ONGC Q1 Results: Standalone net profit falls 15% YoY to Rs 8,938 crore, misses estimates

State-owned ONGC on Monday reported 15% fall in its standalone net profit at Rs 8,938 crore in the first quarter ended June 2024. The same stood at Rs 10,527 crore a year ago. This was below the ETNOW poll of Rs 9,539 crore.

Revenue from operations in the same period increased 4% year-on-year to Rs 35,266 crore as against Rs 33,814 crore in the corresponding period of last year. This was higher than the street estimate of Rs 34,673 crore.

ONGC said it has declared total 5 discoveries in FY25 so far. Since May, it has has declared 3 more discoveries (1 in onland and 2 in offshore) in its operated acreages. Out of these, 2 are prospect (1 in onland, 1 in offshore) and 1 is new pool (onland) discovery.


The crude oil realisation for the first quarter stood at $83.05 per barrel, compared with $76.36 in the last year quarter.

During the reporting period, the total crude oil production fell marginally to 5.23 mmt, while the same from joint ventures stood at 0.35 mmt.

The total gas production during the quarter fell 4% to 4.86 BCM in the first quarter under review.

On Monday, ONGC shares closed 6.3% lower at Rs 309 on NSE.