State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment at the hunch in oil and gasoline costs. India’s best oil and gasoline manufacturer reported a Rs 3,098 crore loss within the January-March quarter as in comparison to a benefit of Rs 4,240 crore in the similar length a yr again.
Company Chairman and Managing Director Shashi Shanker mentioned ONGC booked an impairment lack of Rs 4,899 crore within the fourth quarter of 2019-20, reflecting valuation of the company’s belongings after fall in crude oil costs. But for the impairment, the corporate would have booked a benefit.
An impairment loss is a recognised aid within the sporting quantity of an asset this is brought on by means of a decline in its truthful worth. The identical reason why additionally ended in the corporate seeing FY20 internet benefit halved to Rs 13,445 crore from Rs 26,765 crore a yr again.
Revenue within the fourth quarter fell to Rs 21,456 crore from Rs 26,759 crore a yr previous. Crude oil manufacturing used to be marginally decrease at 5.82 million tonnes in January-March as in comparison to 5.nine million tonnes within the earlier fiscal.
Natural gasoline output fell to six.04 billion cubic meters from 6.56 bcm in January-March 2019 after call for fell because of the COVID-19-induced lockdown.
Shanker mentioned the corporate’s in another country arm ONGC Videsh Ltd too noticed its internet benefit for FY20 fall to Rs 454 crore from Rs 1,682 crore after it additionally took an impairment lack of round Rs 3,000 crore. PTI ANZ BAL