ONGC net profit soars 78%, revenue rises marginally: Key points from Q4 financials

21 May , 2024 By : Debdeep Gupta

Oil and Natural Gas Corporation (ONGC) reported a 78 percent surge in its consolidated net profit for the fourth quarter of FY24 from last year. The explorer’s revenue from operations, however, increased slightly during the January-March 2024 period.

ONGC reported a 1.6 percent slide in crude oil production in FY24 from last year despite the government’s call to boost domestic production to reduce reliance on imports.

Grow Mudra takes a look at the highlights from the company’s fourth-quarter results:

- ONGC’s consolidated net profit came in at Rs 11,526.53 crore in the fourth quarter, compared to Rs 6,478.23 crore in the same period last year. Net profit, however, increased marginally in Q4 from the December quarter.

- The company’s revenue from operations increased slightly amounting to Rs 1.66 lakh crore in the quarter that ended March 31, compared to Rs 1.64 lakh crore last year.

- Its EBITDA for Q4 rose to Rs 25,772 crore from Rs 15,752 crore during the corresponding period last year.

- The company’s board of directors recommended a final dividend of Rs 2.50 per equity share of a face value of Rs 5 each for FY24, subject to the approval of shareholders.

- Crude oil price realization from ONGC’s nominated fields was $80.81 per barrel for Q4, compared to $77.12 a year back.

- ONGC’s total crude oil production increased 2.4 percent in Q4 from last year at 5.359 million metric tonnes (MMT), while its total oil production in FY24 declined 1.6 percent.

- ONGC's total gas production in Q4 declined 3 percent at 5.101 BCM (billion cubic meters) from last year, while it fell 3.3 percent for the full year (2023- 24).

- ONGC invested around Rs 37,000 crore in capital expenditure for FY24, compared to Rs 30,208 crore spent last year.

- During FY24, ONGC declared 11 discoveries (six on land and five offshore) in its operated acreages. Out of these, six are prospects (one on land, five offshore) and five are new pool (on land) discoveries.

- ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells.