- Oil & Natural Gas Corp net profit rose to Rs 17,034 crore in June quarter
- Revenue increased 29.3% to Rs 46,460 crore quarter-on-quarter
- Ebitda more than doubled to Rs 28,355 crore in the June quarter
State-owned Oil & Natural Gas Corp. reported a sharp sequential improvement in its June quarter earnings, driven by robust operational performance.
The company's consolidated net profit surged to Rs 17,034 crore in the first quarter, compared with Rs 6,650 crore in the preceding March quarter. Revenue from operations rose 29.3% quarter-on-quarter to Rs 46,460 crore from Rs 35,928 crore, according to an exchange filing on Tuesday.
Operating performance strengthened significantly during the quarter, with the Ebitda more than doubling to Rs 28,355 crore from Rs 12,666 crore in the previous quarter. Consequently, the Ebitda margin expanded sharply to 61% from 35.3%, indicating a substantial improvement in profitability.
Other income, however, declined to Rs 1,861 crore in the June quarter from Rs 2,628 crore in the preceding three months.
The strong sequential performance comes as India's largest oil and gas producer delivered higher revenue and a sharp expansion in operating margins during the quarter.
Investors will closely watch the company's management commentary for updates on crude oil and natural gas production, realisations, capital expenditure plans and the outlook for the remainder of the financial year.
The earnings will also be assessed in the context of prevailing global crude oil prices and domestic energy demand, which continue to influence the financial performance of upstream oil and gas companies.
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