ONGC Q1 Results: Consolidated Net Profit Skyrockets by Over 130%

Oil and Natural Gas Corporation (ONGC) has reported a 34.14% fall in its net profit at Rs 10,015.04 crore for the quarter ended June 30, 2023, as compared to Rs 15,205.85 crore for the same quarter in the previous year. The total income of the company decreased by 17.76% at Rs 35,426.18 crore for Q1FY24 as compared to Rs 43,078.39 crore for the corresponding quarter previous year.  

On a consolidated basis, the company has reported an over 123.40% jump in its net profit at Rs 16,857.22 crore for the first quarter ended June 30, 2023, as compared to Rs 7545.69 crore for the same quarter in the previous year and sequentially increased by 133.33%. However, the total income of the company decreased by 9.66% to Rs 166,367.12 crore for Q1FY24 as compared to Rs 184,151.13 crore for the corresponding quarter previous year. 

ONGC, India’s largest crude oil and natural gas company, is responsible for producing petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG. With in-house service capabilities in exploration and production, ONGC has a dedicated team of professionals working in challenging locations.  

The company has developed in-house capabilities in various aspects of exploration and production, including acquisition, processing, and interpretation of seismic data, drilling, work-over and well stimulation operations, engineering & construction, production, processing, refining, transportation, marketing, applied R&D, and training. 

Oil & Natural Gas Corporation is currently trading at Rs 179.10, up by 1.95 points or 1.10% from its previous closing of Rs 177.15 on the BSE. The scrip opened at Rs 180.00 and has touched a high and low of Rs 180.25 and Rs 178.00 respectively. So far 1,36,582 shares were traded on the counter. 

The BSE group ‘A’ stock of face value Rs5 has touched a 52-week high of Rs180.25 and a 52-week low of Rs 121.50. Last one week high and low of the scrip stood at Rs 180.25 and Rs 172.20 respectively. The current market cap of the company is Rs 2,22,859.65 crore. The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.25% and 2.87% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.