Q1 FY25: ONGC’s net profit drops 15% y-o-y to Rs 8,938.10 crore

New Delhi: Oil & Natural Gas Corporation’s (ONGC) standalone net profit dropped 15 percent year-on-year in Q1 of FY2024-25. While the figure was at Rs 10,526.78 crore in Q1 of FY2023-24, it dropped to Rs 8,938.10 crore in the Q1 of FY2024-25. On quarter-on-quarter basis, the net profit dropped 9.4 percent. ONGC’s consolidated net profit dropped 42.8 percent year-on-year from Rs 17,893.48 crore in Q1 of the last fiscal to Rs 10,235.64 crore in the June quarter of the current fiscal year. On quarter-on-quarter basis, the net profit dropped 11.2 percent.

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ONGC’s consolidated revenue from ops up 2% y-o-y

ONGC’s revenue from operations increased by about 2 percent, going up from Rs 1,66,367.12 crore in Q1 of last fiscal to Rs 1,69,562.26 crore in Q1 of the current fiscal year. On quarter-on-quarter basis, the consolidated revenue from operations declined 0.18 percent. ONGC posted Profit before Tax (PBT) of Rs 13,981.01 crore in the June quarter of FY25. Net realisation for crude oil from nominated fields was USD 83.05/barrel and from JV fields, it was USD 80.64/barrel.

“ONGC has declared total 5 Discoveries in FY’ 25 so far. Since last press release on May 20, 2024, ONGC has declared 3 more discoveries (01 in onland and 02 in offshore) in its operated acreages. Out of these, 02 are prospect (1 in onland, 1 in offshore) and 1 is new pool (onland) discovery,” said ONGC.

“For the first time, a Field Development Programme has been submitted to DGH for monetisation of Hatta Discovery Vindhyan Basin, Madhya Pradesh,” the oil and gas major said.

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