New Delhi: Oil and Natural Gas Corporation Limited (ONGC) group companies, India’s most valuable corporate on Monday announced six per cent rise in its profit to Rs 15,485 crore for fiscal 2005-06 ended March 31, 2006.
The flagship company ONGC Ltd reported nine per cent rise in its profit after tax to Rs 14,175 crore in fiscal 2005-06 as compared to Rs 12,983 crore in previous fiscal.
The company’s turnover during the reporting period has increased by nine per cent to Rs 50,900 Crore as compared to Rs 46,712 crore a year ago. Earning per share increased by eight percent to Rs 99.
Oil and Natural Gas Corporation Ltd (ONGC), with wholly-owned subsidiary ONGC Videsh Ltd. and subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) turnover on a gross basis was put at Rs 86,414 crore, 21 per cent higher than Rs 71,627 crore recorded in 2004-05.
“Oil and Natural Gas Corporation is India's most valuable corporate in terms of market capitalisation, net worth and net profit," ONGC Chairman, Subir Raha told reporters after announcing provisional financial results for fiscal 2005-06.
Raha said that the market capitalisation of ONGC has crossed Rs 190,000 crore on March 30, 2006, which reflects the confidence of the investors in the company.
However, on the physical performance front, Raha admitted that ONGC fell short of the target of 26.6 million tonnes of crude by eight per cent as production was limited to 24.4 million tonnes in the reporting fiscal.
“A Floating Production System (FPSO) is scheduled to be in place in the next two months to augment production from Mumbai High North to 270,000 barrels a day by August this year, the level it was operating at prior to the accident at Mumbai High in one of its platform on July 27 last year,” said Raha.
The Company has a target to restore the offshore production to pre-accident level by August 2006, and then step up production up to 3, 00,000 barrels of oil per day on sustained basis in 2006-07.
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