 "ONGC share price up after Q2 profit jumps 17% YoY; Rs 6 dividend announced")
ONGC share price: Oil and Natural Gas Company (ONGC) share price rose up to 2.29 per cent to hit an intraday high of Rs 262.80 per share on Tuesday, November 12, 2024.
The rise in ONGC share price came after the company’s profit rose 17.1 per cent annually to Rs 11,984 crore in the September quarter of financial year 2025 (Q2FY25), as against Rs 10,238 crore in the September quarter of financial year 2024 (Q2FY24).
The company’s gross revenue, however, dropped 3.6 per cent year-on-year (Y-o-Y) to Rs 33,881 crore in Q2FY25, from Rs 35,162 crore in Q2FY24.
With a focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production, the company said in a statement.
The standalone crude oil production (excluding condensate) during Q2FY25 stood at 4.576 MMT, reflecting a growth of 0.7 per cent against the same quarter previous fiscal year.
On the gas production front, ONGC has been able to arrest the degrowth. The decline which was 3.6 per cent in Q1FY25 over Q1FY24 has been brought down to 2.1 per cent in Q2FY25 over Q2FY24. In particular for September 2024, the gas production was up 0.3 per cent over September 2023.
Exploration performance
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ONGC declared a total 6 discoveries (3 in onland and 3 in offshore) during FY25 so far in its operated acreages. Of these, 4 are prospect (2 onland & 2 Offshore) and 2 (1 in onland and 1 in offshore) are new pools, ONGC said.
ONGC dividend
The Board of Directors has declared the first interim dividend of Rs 6 per equity share of face value of Rs 5 each for FY25. The total payout on this account will be Rs 7,548 crore.
The ‘Record date’ for distribution of dividend has been fixed for November 20, 2024.
ONGC is India's largest oil and gas company and operates as a subsidiary of the Indian government.
Established in 1955 as the Oil and Natural Gas Directorate, ONGC has played a pivotal role in India's energy sector, supporting the country's efforts toward energy independence.
The organisation was later reorganised as a limited company in 1994, strengthening its corporate structure to enhance operational efficiency and expand its reach.
ONGC’s primary focus is on the exploration, development, and production of crude oil and natural gas. With in-house expertise across all phases of the oil and gas lifecycle, from drilling and refining to transportation and marketing, ONGC contributes approximately 71 per cent of India's domestic oil and gas production.
The company is known for its use of advanced technology, such as depth domain processing and volume-based interpretation tools, to stay competitive in the global energy market.
Additionally, its international presence is bolstered by ONGC Videsh Limited, a wholly-owned subsidiary that holds interests in 35 oil and gas assets across 15 countries.
At 10:16 AM, ONGC shares were trading 0.06 per cent higher at Rs 257.05 per share. In comparison, BSE Sesex was trading 0.12 per cent higher at 79,591 levels.