Oil and Natural Gas CorporationFinancial Management Project Report

By Ashwini Reddy Chaitanya Mella

Genesis Oil and Natural Gas Corporation Limited (ONGC) (NSE: ONGC, BSE: 500312) is an Indian state-owned oil and gas company headquartered in New Delhi, India. It is one of the largest Asia-based oil and gas exploration and production companies, and produces around 77% of India's total crude oil production (and around 30% of total demand) and around 81% of natural gas production. ONGC is one of the largest publicly traded companies by market capitalization in India and the largest Indiabased company measured by profits. ONGC was founded on 14 August 1956 by the Indian state, which currently holds a 74.14% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, and owns and operates over 11,000 kilometers of pipelines in the country. In 2010, it was ranked 18th in the Platts Top 250 Global Energy Company Rankings and 413th in the Fortune Global 500. Foundation to 1961: During the pre-independence period, the Assam Oil Company in the north-eastern and Attock Oil company in north-western part of the undivided India were the only oil companies producing oil in the country, with minimal exploration input. The major part of Indian sedimentary basins was deemed to be unfit for development of oil and gas resources. After independence, the national Government realized the importance oil and gas for rapid industrial development and its strategic role in defence. Consequently, while framing the Industrial Policy Statement of 1948, the development of petroleum industry in the country was considered to be of utmost necessity. Until 1955, private oil companies mainly carried out exploration of hydrocarbon resources of India. In Assam, the Assam Oil Company was producing oil at Digboi (discovered in 1889) and Oil India Ltd. (a 50% joint venture between Government of India and Burmah Oil Company) was engaged in developing two newly discovered large fields Naharkatiya and Moraan in Assam. In West Bengal, the Indo-Stanvac Petroleum project (a joint venture between Government of India and Standard Vacuum Oil Company of USA) was engaged in exploration work. The vast sedimentary tract in other parts of India and adjoining offshore remained largely unexplored. In 1955, Government of India decided to develop the oil and natural gas resources in the various regions of the country as part of the Public Sector development. With this objective, an Oil and Natural Gas Directorate was set up towards the end of 1955, as a subordinate office under the then Ministry of Natural Resources and Scientific Research. The department was constituted with a nucleus of geoscientists from the Geological survey of India. A delegation under the leadership of Mr. K D Malviya, the-then Minister of Natural Resources, visited several European countries to study the status of oil industry in those countries and to facilitate the training of Indian professionals for exploring potential oil and gas reserves. Experts from Romania, the Soviet Union, the United States and West Germany subsequently visited India and helped the government with their expertise. Soviet experts later drew up a detailed plan for geological and geophysical surveys and drilling operations to be carried out in the 2nd Five Year Plan (1956-57 to 1960-61). In April 1956, the Government of India adopted the Industrial Policy Resolution, which placed mineral oil industry among the schedule 'A' industries, the future development of which was to be the sole and exclusive responsibility of the state.

Soon, after the formation of the Oil and Natural Gas Directorate, it became apparent that it would not be possible for the Directorate with its limited financial and administrative powers as subordinate office of the Government, to function efficiently. So in August, 1956, the Directorate was raised to the status of a commission with enhanced powers, although it continued to be under the government. In October 1959, the Commission was converted into a statutory body by an act of the Indian Parliament, which enhanced powers of the commission further. The main functions of the Oil and Natural Gas Commission subject to the provisions of the Act, were "to plan, promote, organize and implement programmes for development of Petroleum Resources and the production and sale of petroleum and petroleum products produced by it, and to perform such other functions as the Central Government may, from time to time, assign to it ". The act further outlined the activities and steps to be taken by ONGC in fulfilling its mandate. 1961 to 2000: Since its inception, ONGC has been instrumental in transforming the country's limited upstream sector into a large viable playing field, with its activities spread throughout India and significantly in overseas territories. In the inland areas, ONGC not only found new resources in Assam but also established new oil province in Cambay basin (Gujarat), while adding new petroliferous areas in the Assam-Arakan Fold Belt and East coast basins (both inland and offshore). ONGC went offshore in early 70's and discovered a giant oil field in the form of Bombay High, now known as Mumbai High. This discovery, along with subsequent discoveries of huge oil and gas fields in Western offshore changed the oil scenario of the country. Subsequently, over 5 billion tonnes of hydrocarbons, which were present in the country, were discovered. The most important contribution of ONGC, however, is its self-reliance and development of core competence in E&P activities at a globally competitive level. A turning point in the history of Indias oil sector was in 1994. While the oil sector was on the backburner of India's political realm for some time, it was brought to the forefront by the privatization of India's leading oil E&P organization, the ONGC. Simultaneously, there were steps taken for the enhancement of production on the Bombay High oil fields as the result of a 150 billion development investment. One of Asia's largest oil E&P companies, ONGC became a publicly held company as of February 1994, following the Indian government's decision to privatize. Eighty percent of ONGC assets were subsequently owned by the government, the other 20% were sold to the public. At this time, ONGC employed 48,000 people and had reserves and surpluses worth 104.34 billion, in addition to its intangible assets. The corporation's net worth of 107.77 billion was the largest of any Indian company. After its initial privatization, ONGC had authorized capital of 150 billion: it also met its need to raise 35 billion to invest in viable oil and gas projects. The Asian Development Bank (ADB) had also set a deadline for privatizing and restructuring at 30 June 1994, if loans were to be granted for development of two ONGC projects. As a consequence of the successful privatization, the loans were grantedUS$267 million for development of Gandhar Field, and US$300 million for the gas flaring reduction project in the Bombay Basin. The successfully formulated and implemented privatization strategy put ONGC at par with other large multinational and domestic oil companies. 2000 to present: In 2006 a commemorative Coin set was issued to mark the 50th anniversary of the founding of ONGC, making it only the second Indian company (alongside State Bank of India) to have such a coin issued in its honour. In 2011, ONGC applied to purchase of 2000 acres of land at Dahanu to process offshore gas.

Oil and Natural Gas Corporation Ltd. (ONGC) has moved up 33 notches to 369, up from 402 in the previous year, in the 2007 edition of Fortune Global 500 list. After making a debut in the turnoverbased annual Fortune Global club two years ago (with a rank of 459), ONGC has been moving up steadily, thanks to its advancing topline during the last two years. The annual revenue of ONGC considered for the current assessment (2006) is 19,237.4 million US Dollars, up 15.8 per cent from 2005. ONGC is 5th in the Indian Fortunate brigade of 6 companies, on Revenues. In Profits, however, ONGC (3929.2 million US Dollars, up 12.9 per cent) maintains its top rank from India, with comfortable margins. Overall, ONGC is ranked 121st in Profits this year; it was ranked 115th last year. In the Mining and Crude-Oil Production industry, ONGC has been ranked 6th globally in 2007 rankings, up from 9th previous year. The other three parameters assessed by the CNN-Time Warner Group magazine Fortune, are Assets, Stockholders Equity and Employees. In Assets, ONGC has been ranked 335 (with Assets worth 25,359.5 million US Dollars), 3rd among the 6 Indian corporations listed in Fortune. It has been ranked 196 (a close 2nd in India) in Stockholders Equity, with a figure of 15,348.8 million US Dollars. With employee strength of 34,807 in 2006, ONGC has been placed at 366 under Employees, 4th among Indian entries in Fortune. ONGC ties up with Norsk Hydro to develop Indian Deepwater Oil & Gas blocks An agreement, envisaging cooperation between the two oil giants for developing the continental shelf of India, has been signed on 2nd July 2007, in New Delhi. Mr. N K Mitra, Director (Offshore) and Mr. D K Pande, Director (Exploration), inked the agreement on behalf of ONGC and Mr. Tore Torvund, Executive Vice President of Norsk Hydro, signed on the dotted lines on behalf of the Norwegian producer. This agreement is the culmination to a run-up of events, especially the Protocol of Intent signed between ONGC and Norsk Hydro in Norwegian capital Oslo on 1st September 2005, during the visit of a high-level Ministerial delegation headed by the then Minister of Petroleum & Natural Gas, for cooperation in some Deepwater blocks off Cuban Republic and Middle East. Norsk Hydro is Norways state-run Oil company, credited with giving the Norwegian petroleum industry a global stature in offshore business in the past four decades, specializing in world-class project execution skills, especially in Deepwaters and rough seas. ONGC looks forward to sharing the technological edge and experience of Norsk Hydro on development and production from Deepwater and Ultra-Deepwaters, and Thin Oil development and Production in Vasai East. The support and cooperation with strategic partnership with Norsk Hydro will not only help ONGC to build up the technology, knowledge and confidence to produce from deep-sea acreages, but will also help ONGC acquire sophisticated technology for completion of deepwater wells. Norsk Hydros experience in various offshore projects and their capabilities in providing high-tech solutions, will be particularly useful to solve the challenges in Vasai East, for which ONGC will pay Norsk Hydro 7 million US Dollars. Norsk Hydro agrees to acquire a Participating Interest of 10 per cent for the deepwater block KG-DWN-98/2 in Krishna-Godavari, with an investment cap of 26 million US Dollars during appraisal phase and with an option to increase it by another 10 per cent.

The Norwegian firm may go for Participating Interest in more NELP blocks once they examine the data in the next six months. ONGC has 32 offshore exploration blocks under NELP, of which 26 are in deepwaters and 6 in shallow-waters. Of the 26 deepwater blocks, 12 are in ultra-deepwaters. ONGC has 100 per cent Participating Interest in 12 blocks and the balance is with others having various Participating Interests.

Highlights of Audited Results for Financial Year - 2006-07 Highest-ever Refinery Crude Thruput at 12.54 MMT, up 3% from 12.12 MMT (in 2005-06) Highest-ever capacity utilization at 129%, up 4% from 125%, Highest capacity utilization among all Indian Refineries, Highest-ever turnover at Rs.32,377 crore , up 15% from Rs.28,243 crore, Net Profit at Rs.525 crore, up 41% from Rs.372 crore. As part of intensified exploration to create new oil and gas assets, ONGC in 2008-09 fiscal accreted 284.81 million tonnes of oil equivalent of inplace hydrocarbons reserves, the highest in the last two decades. The economic downturn did not impact the company's investment plans as reflected in highest ever capital expenditure of Rs 21,820 crore in 2008-09, 94 per cent of this was in the core activity of exploration and production.

Key People Chairman: Sudhir Vasudeva Managing Director: A. K. Hazarika Chief Financial Officer: D. K. Sarraf Chief Executive Officer: R. S. Sharma

Chairman Shri. Sudhir Vasudeva has been the Chairman and Managing Director of Oil and Natural Gas Corp. Ltd. and serves as its Head of offshore oil and gas fields. Shri. Vasudeva served as Director of Offshore at Oil and Natural Gas Corp. Ltd since February 1, 2009. Shri. Vasudeva joined ONGC as an Executive Trainee in 1976 and steadily worked his way up with majority of his assignments in offshore oil-fields. He has diverse and rich experience of more than three decades in various fields majority being in offshore oil-fields. He was President of Mumbai arm of Society of Petroleum Engineers (SPE). He was steering the Offshore Joint Venture segment of ONGC's Operations and trying to improve recovery from ageing Mumbai High fields. He serves as Chairman of the Board of Mangalore Refinery and Petrochemicals Ltd. He has been a Nominee Director at Petronet Lng Limited since November 21, 2011. He serves as a Director of Pawan Hans Helicopters Ltd. He has been a Director of Mangalore Refinery and Petrochemicals Ltd., since February 1, 2009. He has been a Director of ONGC Videsh Limited since March 3, 2009. He has been an Additional Director of Oil and Natural Gas Corp. Ltd. since February 1, 2009. Shri. Vasudeva is a Chemical Engineer (Gold Medalist) and holds a Post-Graduate Diploma in Management.

Director of Finance/Chief Financial Officer Mr. D K Sarraf (54) holds a Bachelors degree and a Masters degree in Commerce from the University of Delhi. He is also a member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India. Mr. Sarraf has 28 years of experience in the petroleum and natural gas sector and has served in the Oil Coordination Committee under the MoPNG. Mr. Sarraf joined ONGC in September 1991 and has, since then, handled various assignments in ONGC. He has also served in Oil India Limited and OVL. As Director (Finance) of ONGC, Mr. Sarraf is responsible, inter alia, for formulating strategic financial policies and implementation thereof, appraisal of capital expenditure and investment proposals, development of financial management information and control systems, treasury management and ensuring sound corporate governance practices.

Dividend Decisions ONGC Board in its 229th Meeting held on March 15, 2012 has approved second interim dividend of Rs. 1.5/- (Rupees one and Paise fifty only) per equity share of Rs. 5 (no. of shares - 8, 555, 490, 120) for the Financial Year 2011-12. The total payout on this account will be Rs. 1283.32 Crore, out of which the Govt. of India will receive Rs. 888.38 Crore. The Record Date for the same has already been fixed for March 20, 2012 and payment of the Interim Dividend to the shareholders shall start from Wednesday, March 21, 2012 onwards. The intimation of Record date of March 20, 2012 has already been intimated to the Stock Exchanges on February 14, 2012. Earlier on January 4, 2012, ONGC Board had approved an Interim dividend of Rs. 6.25/- (Rupees six and Paise twenty five only) per equity share for 2011-12. The total payout on that account had been Rs. 5,347.20 Crore, out of that the Govt. of India received Rs. 3,964.36 Crore. Total Payout on account of interim dividend stands at Rs. 6,630.52 Crore plus the Dividend Tax of Rs. 1075.52 Crore.Dividends Declared Announcement Date 15-02-2012 02-12-2011 31-05-2011 01-12-2010 31-05-2010 30-11-2009 25-06-2009 05-12-2008 25-06-2008 26-11-2007 25-06-2007 Effective Date Dividend Type Dividend (%) 19-03-2012 Interim 06-01-2012 Interim 18-08-2011 Final 20-12-2010 Interim 09-09-2010 Final 22-12-2009 Interim 11-09-2009 Final 23-12-2008 Interim 08-09-2008 Final 26-12-2007 Interim 10-09-2007 Final 30% 125% 15% 320% 150% 180% 140% 180% 140% 180% 130%

The share price of ONGC stood at 266.15 as on 20 th April 2012. Market capitalization was Rs. 2, 277, 072.94. EPS = Rs. 26.03, P/E ratio = 10.23

Investment Decisions Early monetization of C-23, C-26 & B-12-1 fields Board in its meeting approved advancement of development of C-26 Cluster (consisting of C-23, C26,&B-12-1) fields of phase III of approved development projects scheme of C-series. This envisages estimated capital cost of 2592.17 Crore. The project involves three well head platforms, associated facilities and pipeline, drilling and completion of 8 wells and conversion of old drilling rig Sagar Pragati (of 1981 vintage) to Mobile Offshore Production Unit (MOPU). This advancement will help realizing production starting pre monsoon 2014 instead of 2018 envisaged earlier. The cumulative gas and condensate production from this project will be 16.67 bcm and 2.81 million cubic meter respectively by 2024-25. New Prospect discoveries Well Nohta-2 in Vindhyan Basin Well Nohta-2 was drilled in nomination block DamohJaberaKatni falling in the state of Madhya Pradesh, situated northeast of Nohta town in Damoh district approximately 230 km in the east from Bhopal. The well was drilled down to a depth of 1850m. Based on the analysis of well data and logs recorded in the well, one interval from 1702 to 1727m was identified for barefoot testing. Discovery of gas in this well has given a new boost to exploration for hydrocarbons in this CategoryIII basin after first discovery of gas reported in 1991 in well Jabera-1. The discovery is significant as it is in one of the oldest sedimentary sequences of Proterozoic age. Well GK-42-1 in Kutch Offshore Prospect GK-42-1 was released in Kutch Block-1 Extension nomination block of Kutch Offshore. The prospect is situated in shallow water depth of 30 m at a distance of about 50 km from the coast (Okha Port in Gujarat). The well spudded on December 31, 2011 was drilled down to 1470m. On conventional testing, interval 1372-69 m in Nakhatrana formation of Paleocene age flowed gas. Another interval in Jakhau formations on MDT gave gas. Conventional testing of Jakhau formation is yet to be done. This discovery of hydrocarbon in the south of GK-28 discovery has opened up scope of further exploration in the region and will help in early monetization. ONGC MoU with ConocoPhillips Oil and Natural Gas Corporation Limited, India and ConocoPhillips, USA, two E&P majors have signed a Memorandum of Understanding (MoU) for cooperation in exploration and development of shale resources in India, North America and elsewhere besides deepwater opportunities in Eastern offshore India. At a time when the world is witnessing nearly static reserve growth from conventional resources, the unprecedented growth of shale gas in the US has generated new hopes for all the energy deficient countries with shale resources emergence as a major supplement to conventional fuels. ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position, while ONGC's endeavour in shale gas is at a nascent stage. The cooperation between the two majors is expected to accelerate the learnings in shale gas for the

mutual benefit of both the companies. The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India, North America, and elsewhere. In addition, both companies also aim to explore possible cooperation in Deepwater areas in Eastern Offshore of India. The Memorandum of Understanding signed between ONGC and ConocoPhillips on 30th March 2012 in Mumbai will promote stronger technical and business cooperation. This cooperation heralds an exciting new chapter in ONGC's continuing saga of hydrocarbon exploration in India and abroad towards achieving energy security for sustaining India's booming economy. Krishna Godavari Basin Block KG-DWN-98/2 Oil and Natural Gas Corp. Ltd. (BSE: 500312) agreed to acquire remaining 10% stake in KG-DWN98/2 Block from Cairn India Ltd (BSE: 532792) on December 21, 2011. Oil and Natural Gas Corp Board approved the transaction. Disinvestment On March 1 the government had auctioned 5 percent of its stake in ONGC. Although the issue was subscribed 98.3 percent and fetched the government Rs 12,767 crore, as much as 84 percent of the shares on the block were bought by state-run LIC. "Poor private interest in the shares of one of India's largest firms (by market capitalization and profits) is credit negative for the Indian government," it said. Moody's said that one of the reasons for investors staying away from the ONGC auction was that the shares were priced higher than the market price. While the shares were trading around Rs 286 a piece, the government fixed the floor price for auction at Rs 290. Investors also raised concern that ONGC's profitability could be imperiled by the government's energy subsidy policy and its plans to employ the cash balances of public enterprises to shore up government finances. It said that the government's plans to use public enterprise cash balances to manage the gap between expenditure and revenue. Investors were also concerned that ONGC, which has a large cash balance (Rs 27400 crore on September 2011), could be induced to pay out higher dividends to the government, its majority owner even after the stake sale. ONGC has already paid out Rs 5300 crore as interim dividend in January.

------------------in Rs. Cr. ------Balance Sheet -----------Mar '11 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 4,277.76 4,277.76 0 0 93,226.67 0 97,504.43 0 17,564.26 17,564.26 Mar '11 2,138.89 2,138.89 0 0 0 0 2,138.89 2,138.89 0 0 0 0 2,138.89 2,138.89 0 0 0 0 2,138.89 2,138.89 0 0 0 0 Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths Mar '07 12 mths

85,143.72 76,596.53 68,478.51 59,785.04 87,282.61 78,735.42 70,617.40 61,923.93 16,405.64 16,035.70 12,482.71 15,109.07 16,405.64 16,035.70 12,482.71 15,109.07 Mar '10 Mar '09 Mar '08 Mar '07

1,15,068.69 1,03,688.25 94,771.12 83,100.11 77,033.00

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets 80,938.60 62,299.05 18,639.55 65,354.44 5,332.84 4,118.98 3,845.90 356.55 8,321.43 64,693.91 22,090.00 95,105.34 0 35,384.31 34,775.19 70,159.50 24,945.84 796.03 71,553.78 61,355.61 57,463.78 52,038.07 55,905.28 50,941.23 46,945.77 43,198.95 15,648.50 10,414.38 10,518.01 5,772.03 4,678.57 3,058.64 282.85 8,020.06 5,090.32 4,060.67 4,083.80 161.48 8,305.95 5,899.50 3,480.64 4,360.37 269.22 8,110.23 8,839.12 5,702.05 3,033.76 2,759.44 27.42 5,820.62 56,073.25 52,923.19 41,154.63 37,794.16

63,721.90 55,964.02 38,906.53 58,710.79 17,948.18 18,934.74 22,148.43 19,253.37 89,690.14 83,204.71 69,165.19 83,784.78 0 0 0 0 27,244.53 26,854.11 22,482.94 19,835.99 37,092.46 30,657.98 21,828.17 39,765.20 64,336.99 57,512.09 44,311.11 59,601.19 25,353.15 25,692.62 24,854.08 24,183.59 841.32 650.61 673.9 514.06

1,15,068.70 1,03,688.25 94,771.12 83,100.12 77,032.98

Contingent Liabilities Book Value (Rs)

38,979.63 113.97

39,178.54 36,024.57 26,006.73 34,157.17 408.08 368.12 330.16 289.52

------------------ in Rs. Cr. --------Profit & Loss account ---------Mar '11 12 mths Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 85,554.90 21,388.73 21,388.73 21,388.73 21,388.73 22.12 350 113.97 78.39 330 408.08 75.4 320 368.12 78.09 320 330.16 73.14 310 289.52 2,790.68 285.6 6,445.18 2,431.88 10,905.51 260.38 5,618.16 270.79 4,536.80 8,424.32 317.15 5,843.27 8,177.22 320.28 3,974.79 66,487.19 60,470.18 64,342.28 60,466.48 57,190.17 322.85 5,028.07 12.91 218.41 3,615.96 118.04 338.29 4,085.59 81.1 401.38 4,228.63 114.11 276.73 3,107.05 -19.73 66,164.34 60,251.77 64,003.99 60,065.10 56,913.44 Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths Mar '07 12 mths

71,205.32 63,985.77 68,170.68 64,407.84 60,000.76

32,098.77 26,652.82 19,578.49 17,184.51 15,616.76 -16,565.10 -13,243.69 -4,470.78 -2,328.21 492.78 0 947.65 0 1,011.04 0 983.74 0 -560.7 1,079.27 0

25,547.91 22,667.20 31,831.85 30,424.78 28,607.62 40,629.34 37,702.61 32,253.24 29,754.43 28,286.09 45,657.41 41,318.57 36,338.83 33,983.06 31,393.14 11,133.34 11,276.89 6,835.01 0 547.7 9,177.53 5,242.66 0 183.99 8,258.73 8,485.40 4,355.62 0 790.68 8,437.78 5,016.88 3,915.77 0 607.25 8,941.85 3,724.81 3,292.80 0 -564.27 8,041.02 34,524.07 30,041.68 27,853.43 28,966.18 27,668.33

27,689.06 24,799.02 23,497.81 25,050.41 24,375.53 28,236.76 24,983.01 24,288.49 25,657.66 23,811.26 18,924.00 16,767.56 16,126.32 16,701.65 15,642.92 22,757.23 20,235.33 20,926.34 22,000.46 20,430.40 0 7,486.05 1,215.65 0 7,058.28 1,161.56 0 6,844.39 1,163.20 0 6,844.39 1,163.20 0 6,630.51 1,012.51

Key Financial Ratios Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Cash Profit Margin(%) Adjusted Cash Margin(%) Net Profit Margin(%) Adjusted Net Profit Margin(%) Return On Capital Employed(%) Return On Net Worth(%) Adjusted Return on Net Worth(%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Return on Long Term Funds(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio

Mar '11

Mar '10 Mar '09 Mar '08

Mar '07

5 17.5 47.33 77.34 108.01 91.83 61.2 47.01 50.87 35.77 35.77 26.43 26.43 33.97 19.56 19.41 113.04 113.04 33.97 1.36 1.2 0.18 0.18

10 33 176.27

10 32

10 32

10 31 131.65 266.09 275.84 83.66 49.47 41 52.54 31.22 33.18 25.79 27.75 37.12 25.26 27.4 287.11 287.11 37.26 1.4 1.28 0.24 0.24

150.8 139.05

281.7 299.24 280.83 392.88 353.81 315.74 83.66 62.57 51.02 53.87 33.84 33.84 26.35 26.35 34.54 19.39 18.84 83.66 50.39 40.66 43.58 29.05 29.05 23.5 23.5 34.29 20.65 19.95 83.66 49.51 40.09 42.99 31.24 31.24 25.93 25.93 36.3 23.87 23.17

404.14 365.07 327.01 404.14 365.07 327.01 34.54 1.39 1.22 0.19 0.19 34.29 1.45 1.27 0.2 0.2 36.3 1.56 1.39 0.18 0.18

Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio Asset Turnover Ratio Average Raw Material Holding Average Finished Goods Held Number of Days In Working Capital Profit & Loss Account Ratios Material Cost Composition Imported Composition of Raw Materials Consumed Selling Distribution Cost Composition Expenses as Composition of Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio AdjustedCash Flow Times Earnings Per Share Book Value 7.12 45.98 33.78 53.67 66.03 0.69 22.12 113.97 7.61 49.02 37.34 49.54 61.83 0.76 78.39 5.36 49.65 39.09 48.6 59.84 0.8 75.4 6.31 47.94 38.83 50.6 60.21 0.62 78.09 5.25 48.85 40.36 54.59 62.02 0.75 73.14 289.52 10.29 10.83 10.94 10.88 11.7 23.34 20.13 17.6 17.41 20.11 4.21 4.03 17.03 14.02 14.36 135.73 151.48 144.51 148.96 152.97 94.69 19.17 94.69 0.82 0.58 0.82 0.23 6.63 87.82 111.98 122.77 16.87 0.85 0.58 0.85 0.27 7.42 15.16 1.05 0.68 1.05 0.73 5.2 16.87 1.05 0.73 1.05 -5.23 87.82 111.98 122.77 19.99 17.61 150.64 1.31 0.74 1.1 -4.48 3.31 2.95 3.41 5.11 6.08 1,556.95 2,483.76 273.32 511.61 0.18 4.13 0.19 3.64 0.2 4.34 0.18 6.79 1,330.19 0.24 8.56

408.08 368.12 330.16

References www.ongc.com www.moneycontrol.com www.economictimes.com