregate of non-promotershareholding
 
 
 
 
 
  -Number of shares
368773541
368773541
368773541
368773541
368773541
  -Percentage of shareholding
25.86
25.86
25.86
25.86
25.86
Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement
Segment wise Revenue, Resultsand Capital Employed under Clause 41 of the Listing Agreement
            (Rs. in Lakh)
Sl.  
Unaudited
Unaudited
Audited
No.   For the Quarter ended For the Half Year ended for the year ended
    30.09.2005 30.09.2004 30.09.2005 30.09.2004 31.03.2005
1 Segment Revenue          
  A) Offshore 882967 817262 1666251 1510059 3168942
  B) Onshore 411260 381778 732020 740383 1564270
  Total 1294227 1199040 2398271 2250442 4733212
  Less: Inter Segment Revenue          
  Net sales/income fromoperations 1294227 1199040 2398271 2250442 4733212
             
2 Segment ResultProfit(+)/Loss(-) before tax and          
  interest from eachsegment          
  A) Offshore 465368 438783 917020 762880 1612422
  B) Onshore 95934 64347 139973 115396 294542
  Total 561302 503130 1056993 878276 1906964
             
  Less:          
  i. Interest Payment 551 229 769 1048 3771
  ii. Other unallocable expenditure net of unallocable income. (46948) (26705) (56452) (34693) (63362)
  Total Profit Before Tax 607699 529606 1112676 911921 1966555
             
3 Capital Employed (Segment Assets - Segment Liabilities)          
  A) Offshore 1790227 1394248 1790227 1394248 1715214
  B) Onshore 1228067 1209606 1228067 1209606 1206964
  Total 3018294 2603854 3018294 2603854 2922178
  Unallocated Corporate Assets less Liabilities 2411947 2019647 2411947 2019647 1762364
  Grand Total 5430241 4623501 5430241 4623501 4684542
Note:
Segment Revenue in respect of onshore segment for the current quarter and half year ended 30th September, 2005 includes Rs. 121569 lakh (Previous quarter -Rs. 116993 lakh) and Rs.215202 lakh(Previous half year-Rs. 249738 lakh) respectively on account of trading of MRPL products- a subsidiary of ONGC.

Notes :

1. In a major accident on 27.07.2005, BHN platform in Mumbai High Offshore field was totally destroyed. The accident also damaged the adjacent platforms and connecting pipelines. Multi-purpose support vessel Samudra Surakhsha also caught fire and subsequently sank. All these assets were insured at specified values under Energy Insurance Package Policy. The Insurance Company has since released an ‘on account payment’ towards loss to BHN platform amounting to Rs. 76856 lakh after policy deductibles.Pending finality of settlement, the difference of Rs. 57836 lakh between the ‘on account payment’ and net book value of the related fixed assets hasbeen kept under ‘other deposit - liability’. Other claims are being pursued in terms of package policy provisions.

2. In terms of the decision of the GOI being conveyed by MoP&NG on quarterly basis, ONGC has been sharing the burden of under recoveries of Oil Marketing Companies (OMCs) since April, 2003. Accordingly, sales revenue in respect of Crude Oil, LPG and SKO during the current quarter and half year ended 30th September, 2005 is net of Rs. 282718 lakh and Rs. 570103 lakh (previous year quarter Rs. 96728 lakh and half year Rs. 178217 lakh) respectively.Impact on Profit after Tax for the current quarter and half year is Rs.171573 lakh and Rs. 346043lakh (previous quarter and half year Rs.58783 lakh and Rs. 105969 lakh) respectively.

3. The company has changed the rate of depreciation on all trunk pipelines and onshore flow lines (assets below ground) from 27.82% to 100% w.e.f 1.4.2005 to be in conformity with the interpretation adopted for tax purposes. Accordingly, the depreciation on the net block of such assets as on 1.4.2005 amounting to Rs. 15253 lakh has been taken to prior period. The depreciation on additions in respect of these assets during the period has been charged on pro rata basis. The impact of this change in rate on profits for the quarter is Rs.44927 lakh.

4. The statutory auditors in their report on the accounts for the year 2004-05 had commented on non adjustment of differences between physical verification of inventories, fixed assets and capital stores vis-à-vis the books of accounts in few units. Effective steps are being taken for reconciliation of the same. Management does not envisage any significant impact of these adjustments on the above financial results.

5. Information on investor complaints pursuant to clause 41 of Listing Agreement for the quarter ended 30th September, 2005 .

 
Opening Balance
Additions
Disposals
Closing Balance
No. of complaints
12
276
283
5


The balance 5 complaints pending at the end of the quarter have since been resolved. This excludes investor complaints regarding the offer for sale upto 10% of equity shares of the company made by the Government of India in March, 2004, which are being attended to by the Registrar to the issue appointed by Govt. of India.

The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 26th October, 2005. The same are subject to limited review by the statutory auditors of the company.By order of the Board
 
 
By order of the Board

Place:New Delhi
Date: October 26, 2005
(R.S.Sharma)
Director (Finance)