The state-owned oil & exploration company's standalone net profit rose 26% to Rs 11,044.73 crore on 35.5% increase in revenue from operations to Rs 38,583.29 crore in Q3 FY23 over Q3 FY22.
Profit before tax in Q3 FY23 was at Rs 14,672.04 crore, registering a growth of 28.4% from Rs 11,423.16 crore posted in the corresponding quarter previous year.
Total expenses spiked 36.57% year on year to Rs 25,322.59 crore in Q3 FY23. Cost of materials consumed stood at Rs 1,290.05 crore (up 47.81% YoY) and employee benefits expense was at Rs 11,142.18 crore (up 59.41% YoY). The company said that the employee benefits expense is a net allocation of different activities.
The company's net crude oil price realization was $87.13 per barrel (up 15.1% YoY) and gas price realization was $ 8.57 per mmbtu (up 195.5% YoY) during the period under review.
ONGC's crude oil production rose 1% year on year to 5.396 metric million tonnes (MMT) in Q3 FY23. Gas production during the quarter was 5.356 billion cubic meters (BCM), up by 3.8% on YoY basis.
On consolidated basis, the firm's net profit increased by 5.1% to Rs 11,488.99 crore on 16.2% rise in revenue to Rs 169,212.63 crore in Q3 FY23 over Q3 FY22.
The company said that the uncertainties and constraints across the global supply chain due to the RussiaUkraine conflict have adversely affected the production of crude oil and gas. Significant peaks in energy prices, political stands of different nations in the aforementioned matter have significantly impacted energy productivity, affordability, and cost inflation, besides the lingering aftermath of the restrictive conditions due to the COVID pandemic.
Meanwhile, the company's board has approved second interim dividend of Rs 4 per equity share for the financial year 2022-23. The record date for the same has been fixed on Friday, 24 February 2023 and the dividend will be paid to the shareholders on or before 16 March 2023.
Maharatna 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 December 2022.
Shares of ONGC declined 1.01% to Rs 146.95 on the BSE.
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