Oil and Natural Gas Corporation (ONGC) reported a 19.4% decline in its consolidated net profit for the third quarter (October–December) of FY25. The profit stood at ₹8,621.69 crore, down from ₹10,703.13 crore in the same period last year, mainly because of the lower global crude oil prices. Compared to the previous quarter, profit dropped 16.07%, from ₹10,272 crore. ONGC’s gross revenue for Q3 FY25 decreased by 0.7% to ₹1.66 trillion, down from ₹1.67 trillion in Q3 FY24.
ONGC sells crude oil based on international benchmark prices. In Q3, crude oil prices ranged between $73.5 and $75 per barrel, with a brief spike to $80.9 in October. The company’s net realisation, after considering windfall taxes, was $72.57 per barrel, a 10.6% drop from $80.76 per barrel in Q3 FY24.
ONGC’s crude oil production increased by 2.2% to 4.65 million metric tonnes (MMT) in Q3 FY25, compared to the same period last year. Over the first 9 months of FY25, crude oil production reached 13.85 MMT, up 1.2% from the previous year. The company also saw a small increase in natural gas production, with output at 4.978 billion cubic metres (BCM), a 0.3% rise compared to Q3 FY24.
ONGC’s Board of Directors declared a second interim dividend of ₹5 per equity share (100% of face value) for FY25. The record date for dividend distribution has been set for February 7, 2025.
The Board also approved the purchase of 115 million equity shares in Mangalore SEZ Limited (MSEZ), a joint venture of ONGC, from Infrastructure Leasing & Financial Services Limited (IL&FS) for ₹56.11 crore, under its right of first refusal.
ONGC, accounts for about 71% of the country’s domestic production. Over the past 60+ years, the company has discovered 8 of India’s 9 producing basins. These discoveries include Gujarat in 1958, Assam in 1963, Rajasthan in 1967, Mumbai in 1974, Krishna Godavari in 1980, Cauvery in 1985, Bengal in 2019, and Vindhyan in 2022.
ONGC share price is currently trading at ₹260.40, up by ₹3.68 (1.43%) as of 9:51 AM IST on February 1. The stock’s 52-week high is ₹345.00, while the low is ₹223.00. The stock opened at ₹257.01, reached a high of ₹263.49, and a low of ₹255.21. With a market capitalisation of ₹3.27 lakh crore and a P/E ratio of 7.88, it offers a dividend yield of 4.80%.
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Published on: Feb 1, 2025, 9:59 AM IST
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