Oil & Natural Gas Corporation (ONGC) experienced a significant drop in standalone net profit for Q1 of FY2024-25, falling 15 percent year-on-year from Rs 10,526.78 crore in Q1 FY2023-24 to Rs 8,938.10 crore. On a quarter-on-quarter basis, the net profit decreased by 9.4 percent. Similarly, ONGC’s consolidated net profit declined 42.8 percent year-on-year, dropping from Rs 17,893.48 crore in Q1 FY2023-24 to Rs 10,235.64 crore in the current fiscal year’s June quarter, and by 11.2 percent on a quarter-on-quarter basis.
Despite the decline in net profit, ONGC’s revenue from operations increased by around 2 percent year-on-year, rising from Rs 1,66,367.12 crore in Q1 FY2023-24 to Rs 1,69,562.26 crore in Q1 FY2024-25. However, on a quarter-on-quarter basis, consolidated revenue from operations decreased slightly by 0.18 percent. The company reported a Profit before Tax (PBT) of Rs 13,981.01 crore for the June quarter of FY25. Net realisation for crude oil was USD 83.05 per barrel from nominated fields and USD 80.64 per barrel from JV fields.
ONGC has announced five discoveries in FY25 so far, with three new discoveries since their last press release on May 20, 2024. These include one onland and two offshore discoveries within its operated acreages, comprising two prospects (one onland, one offshore) and one new pool (onland) discovery.
For the first time, ONGC has submitted a Field Development Programme to the Directorate General of Hydrocarbons (DGH) for the monetisation of the Hatta Discovery in the Vindhyan Basin, Madhya Pradesh.
