Oil and Natural Gas Corporation (ONGC) reported a 42.8% decline in consolidated net profit for the first quarter of the financial year 2024-25, totaling Rs 10,236 crore, down from Rs 17,893 crore in the same period last year. Sequentially, ONGC’s net profit decreased from Rs 11,526.53 crore in the previous quarter.
Despite the drop in profit, the company saw an increase in revenue from operations, which rose to Rs 1.66 lakh crore, compared to Rs 1.63 lakh crore a year ago. ONGC’s earnings before interest, tax, depreciation, and amortization (EBITDA) for Q1 increased to Rs 18,617.5 crore.
Crude oil price realization from ONGC’s nominated fields was $83.05 per barrel for Q1, up from $76.36 per barrel a year earlier.
The company’s crude oil production for the quarter fell by 1.4% to 5.237 million metric tonnes (MMT), while gas production decreased by 4.1% to 5.008 BCM.
ONGC’s shares closed 6.06% lower at Rs 310.15 per share on August 5.
