Q4FY24: ONGC’s PAT rises 78% y-o-y, 4% on q-o-q basis

New Delhi: State-run Oil and Natural Gas Corporation (ONGC) has reported a rise of 77.92 percent in consolidated Profit after Tax (PAT) year-on-year for Q4 of FY 2023-24 at Rs 11,526.53 crore. On quarter-on-quarter basis, the consolidated PAT was up nominally by 3.80 percent. For the entire financial year 2023-24, the consolidated net profit at Rs 57,100.84 crore was up 67.71 percent.

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The standalone net profit, on the other hand, was up over 18 times in Q4 FY24 year-on-year dute to a low base. In the corresponding quarter of FY23, ONGC had reported a standalone PAT of Rs 527.86 crore which increased ro Rs 9,869.37 crore in Q4 FY24. On quarter-on-quarter basis, the standalone PAT was down 0.23 percent. For FY2023-24, ONGC’s standalone net profit increased by 1.07 percent year-on-year to Rs 40,525.96 crore.

The company’s revenue from operations rose by almost 2 percent in Q4FY24 at Rs 1,66,770.63 crore from Rs 1,64,066.72 crore in the corresponding period a year ago. Total income stood at Rs 1,69,875.25 crore during the January-March quarter of FY24, up 1.8 percent from Rs 1,66,725.12 crore in Q4 FY23. The financial results were announced by ONGC late in the night on May 20. When the markets opened in the morning on Tuesday, ONGC shares were up 1 percent at Rs 282 apiece as opposed to Rs 279 a day ago.

ONGC’s Board declares dividend of Rs 2.50

The Board of Directors of ONGC has recommended a final dividend of Rs 2.50 per share (50 percent) which works out to Rs 3,145 crore over and above the interim dividend of 9.75 per share (195 percent).

Net crude oil realisation for the March quarter of FY24 improved to $80.81 per barrel against $77.12 per barrel in Q4FY23. Crude oil production in Q4 FY24 saw an increase of 2.4 percent over Q4 FY23 whereas gas production decreased by 3 percent.

ONGC made 11 discoveries in FY24, monetised 7

ONGC has declared 11 discoveries (six in onland, five in offshore) during FY 2023-24 in its operated acreages. Out of these, six are prospects (one in onland, five in offshore) and five are new pool (onland) discoveries. Around seven hydrocarbon discoveries have been monetised during FY2023-24, including the three discoveries notified during the fiscal of 2023-24.

ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC’s capex stood at Rs 37,000 crore in FY24, the highest-ever utilisation (excluding acquisitions) in a financial year, it said.

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