State-run Oil and Natural Gas Corporation (ONGC) posted a 32.1 per cent fall in its consolidated net profit (attributable to owners) to Rs 9,936.4 crore in the first quarter (April-June) of FY25. Net profit was down from Rs 14,644.43 crore in the corresponding quarter of the previous year.
On a sequential basis, however, profits were marginally lower by 1.6 per cent from Rs 10,107.3 crore in the preceding quarter.
The company saw its total revenue rise 1.92 per cent to Rs 1.69 trillion, up from Rs 1.66 trillion registered in Q1 FY24. Meanwhile, the company’s total expense swelled by 9.3 per cent to Rs 1.55 trillion, up from Rs 1.42 trillion in the same period of the previous year.
The cost of materials saw the highest rise under expenses, increasing by 16 per cent to Rs 48,165.7 crore. ONGC wrote off Rs 1,679.28 crore incurred in the unsuccessful survey and drilling of wells to find oil and gas. This was 46 per cent higher than the Rs 1,149.9 crore in Q1 FY24.
The oil and gas exploration giant’s total crude production was down by 1.4 per cent to 5.23 million metric tonnes (MMT) in the quarter. Natural gas production declined 4.1 per cent to 5 billion cubic meters (BCM) in the latest quarter, down from 5.22 BCM in the corresponding period of the preceding year.
India’s largest oil producer, ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 71 per cent of India’s domestic production. Its wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries.
ONGC’s earnings before interest, tax, depreciation, and amortisation (EBITDA) for Q1 rose to Rs 18,617.5 crore.
ONGC has declared a total of 5 discoveries in FY25 so far, the company said. Out of these, 2 are prospects, and 1 is a new pool (onland) discovery. The company said the exploratory well PURN-1 was drilled in its CB-ONHP-2019/1 block in Gujarat’s Cambay basin.
First Published: Aug 05 2024 | 9:30 PM IST
