ONGC logs 34% y-o-y growth in Q2 net profit

12 Nov 2024 , 01:19 PM

Oil and Natural Gas Corporation (ONGC) stated that its Q2 net profit increased by 34% to ₹11,984 Crore.

This increase in profit was driven by greater operational efficiency and margins, with the company’s EBITDA margin increasing to 50.3% from 48.1% in the prior quarter.

The PSU oil giant’s revenue for Q2 was ₹33,881 Crore, down 4% from ₹35,266 Crore in the previous quarter.

EBITDA for the quarter was ₹17,025.2 Crore, somewhat higher than the previous quarter’s ₹16,974 Crore but significantly lower than the projection of ₹17,199 Crore.

The company also announced that the board has declared a first interim dividend of ₹6 per equity share with a face value of ₹5 for fiscal year 2024-25. The corporation has set November 20 as the record date for determining whether stockholders are eligible to receive the dividend.

“The Board of Directors has declared the first interim dividend at the rate of ₹6 per equity share of face value of ₹5 each, i.e. @120%, for the Financial Year 2024-25. As stated in a letter dated 06.11.2024, Wednesday, November 20, 2024, has been designated as the “Record Date” for assessing shareholder eligibility for payment of the first interim dividend,” stated ONGC in a filing with the bourses.

For feedback and suggestions, write to us at [e-mail]