ONGC’s Q1FY25 Results
ONGC’s revenue increased 2% YoY
- 07 Aug 2024
- ONGC reported a 0.2% quarter-on-quarter (QoQ) decrease in its consolidated revenues for the quarter ended June (Q1FY25). On a year-on-year (YoY) basis, it witnessed a growth of 2%.
- Its expenses for the quarter were up by 1% QoQ and 9% YoY.
- The net profit decreased 11% QoQ and 43% YoY.
- The earnings per share (EPS) of ONGC stood at 7.9 during Q1FY25.
ONGC’s Financial Statements for Q1FY25:
| (Rs crores) | Q1FY24 | Q4FY24 | Q1FY25 | QoQ (%) | YoY (%) |
|---|---|---|---|---|---|
Total income | 166,367 | 169,875 | 169,562 | -0.2% | 2% |
Total expenses | 142,471 | 154,091 | 155,796 | 1% | 9% |
Profit before tax | 24,422 | 15,228 | 13,981 | -8% | -43% |
Tax | 6,529 | 3,702 | 3,745 | 1% | -43% |
Profit after tax | 17,893 | 11,527 | 10,236 | -11% | -43% |
Earnings per share | 11.6 | 8.0 | 7.9 |
Financials:
- Revenue: ONGC's revenue for Q1FY25 stood at ₹169,562 crores, a 2% increase YoY from ₹166,367 crores, but a slight decrease of 0.2% QoQ.
- Net Profit: 43% YoY decline in consolidated net profit, totalling ₹10,236 crores compared to ₹17,893 crores in Q1FY24.
- Expenses: Total expenses rose by 1% QoQ to ₹155,796 crores and increased 9% YoY.
- EBITDA: EBITDA for Q1FY25 increased to ₹18,617.5 crores.
- Earnings Per Share (EPS): EPS for Q1FY25 was recorded at ₹7.9, compared to ₹11.6 in Q1FY24.
- Crude Oil Price Realization: Price realisation from nominated fields increased to $83.05 per barrel from $76.36 per barrel in Q1 last year.
Production Decline:
- Crude Oil: Total crude oil production declined by 1.4%, amounting to 5.237 million metric tonnes (MMT).
- Natural Gas: Total gas production fell by 4.1% to 5.008 billion cubic meters (BCM).
Exploratory Success Highlights:
1. Discoveries Overview:
- ONGC has declared a total of 5 discoveries in FY'25.
- Since the last press release on May 20, 2024, 3 additional discoveries have been made: 1 on land and 2 offshore.
2. Discovery Details:
PURN-1 (CB-ONO-PU-A):
- Location: OALP block CB-ONHP-2019/1.
- Objective: To explore hydrocarbon potential of Olpad & Kadi formations.
- Result: Flowed viscous oil after heat treatment; established hydrocarbon presence in the Olpad formation.
West Matar-2 (MRAX):
- Location: Matar Addl. (7-year PML) area. -Objective: To explore Middle Eocene Play (Hazad Member).
- Result: Tested oil and gas flow in Gandhar Sand 6 and Gandhar Sand 8; established commercial oil & gas presence for the first time in GS-6 and GS-8 sands in West Matar field; declared a new pool discovery.
Chandramani (B-56-B):
- Location: C-Series PML in Tapti-Daman area of Mumbai Offshore.
- Objective: To explore hydrocarbon potential of Panna and Bassein Formation.
- Result: Tested gas flow in Diu formation; established commercial hydrocarbon presence in the Diu formation for the first time in the Mumbai offshore.
3. Additional Development:
- Hatta Discovery, Vindhyan Basin, Madhya Pradesh:
- A Field Development Programme has been submitted to DGH for the monetization of Hatta discovery in the Vindhyan basin, marking a significant step forward in the development of this field.
Data Source: BSE, Company announcements
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