ONGC Q2 Results: Net profit plunges by 25% YoY, dividend declared

State-owned Oil and Natural Gas Corporation reported a 17% rise in its second-quarter net profit primarily because of lower windfall and other taxes. Standalone net profit of Rs 11,948.02 crore in July-September, was higher than Rs 10,238.10 crore earnings in the same period last year, according to a company's stock exchange filing. The profit was also higher than Rs 8,938.10 crore earnings in the preceding quarter of April-June 2024.

The company's revenue from core operations rose 7.25% to Rs 1,58,329.10 crore in the July to September quarter, compared to Rs 1,47,613.68 crore, a year ago. The company produced 4.576 million metric tonnes (MMT) of crude oil in the September quarter FY25, a 0.7% rise, as per the company's financial results declared on the exchange.

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According to the release, ONGC's joint ventures fell short of the previous year's second-quarter production, leading to the company's consolidated net profit falling 25%. Crude oil production by ONGC's joint ventures fell to 0.329 MMT in Q2 FY25, compared to 0.441 MMT in the corresponding quarter a year ago.

 The Board of Directors has declared 1st Interim dividend at the rate ?6 per equity share of the face value of ?5/- each i.e. @120% for the Financial Year 2024-25. As informed vide letter dated 06.11.2024, Wednesday, the 20th November 2024 has been fixed as “Record Date” for determining eligibility of shareholders for payment of 1st Interim Dividend,” as per the filing made.

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