 "ONGC Q3 FY25 results: Net profit plunges 19.4% to Rs 8,621 crore")
State-run ONGC’s consolidated net profit attributable to owners fell 19.4 per cent to Rs 8,621.69 crore in the third quarter (October–December) of FY25, down from Rs 10,703.13 crore in the same quarter of the previous year, due to lower global crude prices. On a sequential basis, profit was down 16.07 per cent from Rs 10,272 crore in the preceding quarter.
However, the Q2 profits were recorded even as the company saw gross revenue decline marginally by 0.7 per cent to Rs 1.66 trillion, down from Rs 1.67 trillion registered in Q3 FY24.
ONGC sells crude oil, refined at refineries to produce petrol, diesel, and other petroleum products, at international benchmark rates. In Q3, prices hovered between $73.5 and $75, except for a single spike to $80.9 in early October. ONGC's net realisation after considering windfall taxes stood at $72.57 per barrel, down 10.6 per cent Y-o-Y from $80.76 per barrel in Q3 FY24.
India's largest oil producer, ONGC, produces over 1.26 million barrels of oil equivalent per day, contributing around 71 per cent of India's domestic production. Its wholly owned subsidiary ONGC Videsh Ltd (OVL) is India's largest multinational, with 35 oil and gas assets in 15 countries.
ONGC has maintained an increasing trend in crude oil production for two consecutive quarters. The standalone crude oil production (excluding condensate) during Q3 FY25 was 4.65 million metric tonnes (MMT), registering a growth of 2.2 per cent over the corresponding quarter of FY24. Similarly, the standalone crude oil production during the first nine months of FY25 was 13.85 MMT, an increase of 1.2 per cent over the same period of the previous year.
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ONGC has also reversed the decline in gas production, showing an increase in output. The standalone natural gas production of 4.978 billion cubic metres (BCM) during Q3 was 0.3 per cent higher than in Q3 FY24.
The Board of Directors has declared the second interim dividend for the year, at Rs 5 per equity share of face value Rs 5 each, or 100 per cent for the financial year 2024-25. The record date for dividend distribution has been fixed for February 7, 2025.
The Board has also approved the acquisition of 115 million equity shares of Mangalore SEZ Limited (MSEZ), a joint venture of the company, from Infrastructure Leasing & Financial Services Limited (IL&FS) for Rs 56.11 crore, under its right of first refusal.