ONGC posts net profit of Rs 13,445 cr for FY’20

In its 329th Board meeting held on June 30, 2020, ONGC presented the annual results for FY’20 with registering a net profit of Rs 13, 445 crore. The company recorded gross revenue of Rs. 96,214 crore in FY’20 with the 12 discoveries in the yearFY’20 and 3 discoveries so far in FY’21. The Company has recognized an Exceptional Item towards impairment loss of Rs. 4,899 crore in Q4 FY’20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY’20 and FY’20 as compared to last year.

 

Hindustan Petroleum Corporation Ltd (HPCL)  

HPCL has registered good performance during the FY’20 considering the specific challenges faced by the sector especially towards year end due to demand contraction on account of Covid 19 pandemic.

 

Refining throughput and Sales Volume

During 2019-20, HPCL refineries at Mumbai and Visakhapatnam achieved combined refining throughput of 17.18 Million Metric Tons (MMT) with capacity utilization of 109%. Both Mumbai and Vizag Refineries were up-graded to produce BS VI compliant transportation fuels and BS VI grade MS and HSD was rolled out pan India basis as per the timelines stipulated by Government of India.  During 2019-20, HPCL achieved the highest ever sales volume of 39.6 MMT compared to previous year’s sales of 38.7 MMT. HPCL commissioned record number of 1,194 new retail outlets and 245 new LPG distributorships during 2019-20 taking the number of total retail outlets to 16,476 and number of total LPG distributors to 6,110 as of March 31, 2020.