State-run Oil and Natural Gas Corporation (ONGC) has reported a substantial year-on-year increase of 77.92% in its consolidated profit after tax (PAT) for the fourth quarter of the fiscal year 2023–24, reaching Rs 11,526.53 crore. This marks a 3.80% rise on a quarter-on-quarter basis. For the full fiscal year, ONGC’s consolidated net profit surged by 67.71%, amounting to Rs 57,100.84 crore.
The standalone net profit for Q4FY24 saw a dramatic rise, over 18 times higher year-on-year, from Rs 527.86 crore in Q4FY23 to Rs 9,869.37 crore. However, every quarter, the standalone PAT slightly declined by 0.23%. For the fiscal year 2023–24, the standalone net profit increased by 1.07% to Rs 40,525.96 crore.
Revenue from operations in Q4FY24 increased by nearly 2% to Rs 1,66,770.63 crore, compared to Rs 1,64,066.72 crore in the same period last year. The total income for the January-March quarter stood at Rs 1,69,875.25 crore, up 1.8% from Rs 1,66,725.12 crore in Q4 FY23.
Following the announcement of these results, ONGC’s shares rose by 1% to Rs 282 apiece from Rs 279 the previous day when the markets opened on Tuesday.
Dividend and Operational Highlights
ONGC’s Board of Directors has recommended a final dividend of Rs 2.50 per share (50%), amounting to Rs 3,145 crore, in addition to an interim dividend of Rs 9.75 per share (195%).
The net crude oil realization for Q4FY24 improved to $80.81 per barrel from $77.12 per barrel in Q4FY23. Crude oil production increased by 2.4% in Q4FY24 compared to the same quarter last year, while gas production saw a 3% decline.
Discoveries and Drilling Achievements
During FY24, ONGC made 11 discoveries—six on land and five offshore—in its operated acreages. These include six prospects (one on land and five offshore) and five new pool discoveries (all on land). Out of these, seven hydrocarbon discoveries were monetized within the fiscal year.
ONGC achieved a significant milestone by drilling 541 wells, the highest in the past 34 years, which included 103 exploratory and 438 development wells. The company’s capital expenditure for FY24 reached Rs 37,000 crore, marking the highest-ever utilization excluding acquisitions.
These results highlight ONGC’s strong financial performance and operational achievements, reinforcing its position as a leading player in the energy sector.
