ONGC shares gain nearly 4% despite reporting a fall in Q1 net profit; check details

ONGC informed the exchanges on August 5 about its financial results for Q1FY25. The company’s consolidated revenue from operations grew nearly 2% to ₹1,66,576 crore in Q1FY25 from ₹1,63,823 crore in Q1FY24. Sequentially, the company’s revenue from operations remained flat, down by 0.11% from ₹1,66,770 crore in Q4FY24.

The public sector company’s profit-after-tax (PAT) fell by nearly 43% YoY to ₹10,235 crore in Q1FY25 compared to ₹17,893 crore in Q1FY24. The company’s net profit also dropped more than 11% quarter-on-quarter (QoQ) from ₹11,526.53 crore in Q4FY24.

The Ministry of Petroleum public sector undertaking (PSU) also informed the exchanges the company’s total crude oil production for the June quarter stood at 5.23 Million Metric Tonne (MMT), down 1.5% compared to 5.31 MMT in Q1FY24. ONGC’s total gas production fell nearly 4% to 5 Billion Cubic Meters (BCM) in Q1FY25 from 5.2 BCM in Q1FY24. The company’s production of value-added products grew over 1% to 638 KT from 630 KT in the corresponding quarter of the preceding fiscal.

The state-owned oil exploration and production company mentioned in the stock exchange filing that it has declared five new discoveries so far in FY25.

ONGC shares closed 0.9% lower at ₹307.2 apiece on the NSE.