ONGC’s March quarter profit up y-o-y by 78%

21 May 2024 , 11:25 AM

Oil and Natural Gas Corporation (ONGC) reported a 78% increase in consolidated net profit to ₹11,526.53 Crore in the fourth quarter of fiscal year 2023-24, compared to ₹6,478.23 Crore in the same period of the previous year.

On a sequential basis, consolidated net profit was up marginally in Q4FY24 as compared to ₹11,104.50 in the previous quarter.

The state-owned oil and gas exploration company reported a minor gain in revenue from operations in the fourth quarter of the current fiscal year, totaling ₹1.66 Lakh Crore, up from ₹1.64 Lakh Crore in the same time the previous year.

The company’s board of directors recommended a final dividend of ₹2.50 per equity share with a face value of ₹5 for the fiscal year 2023-24, subject to shareholders’ approval.

ONGC’s EBITDA increased to ₹25,772 Crore in Q4 from ₹15,752 Crore in the same period last year.

Crude oil price realisation from ONGC’s nominated fields was $80.81 per barrel in Q4, compared to $77.12 per barrel the previous year.

In the fourth quarter, the company’s total crude oil production climbed by 2.4% from the previous year to 5.359 million metric tonnes. Meanwhile, ONGC’s overall oil output in FY24 fell 1.6%.

ONGC’s overall gas output in the fourth quarter fell 3% to 5.101 BCM from the previous year, according to a press release.

In FY24, ONGC announced 11 discoveries (6 onshore and 5 offshore) in its operated acreages. Six of these are possibilities (1 on land and 5 offshore), while the other five are new pool (on land) discoveries.

ONGC dug 541 wells, the most in the previous 34 years, including 103 exploration and 438 development wells.

At around 11.14 AM, ONGC was trading 0.50% higher at ₹280.40, against the previous close of ₹279 on NSE. The counter touched an intraday high ₹284, and ₹278.35, respectively.

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