Oil and Natural Gas Corp.'s fourth-quarter profit took a beating due to higher expenses.
The standalone net profit of the state-owned oil giant tanked nearly 22% to Rs 6,448 crore, compared to Rs 8,240 crore in the preceding quarter, according to financial results released on Wednesday.
The bottomline is far lower than the Bloomberg analysts' consensus estimate of Rs 8,810 crore.
Revenue from operations increased 3.8% to Rs 34,982 crore, while expenses rose 16% to Rs 28,289 crore.
ONGC Q4 FY25 Results Highlights (Standalone, QoQ)
Revenue up 3.8% to Rs 34,982 crore versus Rs 33,717 crore (Bloomberg estimate: Rs 33,709 crore)
Ebitda down 0.3% to Rs 19,007.5 crore versus Rs 19,057 crore (Bloomberg estimate: Rs 17,974 crore)
Margin at 54.3% versus 56.5% (Bloomberg estimate: 53.3%)
Net Profit down 21.7% to Rs 6,448 crore versus Rs 8,240 crore (Bloomberg estimate: Rs 8,810 crore)
The board recommended a final dividend of Rs 1.25 per share for FY25, subject to approval of shareholders at the ensuing Annual General Meeting of the company. The dividend would be paid within 30 days from the date of its declaration. The record date will be intimated in due course separately.
Shares of ONGC closed 0.2% lower at Rs 248.75 on the BSE, compared to a 0.5% gain in the benchmark Sensex. The stock has fallen 11% in the last 12 months and risen 4% so far this year.
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