ONGC posted a good set of numbers though given the depreciation of rupee and rise in crude prices, it could have earned better but for its fall in other income by 83% (YoY) and 49% jump in tax paid during Q1FY19. The other income fell because vis-a-vis last year, this fiscal, dividends from HPCL and IOC were much lower.
The PSU posted a net profit of Rs.6144 crore, up 4% (QoQ) on a 13.5% rise in revenue at Rs.27,213 crore.
Operating profit was up 29% at Rs.14,732 crore and margins did very well - up from 47.49% to 54.14%.
Its production of crude was pretty much flat at 6.22 mt while gas production rose 2% at 6.2 BCM. Despite the rise in crude prices, its crude sales were down almost 2%. Relisations were up from $66.7/barrel to $71.50/barrel (QoQ) and YoY, the jump is at 47%.
The company's debt currently stands at Rs.16,670 crore.
The stock price has reacted positively to these numbers, going up 3% to Rs.171, with volumes going up over 1.2 times. Its 52-week high is at Rs.212.90.