ONGC Q2 PAT tumbles 30% YoY to Rs 12,826 cr

Oil and Natural Gas Corporation's (ONGC) standalone net profit dropped 30.09% to Rs 12,825.99 crore in Q2 FY23 as against Rs 18,347.73 crore in Q2 FY22.

Revenue from operations surged 57.53% to Rs 38,320.76 crore in quarter ended 30 September 2022 from Rs 24,353.61 crore recorded in the corresponding quarter previous year.

Profit before tax stood at Rs 16,359.49 crore in Q2 FY23, registering a growth of 46.69% from Rs 11,152.36 crore posted in Q2 FY22.

Total expenses jumped 55.67% year on year to Rs 25,490.70 crore in Q2 FY23. Cost of materials consumed stood at Rs 685.20 crore (down 12.99% YoY) and employee benefits expense was at Rs 14,631.59 crore (up 139.2% YoY). The company said that the employee benefits expense is a net allocation of different activities.

The company's net crude oil price realization was $95.49 per barrel (up 37.7 % YoY) and gas price realization was $6.10 per mmbtu (up 240.8% YoY) during the period under review.

ONGC's crude oil production rose 0.9% year on year to 4.635 metric million tonnes (MMT) in Q2 FY23. Gas production during the period under review was 5.181 billion cubic meters (BCM), up by 1.5% on YoY basis.

Meanwhile, the company's board has approved interim dividend of Rs 6.75 per equity share for the financial year 2022-23. The record date for the same has been fixed on Tuesday, 22 November 2022 and the dividend will be paid to the shareholders on or before 13 December 2022.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2022.

Shares of ONGC gained 2.51% to Rs 142.70 on the BSE.

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