Brent crude prices post the OPEC supply cut news jumped to a 16-month high and was trading above USD 53 per barrel. Hike in oil prices is seen as a big positive for oil producing companies like ONGC , Oil India etc. AK Srinivasan, Director Finance, ONGC told CNBC-TV18 that surge in crude oil prices will aid topline growth. On an annulised basis their revenues would be up by Rs 1000 crore and profits would increase by Rs 425 crore. The company is on track to achieve production volumes of 25.73 metric tonnes for FY17, said Srinivasan. In the first half the production volumes stood at 12.73 tonnes, he added. Meanwhile, since no subsidy has been decided by the government for FY17, the benefits of higher crude would flow into the company, he said. Realisation in FY17 so far has been at USD 47, said Srinivasan.
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