Public sector company Oil and Natural Gas Corporation ( ONGC ) has made 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 become the country’s second most profitable company after Reliance Industries. ONGC said 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. The company made $ 76.62 on each barrel of crude oil produced and sold during the financial year. In the last financial year, the company got $ 42.78 on each barrel of crude oil made.
This is the highest price ONGC gets on crude oil production. After Russia attacked 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.
The result will be seen in the June quarter.
ONGC got a price of $2.35 per unit (Million British Thermal Units) for the gas in the last financial year. At the same time, in 2021-22, it got a $2.09 per unit for gas. In April this year, the gas price increased to $ 6.1 per unit. Its effect will be seen in the results of the first quarter of the company’s current financial year.
Net profit of Rs 49294 crore
In the last financial year, the company’s consolidated net profit has increased to Rs 49,294.06 crore. It also includes the earnings of its subsidiaries. ONGC’s consolidated net profit stood at Rs 21,360.25 crore in the previous financial year. ONGC’s standalone and consolidated net profit is second in terms of earnings 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 profits.
Tata Steel’s standalone net profit stood at Rs 33,011.18 crore, and a consolidated net profit of Rs 41,749.32 crore for the last financial year. Tata Consultancy Services (TCS) is in the fourth position with a consolidated net profit of Rs 38,449 crore, and State Bank of India is in the fifth position with a net profit of Rs 31,676 crore.