ONGC Q1 Results: Consolidated net profit more than doubles to ₹17,383 crore, revenue drops 10% YoY
- ONGC Q1 Results: The state-run petroleum giant's revenue from operations during the first quarter of current fiscal stood at ₹1,63,823 crore, registering a decline of 10 per cent, compared to ₹1,82,894 crore in the year-ago period.
ONGC Q1 Results: Oil and Natural Gas Corporation (ONGC) released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11, reporting a surge of 102 per cent in consolidated net profit at ₹17,383 crore, compared to ₹8,580.75 crore in the corresponding period last year.
The state-run petroleum giant's revenue from operations during the first quarter of current fiscal stood at ₹1,63,823 crore, registering a decline of 10 per cent, compared to ₹1,82,894 crore in the year-ago period.
The crude oil output of the oil marketing company (OMC) declined 3.3 per cent to 5.311 million metric tonnes (MMT), compared to 5.495 MMT in the year-ago period. Similarly, the gas output was 3 per cent lower in the June quarter at 5.221 BCM, compared to 5.383 BCM last year.
The company said that the output in the June quarter declined on account of shutdown in Panna-Mukta offshore platforms and cyclone Biparjoy.
“The reduction in ONGC's production output in Q1 FY 2023-24 was due to shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, post taking over from JV Partners,'' said the OMC in its statement.
‘’Cyclone Biparjoy (June 2023) disrupted offshore and onshore production. c. Crude oil wells in southern India had to be stopped as a refinery there stopped receiving oil, following a leakage in their pipeline,” it added.
In order to counter the decline in production from some of the matured and marginal fields, the company is taking steps by implementing well interventions and advancing new well drilling activities, according to ONGC.
“The current decline in production is temporary. The same will be compensated in upcoming quarters with commencement of additional production from new projects; especially by crude oil production commencement from KG 98/2 in Q3 2023-24,” said the OMC in its statement.
In the June quarter, ONGC declared a total of four discoveries (one in onland and three in offshore) in its operated acreages. Out of these, three are prospect (offshore) and one pool discovery (onland). Out of all discoveries, Gopavaram-21 has already been monetized, according to the state-run OMC.
‘’The company had issued four series of non-convertible debentures (NCDs) aggregating to ₹4,140 crore during FY 2020-21 for which funds were fully utilized for the intended purpose during the same year,'' said ONGC in a regulatory filing to the stock exchanges.
‘’Statements of “NIL” deviation were also filed on 13.11.2020 and 24.06.2021.Accordingly, submission of Statements of utilisation/ deviation in the use of proceeds of NCDs under Regulation 52(7) and 52(7A) of SEBI Listing Regulations is not applicable,'' it added.
Ahead of the announcement of results, shares of ONGC settled 0.81 per cent lower at ₹177.15 apiece on the BSE on Friday.
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Business NewsCompaniesCompany ResultsONGC Q1 Results: Consolidated net profit more than doubles to ₹17,383 crore, revenue drops 10% YoY
First Published:11 Aug 2023, 09:19 PM IST
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