ONGC Q1 Results: Profit Doubles Over Fall In Expenses
ONGC's total expenses declined 17% to Rs 1,43,153 crore in the first quarter.
Oil and Natural Gas Corp.'s consolidated net profit doubled in the first quarter as overall expenses declined.
The government-owned oil producer's net profit doubled to Rs 17,382.97 crore in the quarter from April to June, according to an exchange filing.
ONGC Q1 FY24 Results (Consolidated, YoY)
Revenue fell 10% to Rs 1,63,824 crore.
Ebitda rises 60% to Rs 30,106.81 crore.
Ebitda margin at 18% vs. 10%
ONGC's total expenses declined 17% to Rs 1,43,153 crore in the first quarter.
The production of crude oil during the quarter fell 3.3% year-on-year to 5.311 million metric tonnes, while the production of total gas also fell 3% to 5.221 MMT.
The reduction in ONGC's production output in Q1 FY24 was due to the shutdown of the Panna-Mukta offshore platforms for the commissioning of a new crude oil pipeline to modernise its evacuation facilities after taking over from JV Partners, the company said.
It also cited disruptions due to Cyclone Biparjoy for lower production volumes.
"Crude oil wells in southern India had to be stopped as a refinery there stopped receiving oil following a leakage in their pipeline," it said.
Shares of the company closed 0.81% lower on Friday as compared with a loss of 0.59% in the benchmark Nifty50. The results were announced after market hours.
