ONGC Profit: Public sector company Oil and Natural Gas Corporation (ONGC) has earned a record net profit of about Rs 40,306 crore in the last financial year (2021-22). ONGC has made record profits due to higher prices on crude oil production. Now ONGC has become the second most profitable company in the country after Reliance Industries (RIL).
258% increase in profit
ONGC has said in a statement that its net profit has increased by 258 percent to Rs 40,305.74 crore in the last financial year. In the last financial year (2020-21), the company had earned a net profit of Rs 11,246.44 crore. During the financial year, the company has received $ 76.62 on each barrel of crude oil production and sale. At the same time, in the last financial year, the company got $ 42.78 on each barrel of crude oil production.
Crude oil reached 14 year record
Let us tell you that this is the highest price ONGC gets on the production of crude oil. After Russia’s attack on Ukraine, crude oil prices rose sharply in the international market at the end of 2021 and reached a nearly 14-year high of $139 a barrel.
Even in 2008, the price had reached a record level.
In the year 2008 also, crude oil prices had reached a record level of $ 147 per barrel, but at that time ONGC had to provide subsidies to companies retailing petroleum products, due to which their realization was low. Now ONGC is getting the same according to the international prices because the public sector petroleum companies also fix the prices of petrol, diesel and other petroleum products according to the global rates.
What was the net profit of the company?
ONGC got a price of $2.35 per unit for the gas in the last financial year. At the same time, in 2021-22, it got a price of $2.09 per unit for gas. In April this year, the price of gas has increased to $ 6.1 per unit. Its effect will be seen in the results of the first quarter of the current financial year of the company. The consolidated net profit of the company has increased to Rs 49,294.06 crore in the last financial year. In the previous financial year, ONGC’s consolidated net profit stood at Rs 21,360.25 crore.
ONGC reached number two in terms of profit
ONGC’s both standalone and consolidated net profit is second in terms of profits of domestic companies. Earlier, Reliance Industries had earned a consolidated net profit of Rs 67,845 crore in the last financial year. During the financial year, the income of Reliance Industries was Rs 7,92,756 crore.
Left behind Tata Steel too
In this way, ONGC has left behind Tata Steel in terms of profits. Tata Steel’s standalone net profit for the last financial year stood at Rs 33,011.18 crore and consolidated net profit of Rs 41,749.32 crore. Tata Consultancy Services (TCS) is at the fourth position with a consolidated net profit of Rs 38,449 crore and State Bank of India is at the fifth position with a net profit of Rs 31,676 crore.