Oil and Natural Gas Corporation (ONGC) reported 17.05% increase in standalone net profit to Rs 11,984.02 crore in Q2 FY25 as compared with Rs 10,238.10 crore in Q2 FY24.
However, revenue from operations declined 3.6% YoY to Rs 33,880.88 crore in the quarter ended 30 September 2024.Profit before tax (PBT) stood at Rs 15,036 crore during the quarter, up 11.37% from Rs 13,501.01 crore posted in same quarter last year.
The companys net crude oil realization was $78.33 per barrel (down 7.7% YoY) while gas price realization was $6.50 per mmtbu (flat YoY) during the period under review.
During the quarter, crude oil production added 0.7% YoY to 4.576 million metric tonnes (MMT) and gas production was 4.912 billion cubic metre (BCM), (down 2.11% YoY).
On consolidated basis, the companys net profit declined 25% YoY to Rs 10,272.50 crore despite of 7.3% rise in revenue from operations to Rs 1,58,329.09 crore in Q2 FY25 over Q2 FY24.
Meanwhile, the companys board has declared interim dividend of Rs 6 per equity share for the financial year 2024-25. The firm has fixed 20 November 2024 as record date for the same.
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Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2024.
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