ONGC Q1 net profit dips ~15% to ₹8,938.10 Crore

6 Aug 2024 , 12:32 PM

On Monday (5 August), the state-owned Oil and Natural Gas Corporation (ONGC) reported a 15% YoY fall in net profit at 8,938.10 Crore for the first quarter ended June 30, 2024.

Oil and Natural Gas Corporation reported a quarterly net profit of 10,526.78 Crore in a regulatory filing.

The company stated that its revenue from operations increased by 4.30% to ₹35,266.4 Crore, compared to ₹33,814.33 Crore in the previous fiscal year.

In the June quarter, ONGC earned $80.64 for each barrel of crude oil it produced and sold to refiners for conversion into fuels such as petrol and diesel, compared to $70.64 per barrel gross realisation last year.

The company reported that oil output remained nearly steady at 4.629 million tonnes (MT). Natural gas output, meanwhile, declined 3.6% to 4.86 billion cubic meters. Furthermore, the price realised for gas fell to $6.5 per million British thermal units (BTUs) from $6.71 in April-June 2023.

ONGC says it has made five oil and gas discoveries this fiscal year. The results were released after the market had closed.

At around 11.11 AM, ONGC was trading 1.31% higher at ₹314.30, against the previous close of ₹310.25 on NSE. The counter touched an intraday high and low of ₹322.45, and ₹311.70, respectively.

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