New Delhi: Oil and Natural Gas Corporation (ONGC) on Friday reported the highest quarterly net profit by Indian companies more than RS 18,347 Crore because it made a one-time tax increase to choose a lower level regime.
Net income in the July-September period at RS 18,347.73 Crore compared to Rs 2,757.77 Crore’s net profit in the same period one year back, according to company submission to the Stock Exchange.
The profit in this quarter compared to RS 11,246.44 Crore Net Profit OKC has gained in the Fiscal Year 2020-21 full (April 2020 to 2021).
This is the highest quarterly net profit by any company in this country.
Prior to this, Indian Oil Corporation (IOC) held a difference to post the highest quarterly profit when reporting Net Income Rs 14,512.81 Crore in January-March 2013.
IOC net profit in the fourth quarter of 2012-13 fiscal is not normal because of the receipt of fuel subsidies for the year Full in a quarter.
The fiscal annual benefit is Rs 5,005.17 Crore because it has posted losses in the previous quarter because it failed to get fuel subsidy support.
Ongc, in the first half (April-September) of the current fiscal produce Rs 22,682.48 crore net income due to RS 3,254.35 Crore per year back.
The advantage in the second quarter (July-September) was assisted by higher oil prices and a one-time tax increase RS 8,541 Crore.
ONGC said the company had the option to pay body income tax at a level of 22 percent plus applicable additional costs and CESS (low level) as against the previous level of 30 percent plus additional costs and CESS, depending on certain conditions.
“Considering all the provisions below section 115bon of income tax law, 1961, during the company quarter have decided to take advantage of a lower level with the effects of the book year 2020-21.” Thus, the company has recognized the allowance for tax expenses in the financial results for the quarter and half a year which ended September 30, 2021, and revealed its deferred tax obligations based on the provisions specified in the section, “he said.
Net impact because this option is available resulting in a decline Deferred tax amounting to RS 8,541 Crore and current tax decrease in the amount of Rs 1,304 Crore (including related to previous years).
Also helping profits is a surge in oil prices, he added.
OJK gets $ 69.36 for every barrel of crude oil produced from fields – The field under its operation by opposing the realization of $ 41.38 a barrel in July-September 2020.
Revenue jumped 44 percent to RS 24,353 Crore.
Higher prices offset lower production.
ONC produced almost 4 P cents less crude oil at 5.471 million tons while gas output fell 7 percent to 5.467 billion cubic meters .
“The production of crude oil and gas has declined during the current year due to restrictive conditions created by Tauktae Typhoon and due to the impact of Covid,” the company said in a press statement.
Also, the late mobilization of the cellular processing unit to the WO-16 cluster project offshore the West also has an impact on the production of this field.
The Board approved 110 percent interim dividends (Rs 5.50 in each Equity Stock RS 5).
The total payment on this account will be Rs 6,919 Crore.