Sequentially, ONGC's consolidated net profit increased marginally in the quarter ended March 31, from Rs 11,104.50 crore posted in the previous quarter.
ONGC’s earnings before interest, tax, depreciation and amortisation (EBITDA) for Q4 rose to Rs 25,772 crore from Rs 15,752 crore during the corresponding period last year.
The company's Q4 revenue was expected to decline marginally by 1.11 percent to Rs 34,404 crore.
ONGC's total gas production in Q4 declined 3 percent at 5.101 BCM from last year, the company said in a press release.
ONGC invested around Rs 37,000 crore in capital expenditure in FY24, compared to Rs 30,208 crore spent in the previous year.
ONGC's board of directors recommended a final dividend of Rs 2.50 per share
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Oil and Natural Gas Corporation (ONGC) posted an increase of around 78 percent in consolidated net profit at Rs 11,526.53 crore in the fourth quarter of the financial year 2023-24, compared to Rs 6,478.23 crore in the same period last year.
Sequentially, ONGC's consolidated net profit increased marginally in the quarter ended March 31, from Rs 11,104.50 crore posted in the previous quarter.
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The state-owned oil and gas exploration major reported marginal increase in revenue from operations for the fourth quarter of the current fiscal year, amounting to Rs 1.66 lakh crore, compared to Rs 1.64 lakh crore recorded in the same period of the previous year.
The company’s board of directors recommended a final dividend of Rs 2.50 per equity share of face value of Rs 5 each for the financial year 2023-24, subject to the approval of shareholders.
ONGC’s earnings before interest, tax, depreciation and amortisation (EBITDA) for Q4 rose to Rs 25,772 crore from Rs 15,752 crore during the corresponding period last year.
According to the average of eight analysts estimates surveyed by Moneycontrol, the upstream oil company's net profit was seen falling over 11 percent year-on-year to Rs 8,434 crore.
The company's Q4 revenue was expected to decline marginally by 1.11 percent to Rs 34,404 crore. Meanwhile, EBITDA was seen falling half a percent YoY to Rs 17,251 crore on lower administered price mechanism (APM) gas price and lower oil and gas production by ONGC but partially offset by higher crude oil realisation.
Crude oil price realization from ONGC’s nominated fields was $80.81 per barrel for Q4 compared to $77.12 per barrel for the same period last year.
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In the fourth quarter, the company’s total crude oil production increased 2.4 percent from last year at 5.359 million metric tonnes (MMT). Meanwhile, ONGC’s total oil production in FY24 declined 1.6 percent.
ONGC's total gas production in Q4 declined 3 percent at 5.101 BCM from last year, the company said in a press release.
During FY24, ONGC declared 11 discoveries (6 in onland, 5 in offshore) in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries.
ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells.
ONGC invested around Rs 37,000 crore in capital expenditure in FY24, compared to Rs 30,208 crore spent in the previous year.
