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By Malvika Gurung
Investing.com — The state-owned vitality big ONGC (NS:) posted its highest-ever annual revenue within the monetary yr 2021-22, and have become the second-most worthwhile firm in India after the oil-to-telecom conglomerate Reliance Industries (NS:), within the yr.
The oil main’s internet revenue rallied a whopping 258% YoY to Rs 40,305.7 crore in FY22, and consolidated internet revenue jumped 130.8% YoY to Rs 49,294.06 crore within the yr.
In This fall FY22, the corporate’s consolidated internet revenue climbed 10% YoY to Rs 12,061 crore, backed by its best-ever value for it sells and produces.
Within the quarter below evaluation, the large’s income from operations surged 37% YoY to Rs 1.55 trillion, and annual income jumped 62% to Rs 1.1 lakh crore within the monetary yr.
ONGC’s revenue figures got here in larger regardless of a 2.9% and 4.4% fall in its oil and gasoline manufacturing, respectively, on a YoY foundation. This was primarily due to a rally in oil costs, hovering previous $100/barrel and boosting good points for oil producers like ONGC.
In This fall, ONGC’s common oil value surged 64% YoY and the value jumped 62% larger at $2.9/mmBtu, acknowledged information sources.
Publish its earnings report, the worldwide brokerage agency Citi has held its Promote name on the inventory, with a goal of Rs 155/share, scaling disappointing manufacturing tendencies. As a consequence of a bearish outlook on crude costs, the brokerage estimates the upside on ONGC’s development/profitability to get capped.
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