ONGC registers record-breaking standalone profit in FY24

ONGC announced its record-breaking standalone net profit of INR 40,526 crore for FY24, as revealed in a filing to the exchange. The consolidated net profit also hit a peak at INR 57,101 crore during the same fiscal year. Despite a 2.4% quarterly surge in crude oil production to 5.359 MMT in Q4 FY24, standalone gross revenue dipped 11% YoY to INR 1,38,402 crore in FY24 from INR 1,55,517 crore in FY23.

Standalone profit witnessed a yearly uptick of 1.1% to INR 40,526 crore in FY24. The company declared a total dividend of INR 12.25 per share, amounting to a total payout of INR 15,411 crore, which includes an interim dividend of INR 9.75 per share already paid during the year and a final dividend of INR 2.50 per share recommended by the Board.

In Q4 FY24, crude oil production experienced a 2.4% increase over Q4 FY23, while gas production saw a 3% decrease. The company reported drilling 541 wells, the highest in 34 years, comprising 103 exploratory and 438 development wells. ONGC’s capital expenditure for FY24 stood at approximately INR 37,000 crore, compared to INR 30,208 crore in the preceding year.

During FY 2023-24, ONGC declared 11 discoveries, with 6 on land and 5 offshore, including 6 prospects (1 on land, 5 offshore) and 5 new pool discoveries on land. ONGC shares observed a remarkable surge of over 46% on the national stock exchange in the last six months, trading at INR 280 at the time of the report filing.

Various widely tracked companies like ITC, ONGC, IRFC, Ircon International, BHEL, BEL, Sun Pharma, Nykaa, Tata Investment Corporation, Hindalco, Ashok Leyland, and Divi’s lab will be releasing their March quarter report cards this week. Here’s a list:

ONGC, Indian Railway Finance Corporation (IRFC), Bharat Electronics (BEL), Oil India, SAIL, Deepak Nitrite, Whirlpool of India, City Union Bank, Redtape, Power Mech Projects, Triveni Engineering & Industries, Chemplast Sanmar, India Cements, KRBL, Nesco, Rolex Rings, VRL Logistics. Sun Pharma, Grasim Industries, FSN E-Commerce Ventures (Nykaa), Petronet LNG, The New India Assurance Company, Jubilant FoodWorks, Metro Brands, Gland Pharma, Sundram Fasteners, The Ramco Cements, Garden Reach Shipbuilders & Engineers, Minda Corporation, Gujarat Pipavav Port, HEG, Star Cement, Strides Pharma Science, Avanti Feeds, Indigo Paints, NIIT Learning Systems, GMM Pfaudler, TeamLease Services, Ashoka Buildcon, DB Corp, Kaveri Seed Company, Unichem Laboratories, GE Power India, Gandhar Oil Refinery (India), Talbros Automotive Components, Everest Industries, Goldiam International, Dhanlaxmi Bank, Urja Global.