ONGC Q3 Results: Net profit falls 17% to ₹8,240 crore, dividend declared | Stock Market News
Source: Live Mint
State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a 16.7 per cent drop in its third-quarter net profit as it realised lower rates for crude oil it produces. Standalone net profit was at ₹8,240 crore in October-December 2024 – the third quarter of April 2024 to March 2025 financial year – compared with ₹9,892 crore in the same period a year back, according to a company statement.
The firm realised USD 72.57 per barrel for crude oil from below ground and seabed it produced and sold to refiners for turning into fuels like petrol and diesel. This compared with a realisation of USD 81.13 per barrel in October-December 2023.
Prices of natural gas, which is used to generate electricity, make fertiliser and turned into CNG for sale to automobiles and piped to household kitchens for cooking, remained unchanged at USD 6.50 per million British thermal unit. Gross revenue fell 3.1 per cent to ₹33,771 crore on lower oil prices.
“With a focus to enhance operational efficiency, ONGC has been able to maintain the increasing trend in crude oil production for two consecutive quarters. The standalone crude oil production (excluding condensate) during Q3 FY 25 was 4.653 million tonnes, registering a growth of 2.2 per cent over corresponding quarter of FY 24 (April 2023 to March 2024),” ONGC said.
Similarly, the standalone crude oil production during the first nine months of the current fiscal year was 13.858 million tonnes, an increase of 1.2 per cent over the year-ago period. “In December 2024, the growth in standalone crude oil production was 5.4 per cent over December 2023,” it said.
Also, ONGC has been able to reverse the decline and increase gas production as well. “The standalone natural gas production during Q3 FY 25 was 4.978 billion cubic meters registering a growth of 0.3 per cent over Q3 FY 24,” it said. “In particular for the month of December 2024, the gas production was up by 0.9 per cent over December 2023.”
ONGC said its KG basin block KG-DWN-98/2 was flowing about 35,000 barrels per day of oil after commissioning of the five oil wells of P-field in the deepwater block. With this, 13 wells are now flowing oil.
The company board approved a second interim dividend of 100 per cent – ₹5 on each equity share of ₹5. The total payout on this account will be ₹6,290 crore. This is in addition to the first interim dividend of ₹6 declared earlier in November.
ONGC said it has made a total of seven oil and gas discoveries (4 in onland and 3 in offshore) during the current FY 2024-25 so far in its operated acreages. Out of these, 5 are prospects (3 onland and 2 Offshore) and 2 (1 in onland and 1 in offshore) are new pools.
