Became the second highest earning company after Reliance.
Public sector company ONGC has become the second company in the country in terms of earning profit. The company’s net profit stood at Rs 40305 crore in the financial year 2021-22. Reliance Industries had earned a consolidated net profit of Rs 67845 crore in the last financial year.
Public Sector Company Oil and Natural Gas Corporation (ONGC) has earned a record net profit of Rs 40,305 crore in the last financial year (2021-22). ONGC has been able to earn record profits due to higher prices on crude oil production. In this way, ONGC has now become the second most profitable company in the country after Reliance Industries. ONGC said in a statement that its net profit has increased by 258 per cent to Rs 40,305.74 crore in the last financial year. Due to this, 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 earned $ 76.62 on each barrel of crude oil produced and sold. In the last financial year, the company got $ 42.78 on each barrel of crude oil produced.
This is the highest price ONGC gets on crude oil production. 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. Although crude oil prices had hit a record high of $147 a barrel in 2008, ONGC had to provide subsidies to companies retailing petroleum products, due to which its 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.
Result will be seen in June quarter
ONGC got a price of $2.35 per unit (Million British Thermal 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.
Net profit of Rs 49294 crore
The consolidated net profit of the company has increased to Rs 49,294.06 crore in the last financial year. It also includes profits of its subsidiaries. In the previous financial year, ONGC’s consolidated net profit stood at Rs 21,360.25 crore. ONGC’s both standalone and consolidated net profit is second in terms of profits of domestic companies.
These are the top-5 companies in terms of earnings
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. 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.
(Language)
Source: www.tv9hindi.com
: Language Inputs