New Delhi: State-run Oil and Natural Gas Corporation (ONGC) posted a 17.05 percent rise in standalone net profit at Rs 11,984.02 crore in Q2 of FY2024-25 on a year-on-year basis. In the corresponding quarter of the previous financial year, the oil and gas major had reported a standalone net profit of Rs 10,238.10 crore. On quarter-on-quarter basis, ONGC’s net profit has gone up by a robust 34.07 percent mainly due to increase in other income and lower expenses. Total income for Q2 of FY2024-25 was Rs 38,646.52 crore, up from Rs 37,248.72 crore in the corresponding quarter of the previous fiscal.
For H1 of FY2024-25, ONGC reported a standalone net profit of Rs 20,922.12 crore, which was 0.75 percent higher in comparison to Rs 20,764.88 crore recorded in the corresponding period a year ago. Total standalone income for H1 was Rs 75,973.79 crore, up from Rs 72,674.90 reported in H1 of FY2023-24.
ONGC’s earnings per share (EPS) rose from 7.10 percent in the last quarter to 9.53 percent in Q2 of FY25. The company’s revenue from offshore operations stood at Rs 23,004.17 crore, only marginally lower than Rs 24,187.24 crore in the preceding quarter of the current fiscal. Revenue from onshore operations stood at Rs 10,876.71 crore in Q2 of FY25 as opposed to Rs 11,079.14 crore in Q1 of FY25. The Board of Directors of ONGC in its meeting held on Monday declared an interim dividend of Rs 6 per share (120 percent).
ONGC’s consolidated net profit declined 38.91 percent in Q2 of FY25 on year-on-year basis, down from Rs 16,171.30 crore in Q2 of FY24 to Rs 9,878.44 crore in Q2 of FY25. On quarter-on-quarter basis, the consolidated net profit grew 0.70 percent. For H1, ONGC reported a consolidated net profit of Rs 19,688.62 crore, which was 41.51 percent lower than Rs 33,665.89 crore reported in H1 of the previous financial year.
After a long struggle to reverse its declining output, ONGC has reported a 0.7 percent increase in production in Q2 of FY2024-25. “With focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY 25 was 4.576 MMT, registering a growth of 0.7 percent over corresponding quarter of FY 24. Similarly, the standalone crude oil production during H1 FY25 was 9.204 MMT with an increase of 0.8 percent over H1 FY24,” said a statement.
“On the gas production front also, ONGC has been able to arrest the degrowth. The decline which was 3.6 percent in Q1 FY25 over Q 1 FY24 has been brought down to 2.1 percent in Q2 FY 25 over Q2 FY 24. In particular for the month of September 2024, the gas production was up by 0.3 percent over September 2023,” said ONGC. The three oil wells of A-field of deepwater block KG-DWN-98/2 were opened on October 30, thereby enhancing the total oil production to about 25,000 BOPD from eight flowing wells of cluster-II. Remaining five oil wells are planned to be opened shortly, it added.
ONGC has declared a total of six discoveries (three in onland and three in offshore) during FY 2024-25 so far in its operated acreages and has monetised one (West Matar-2) out of these.
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