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ONGC share price ahead of Budget 2025: State-owned Oil and Natural Gas Company (ONGC) share price fell as much as 3.31 per cent to hit an intraday low of Rs 253.80 on Saturday, February 1, 2025.
The drop in ONGC share price came after the company reported a weak set of results in the December quarter of financial year 2025 (Q3FY25).
ONGC’s consolidated net profit attributable to owners declined 19.4 per cent, reaching Rs 8,621.69 crore in Q3 FY25, down from Rs 10,703.13 crore during the same period last year. The drop was mainly attributed to lower global crude prices.
Despite the profit decline, ONGC's gross revenue showed a slight decline of 0.7 per cent, falling to Rs 1.66 trillion in Q3 FY25, compared to Rs 1.67 trillion in Q3 FY24.
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The Board also approved a second interim dividend of Rs 5 per equity share with a face value of Rs 5. The total payout will be Rs 6,290 crore. The record date for this dividend has been set for February 7, 2025. This is in addition to the first interim dividend of Rs 6.00 per share declared in November 2024.
In terms of production, ONGC has focused on improving operational efficiency, which has helped it maintain an upward trend in crude oil production for two consecutive quarters. The standalone crude oil production in Q3FY25 stood at 4.653 MMT, reflecting a 2.2 per cent increase compared to Q3 FY24.
For the first nine months of FY25, production stood at 13.858 MMT, a 1.2 per cent increase over the same period in FY24.
In December 2024, production growth was 5.4 per cent compared to December 2023.
Additionally, gas production showed improvement, with Q3 FY25 production at 4.978 BCM, a 0.3 per cent increase over the same quarter in the previous year. In December 2024, gas production grew by 0.9 per cent compared to December 2023.
On the exploration front, ONGC has made a total of seven discoveries so far in FY 2024-25, four onshore and three offshore.
Of these, five are prospects (three onshore and two offshore), and two are new pools (one onshore and one offshore).
The commissioning of five oil wells in the P-field of the deepwater block KG-DWN-98/2 on December 16, 2024, has successfully increased the total oil production to about 35,000 BOPD from thirteen flowing wells in Cluster-II.
Last checked on BSE, the market capitalisation of ONGC stood at Rs 3,27,653.37 crore. The company falls under the BSE 100 category.
At 10:05 AM, ONGC share price was trading 0.65 per cent lower at Rs 260.80 per share. In comparison, BSE Sensex was trading 0.32 per cent higher at 77,749.47 levels.
