ONGC Q2 Results: Profit up 17% to Rs 11,984 crore on lower levies
ONGC reported a 17% YoY rise in Q2FY25 profit to Rs 11,984 crore, aided by lower levies. Revenue fell 3.6% to Rs 33,881 crore due to lower oil prices. The company declared a dividend of Rs 6 per share. ONGC shares closed 2% lower on Monday ahead ...
By Sanjeev Choudhary, ETMarkets.com |
Agencies
Oil and Natural Gas Corp (ONGC) reported a 17% year-on-year rise in profit to Rs 11,984 crore in the second quarter, aided by lower levies.
Revenue for the July-September quarter fell 3.6% to Rs 33,881 crore on lower oil prices. The company realised an average oil price of $78.33 per barrel from nominated fields during the second quarter, 7.7% lower than $84.84 during the year-ago period. The average realisation from the joint venture fields was $77.91, down 1.9% from a year earlier. Natural gas price remained unchanged at $6.5 per mmbtu.
The levies on its output fell 27% to Rs 7,829 crore in the second quarter from Rs 10,791 crore in the year-earlier period as the fall in crude oil price reduced the windfall tax burden.
The company has declared a dividend of Rs 6 per share and fixed November 20 as the record date for its distribution.
Ahead of the earnings announcement, shares in ONGC closed 2% lower on BSE at Rs 256.90 apiece on Monday when the benchmark Sensex ended nearly unchanged. ONGC shares have lost a quarter in three months as rising global supply glut cloud prospects for oil producers.
ONGC’s crude oil production clocked a 0.7% year-on-year rise in the second quarter. The gas production, however, declined 2.1%.
ONGC has made a discovery in the ultra-deepwater area of Cauvery offshore, the company said in a statement.
It signed its first liquefied natural gas (LNG) master sale and purchase agreements with Emirates National Oil Company Private Limited (ENOC) and commodity trader Gunvor Singapore Pte Ltd. in August 2024 to secure spot and short-term sourcing of LNG, it said.
ONGC has started marketing regasified LNG (RLNG) and sold on October 25 over 32 million metric standard cubic meters a day of RLNG through the Indian Gas Exchange, it said.
Revenue for the July-September quarter fell 3.6% to Rs 33,881 crore on lower oil prices. The company realised an average oil price of $78.33 per barrel from nominated fields during the second quarter, 7.7% lower than $84.84 during the year-ago period. The average realisation from the joint venture fields was $77.91, down 1.9% from a year earlier. Natural gas price remained unchanged at $6.5 per mmbtu.
The levies on its output fell 27% to Rs 7,829 crore in the second quarter from Rs 10,791 crore in the year-earlier period as the fall in crude oil price reduced the windfall tax burden.
The company has declared a dividend of Rs 6 per share and fixed November 20 as the record date for its distribution.
Ahead of the earnings announcement, shares in ONGC closed 2% lower on BSE at Rs 256.90 apiece on Monday when the benchmark Sensex ended nearly unchanged. ONGC shares have lost a quarter in three months as rising global supply glut cloud prospects for oil producers.
ONGC’s crude oil production clocked a 0.7% year-on-year rise in the second quarter. The gas production, however, declined 2.1%.
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ONGC has made a discovery in the ultra-deepwater area of Cauvery offshore, the company said in a statement.
It signed its first liquefied natural gas (LNG) master sale and purchase agreements with Emirates National Oil Company Private Limited (ENOC) and commodity trader Gunvor Singapore Pte Ltd. in August 2024 to secure spot and short-term sourcing of LNG, it said.
ONGC has started marketing regasified LNG (RLNG) and sold on October 25 over 32 million metric standard cubic meters a day of RLNG through the Indian Gas Exchange, it said.
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