ONGC Q4 Results: Net Profit up 78% to ₹11,526.53 Crore YoY

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5 Key Financial Highlights

The fourth quarter of FY24 has proven to be a very significant one for ONGC. Here are some of the main highlights from the ONGC Q4 Results:

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  • Q4 Revenue up YoY by 1.6% from ₹1,64,067 crore to ₹1,66,771 crore
  • Q4 Net Profit up by 78% YoY from ₹6,478 Crore to ₹11,527 Crore 
  • FY24 Consolidated Net Profit up by 67.7% from ₹34,046 Crore to ₹57,101 Crores
  • Q4 Standalone PAT up from ₹528 Crore to ₹9,869 Crores
  • Final Dividend recommended by the Board of ₹12.25 per share of face value ₹5 each

Additional ReadOil & Natural Gas Corporation Ltd. – All You Need To Know

Key Business Updates:

  • ONGC’s crude Oil production in Q4FY24 saw an increase of 2.4% over Q4FY23 whereas gas production decreased by 3%.
  • The company’s 7 hydrocarbon discoveries have also been monetized during the FY24 including the 3 discoveries that were notified during the financial year.
  • ONGC drilled 541 wells, the company’s highest in the past 34 years. These wells comprised 103 exploratory and 438 development wells.
  • The company also invested around ₹37,000 crore CAPEX in FY24 and achieved its highest-ever utilization in a financial year.
  • ONGC’s overseas company, ONGC Videsh Ltd. registered production of oil and gas of 10.518 MMTOE in FY24 up by 3.4% from 10.171 MMTOE in FY23.
  • The Hon’ble Prime Minister of India dedicated  the ONGC Sea Survival Centre to the nation during India Energy Week (IEW) 2024
  • The company also celebrated 50 years of successful completion of Mumbai High Field which has played a crucial role in India’s Crude Oil Production, on 18 February 2024. 

Additional Read: Quarterly Results

Profitability Analysis:

ONGC’s fourth quarter FY24 has brought quite an interesting growth pattern to the foreground. With considerable developments in both its revenue and profits, the company also has many new insights for us. 

  1. ONGC’s Reserve Replacement Ratio, which measures the ratio of reserves booked through discoveries and extensions, from domestic fields, stood at more than one for the 18th consecutive year. 
  2. ONGC’s subsidiary HPCL or Hindustan Petroleum Corporation Ltd saw a highest-ever standalone PAT of ₹14,694 crore during FY24.
  3. Another subsidiary of ONGC, MRPL or Mangalore Refinery and Petrochemicals Ltd. also saw a net profit of ₹3,596 Crore in FY24 up from ₹2,638 Crore YoY.
  4. OPaL or ONGC Petro additions Limited, a joint venture by ONGC, established itself in the export market and operated at 92% of its capacity in FY24. 
  5. Another Joint Venture by ONGC, ONGC Tripura Power Company or OTPC, now has two fully functional power plants of 363.3 MW each. The company also earned a PAT of ₹70 Crores this financial year. 

Additional read: Mahindra & Mahindra Q4 Results

Major Operational Metrics - Consolidated Q4 (FY2023-24) Financial Results of ONGC (in ₹ Crore)


Metrics

For Quarter Ended

For Year Ended

Q4FY24

Q3FY24

Q4FY23

FY24

FY23

Revenue from Operations

166,770.63

165.569.06

164,066.72

643,037.01

684,829.22

Profit before tax 

15,228.42

14,991.97

6,941.47

76,860.07

44,746.03

Profit for the period

11,526.53

11,104.50

6,478.23

57,100.84

34,046.46

Major Operational Metrics - Standalone Q4 (FY2023-24) Financial Results of ONGC (in ₹ Crore)


Metrics

For Quarter Ended

For Year Ended

Q4FY24

Q3FY24

Q4FY23

FY24

FY23

Revenue from Operations

34,636.69

34,788.07

36,292.55

1,38,402.13

1,55,517.32

Profit before tax 

12,860.38

12,610.33

56.84

53,016.21

52,088.92

Profit for the period

9,869.37

9,891.71

527.86

40,525.96

40,096.51

The Future of ONGC

With the significant numbers coming into the fore in ONGC’s Q4FY24 results, it can be seen that there have been a few hits and misses this year for the company. However, even with the misses, the company has fared fairly well this quarter and in the entirety of FY24. The company has a list of the latest discovery it is working on including a development Well East Lakhibari-6, exploratory well West Amod-1, exploratory well Ranaghat-2 and exploratory well MBS191HDA-1. ONGC also formed its wholly-owned subsidiary ONGC Green Limited (OGL) in FY 2023-24 to help pursue its endeavor in the Green energy business and to diversify its business portfolio. Other than this, the company also signed a JVA to develop renewable energy projects focusing on offshore wind during the India Energy Week 2024 with NTPC Green Energy Ltd. With all this in the pipeline, the company could potentially fare better in FY25. 

Additional Read: JSW Steel Q4 Results

Conclusion

Q4FY24 for ONGC has been fairly significant in terms of the company’s growth. With the rise in its net profit and crude oil production this financial year, the company might very well be on the road to a profitable FY25. 

About The Company:

Founded on 14 August 1956 by the Government of India, ONGC or the Oil and Natural Gas Corporation Limited is an Indian central PSU or public sector undertaking owned by the Ministry of Petroleum and Natural Gas. The company is headquartered in Delhi and is the largest government-owned oil and gas explorer and producer in the country. ONGC produces close to 70% of India's domestic production of crude oil. The company also produces 84% of the country’s natural gas.

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Frequently Asked Questions

What was the revenue that ONGC was able to make in Q4?

Answer Field

ONGC’s Q4 Revenue went up YoY by 1.6% from ₹1,64,067 crore to ₹1,66,771 crore

What are some of the main business updates for ONGC?

Answer Field

Even with the hits and misses that the company saw this Q4 and in the entirety of FY24, the company also saw quite a few business updates this financial year  Here is a list of some of them:

  • ONGC’s crude Oil production in Q4FY24 saw an increase of 2.4% over Q4FY23 whereas gas production decreased by 3%.

  • The company’s 7 hydrocarbon discoveries have also been monetized during the FY24 including the 3 discoveries that were notified during the financial year.

  • ONGC drilled 541 wells, the company’s highest in the past 34 years. These wells comprised 103 exploratory and 438 development wells.

  • The company also invested around ₹37,000 crore CAPEX in FY24 and achieved its highest-ever utilization in a financial year.

  • ONGC’s overseas company, ONGC Videsh Ltd. registered production of oil and gas of 10.518 MMTOE in FY24 up by 3.4% from 10.171 MMTOE in FY23.

  • The Hon’ble Prime Minister of India dedicated  the ONGC Sea Survival Centre to the nation during India Energy Week (IEW) 2024

  • The company also celebrated 50 years of successful completion of Mumbai High Field which has played a crucial role in India’s Crude Oil Production, on 18 February 2024.

What was the Q4 and the FY24 PAT for ONGC?

Answer Field

ONGC consolidated Q4 Net Profit rose up by 78% YoY from ₹6,478 Crore to ₹11,527 Crore, the company’s Q4 Standalone PAT went up from ₹528 Crore to ₹9,869 Crores while its FY24 Consolidated Net Profit went up by 67.7% from ₹34,046 Crore to ₹57,101 Crores

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