ONGC posts Q1 standalone net profit of `8,938 crore

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Monday declared its financial results for June quarter of current financial year.

It reported standalone net profit of Rs 8,938 crore in April-June - the first quarter of the current 2024-25 fiscal year - compared to Rs 10,527 crore earnings in the same period of last year, according to a stock exchange filing by the company.

Its revenue from operations rose to Rs 35,266 crore in the first quarter from Rs 33,814 crore a year back.

On consolidated basis, the company reported net profit of Rs 10,236 crore compared to Rs 17,893 crore in the same period of last year. The revenue from operations was at Rs 1,66,577 crore in Q1 FY25 against Rs 1,63,824 crore in same quarter in previous financial year.

ONGC, in the June quarter, got $80.64 for every barrel of crude oil it produced and sold to refiners for turning into fuels like petrol and diesel as opposed to $70.64 per barrel gross realisation last year.

The company reported oil production at 4.629 million tonnes againt 4.590 million tonnes in same quarter of previous year, the company said in a statement.

Natural gas output, however, fell 3.6 per cent to 4.860 billion cubic metres in Q1 FY25 against 5.043 billion cubic metres in Q1 FY24. Also, the price realised on gas dropped to $6.50 per million British thermal units from $6.71 in April-June 2023. ONGC said it has made a total of five oil and gas discoveries so far in the current financial year.