By: ICN Bureau
Last updated : November 11, 2024 8:23 pm
ONGC’s Q2 revenue from operations declined by 3.6 per cent to Rs 33,881 crore
Oil and Natural Gas Corporation (ONGC) reported a 17% year-on-year increase in its standalone Q2FY25 net profit to Rs 11,984 crore compared to Rs 10,238 crore net profit in the same quarter last fiscal. However, ONGC’s Q2 revenue from operations declined by 3.6 per cent to Rs 33,881 crore compared to Rs 35,162 crore during the same period last fiscal.
The company’s EBITDA for the quarter stood at Rs 18,236 crore, with an impressive margin of 53.8%, indicating solid operational efficiency despite lower revenues. However, segment-wise revenue showed a dip, particularly in the offshore and onshore segments.
Offshore revenues fell to Rs 23,004 crore, down from Rs 23,468 crore in the second quarter of the previous year. Similarly, onshore revenues declined to Rs 10,871 crore, compared to Rs 11,694 crore during the corresponding period last year.
With focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY 25 was 4.576 MMT, registering a growth of 0.7% over corresponding quarter of FY 24. Similarly, the standalone crude oil production during H1 FY25 was 9.204 MMT with an increase of 0.8% over H1 FY24.
On the gas production front also, ONGC has been able to arrest the degrowth. The decline which was 3.6 % in Q1 FY25 over Q 1 FY24 has been brought down to 2.1 % in Q2 FY 25 over Q2 FY 24. In particular for the month of Sep 2024, the gas production was up by 0.3% over Sep 2023.
The Board has approved interim dividend of 120%, i.e. Rs 6.00 on each equity share of Rs. 5. The total payout on this account will be Rs. 7,548 crore.