ONGC Q1 results: Consolidated net profit declines 43% YoY to Rs 10,236 crore

ONGC

Oil and Natural Gas Corporation (ONGC) posted a decline of 42.8 percent in consolidated net profit at Rs 10,236 crore in the first quarter of the financial year 2024-25 as compared to Rs 17,893 crore in the same period a year ago.

Sequentially, ONGC's consolidated net profit fell 11 percent in the quarter ended June 30, from Rs 11,526.53 crore in the March quarter.

The state-owned oil and gas exploration major reported 1.7 percent increase in revenue from operations for the quarter, amounting to Rs 1.66 lakh crore, compared to Rs 1.63 lakh crore recorded in the same period of the previous year.

ONGC’s earnings before interest, tax, depreciation and amortisation (EBITDA) for Q1 rose to Rs 18,617.5 crore.

Crude oil price realization from ONGC’s nominated fields was $83.05 per barrel for Q1 compared to $76.36 per barrel for the same period last year.

In the first quarter, the company’s total crude oil production declined 1.4 percent from last year at 5.237 million metric tonnes (MMT). ONGC's total gas production in Q1 declined 4.1 percent at 5.008 BCM from last year, the company said in a press release.

The company said it has declared total five discoveries in FY25 so far.

On August 5, ONGC's shares closed 6.06 percent lower at Rs 310.15 apiece.