State-run Oil and Natural Gas Corporation (ONGC) reported a 17.05% increase in standalone net profit to Rs 11,984.02 crore for Q2 of FY2024-25, compared to Rs 10,238.10 crore in the same period last year. This growth was driven by higher other income and lower expenses, resulting in a 34.07% increase quarter-on-quarter. Total income for the quarter reached Rs 38,646.52 crore, up from Rs 37,248.72 crore in Q2 of the previous fiscal. ONGC’s earnings per share (EPS) also improved, rising from 7.10% in the last quarter to 9.53%.
For H1 of FY2024-25, standalone net profit was Rs 20,922.12 crore, marking a slight 0.75% increase year-on-year. However, consolidated net profit for Q2 declined by 38.91% on an annual basis, down to Rs 9,878.44 crore from Rs 16,171.30 crore in Q2 FY24.
ONGC’s production saw modest growth, with a 0.7% increase in standalone crude oil output in Q2. Gas production also showed improvement, reducing the year-on-year decline to 2.1% in Q2. ONGC declared an interim dividend of Rs 6 per share and reported six new discoveries this fiscal year, monetizing one.
