ONGC Reports 4.3% Revenue Growth in Q1 FY 2025 Despite Profit Decline

Oil and Natural Gas Corporation Ltd (ONGC) announced its financial results for the quarter ended June 30, 2024.

In Q1 FY 2025 (standalone), the company’s gross revenue touched ₹35,266 crore, up by 4.3% from ₹33,814 crore in Q1 FY 2024. The net profit was ₹8,938 crore, which declined from ₹10,527 crore in Q1 FY 2024.

In the case of consolidated performance, the company’s gross revenue touched ₹1,66,577 crore, up by 1.7% from ₹1,63,824 crore in Q1 FY 2024. The net profit was ₹10,236 crore, which declined from ₹17,893 crore in Q1 FY 2024.

ONGC’s total crude oil production for the quarter ended June 2024 was 5.237 MMT, declined by 1.4% from 5.311 MMT during the same period in the last financial year. The company’s total gas production in Q1 FY 2025 was 5.008 BCM, which also declined by 4.1% from 5.221 BCM in Q1 FY 2024.

ONGC has announced a total of five discoveries in FY 2025 to date. Since their last press release on May 20, 2024, ONGC has reported three additional discoveries, one onshore and two offshore in its operated acreages. Among these, two are prospect discoveries (one onshore, one offshore), and one is a new pool discovery (onshore).

Additionally, ONGC has signed an MoU with Ever Enviro Resource Management Private Ltd for the development of Compressed Biogas Plants. The proposed joint venture will be equally owned, with each company, ONGC’s newly formed subsidiary, ONGC Green Ltd (OGL), and Ever Enviro, holding a 50% equity stake.

Furthermore, ONGC and IOC have signed an MoU to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin. This partnership aims to leverage LNG for sustainable growth and energy security.

The company stated that Jorhat Asset has achieved an all-time high oil production of 700 TPD (tons per day).

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