Mumbai: Oil and Natural Gas Corporation Limited (ONGC) on Friday reported a massive 102% increase in its consolidated net profit for the first quarter of the financial year 2023-24.
The state-owned oil and gas explorer recorded a net profit of Rs 17,383 crore in Q1, marking a significant rise from the Rs 8,581 crore reported in the corresponding period of the previous year.
However, the company's standalone net profit experienced a decline of 34%, reaching Rs 10,015 crore in the quarter, down from Rs 15,206 crore in the previous year.
According to an exchange filing by ONGC, its revenue from operations decreased by 10 % to Rs 1.63 lakh crore in the June quarter, in contrast to the Rs 1.82 lakh crore recorded in the same period of the previous year.
The company's crude oil output also witnessed a decrease of 3.3%, reaching 5.311 million metric tonnes (MMT) compared to 5.495 MMT in the year-ago period. Additionally, gas output decreased by 3% during the quarter in comparison to the previous year.
ONGC said that the current decrease in output is a temporary phenomenon and assured that it would be offset in the coming quarters. In response to the decline in production from matured and marginal fields, the company is taking proactive measures by executing well interventions and accelerating new well drilling activities, as stated by ONGC in its post-results communication.
During the initial quarter of FY24, ONGC announced a total of four discoveries within its operated acreages. Among these, one discovery was made on land and three were offshore prospects. Out of the discoveries, three were categorized as offshore prospects, while one was identified as a pool discovery on land.
ONGC added that one of these discoveries—Gopavaram-2—has already been converted into a monetized asset.
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