Mumbai: Oil and Natural Gas Corporation Limited (ONGC) Friday disclosed a massive 142.4 percent surge in its consolidated net profit at Rs 16,553 crore during the second quarter of the fiscal year 2023-24.
In the corresponding period last year, the state-owned oil and gas producer recorded a profit of Rs 6,830 crore.
Despite this profit growth, the revenue from operations experienced a decline of 12.9 percent, dropping to Rs 1.46 lakh crore in the quarter ending September 30, as opposed to Rs 1.68 lakh crore in the previous year, as stated in an exchange filing by ONGC.
The company's board has approved an interim dividend of Rs 5.75 per share, with the record date for the dividend distribution set for November 21, 2023, according to ONGC.
During the second quarter, ONGC witnessed a 2.1 percent decrease in total crude production, falling to 5.249 million metric tonnes (MMT) from 5.360 MMT in Q2FY23.
Natural gas production declined by 2.8 percent to 5.2 billion cubic meters (BCM) compared to 5.35 BCM in the same period last year.
ONGC attributed this reduction in production to the decline in some matured and marginal fields.
To counteract this decline, the company is actively implementing well interventions and progressing with new well-drilling activities within these fields.
In India, ONGC's offshore Exploration and Production (E&P) segment reported an Earnings Before Interest and Taxes (EBIT) of Rs 10,380.15 crore, while onshore EBIT stood at Rs 2,215.58 crore.
The refining and marketing segment also showed positive results, with ONGC's EBIT reaching Rs 8,880.37 crore in Q2, in contrast to a loss of Rs 4,748.44 crore recorded last year.
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