New Delhi: Oil and Natural Gas Corporation (ONGC) on Tuesday reported a 3 percent rise in March quarter profit to Rs 6,649.97 crore as higher oil and gas prices helped negate a drop in output.

According to a regulatory stock exchange filing by the company, the net profit of Rs 6,649.97 crore in January-March -- the fourth quarter of 2025-26 fiscal year -- compared with Rs 6,448.28 crore earnings in the corresponding period of the previous year. However, the corporate major's earnings marked a sequential decline against the Rs 8,371.85 crore recorded in the preceding three months.

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Operationally, the state-owned energy giant's revenue from operations rose marginally to Rs 35,928.18 crore during the quarter, up from Rs 34,982.23 crore registered in Q4 of FY25.

On an annual basis, headwinds impacted the bottom line. For the full fiscal year, ONGC reported a net profit of Rs 32,894.02 crore, down 7.6 per cent from Rs 35,610.32 crore of 2024-25 fiscal year.

The quarterly results were weighed down by exploratory expenditures. ONGC wrote off Rs 4,876.75 crore in exploration well cost during the quarter under review after the wells drilled did not yield any commercial hydrocarbon discoveries. This compared with Rs 4,173.04-crore write-off in the corresponding quarter of the previous year.

For the full year, the exploratory well cost written off was Rs 8,235.98 crore as compared to Rs 7,479.96 crore a year back.

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Following the financial review, the Board of Directors of ONGC recommended a final dividend of Re 1 per share for the 2025-26 fiscal year.

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