BUSINESS

Fourth-quarter net profit for ONGC jumps 19 times, setting a record for total revenue for FY24

The biggest producer of oil and gas in the nation, Oil and Natural Gas Corporation (ONGC), recorded a sharp increase in net profit for the fourth quarter (Jan–Mar 2024) as a result of an unusual one-time expense the year before.

 

Its operating revenue did, however, slightly decrease throughout the quarter. In comparison to the same time previous year, ONGC’s standalone net profit increased to Rs 9,869 crore from Rs 528 crore. The main cause of this increase is a one-time extraordinary provision for contested taxes in Q4 of Rs 9,235 crore.

In addition to a 4.3% increase in crude oil output during the quarter, the realized price per barrel increased to $80.81 from $77.12 during the same period the previous year. Nonetheless, there was a 2.4% decrease in gas output and a lower gas price realization of $6.50 per million British thermal units as opposed to $8.57 in the previous year.

For the whole fiscal year 2023–24, ONGC recorded its highest-ever standalone net profit of Rs 40,526 crore, notwithstanding the fall in revenue in the fourth quarter. This is a marginal increase over the profit of Rs 40,097 crore realized in FY23.

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