ONGC Q1 results: Revenue grows 7% to Rs 33,814 crore, better than analysts' estimates

State-run oil and gas explorer ONGC on Friday reported a standalone net profit of Rs 10,015 crore for the quarter ended June 30, almost in line with analysts' estimates, as against a standalone net loss of Rs 247 crore for the previous three months owing to an exceptional loss of Rs 9,235 crore. For the quarter ended March 31, the company's net profit before exceptional items and taxes had stood at Rs 8,256 crore.

The company's revenue declined 6.8 per cent sequentially to Rs 33,814.3 crore for the first quarter of the current financial year, better than analysts' estimates, according to a regulatory filing. 

Its margin — a key measure of profitability — came in at 42.49 per cent for the three-month period. 

According to Zee Business research, ONGC's quarterly net profit was estimated at Rs 10,045 crore, revenue at Rs 32,950 crore and margin at 54 per cent.

Revenue from its offshore business declined 7.7 per cent to Rs 23,076.9 crore and from its onshore unit dropped 4.8 per cent to Rs 10,737.5 crore for the June quarter compared with the previous three months, according to the filing. 

ONGC shares finished lower by Re 1.5 or 0.8 per cent at Rs 177.2 apiece on BSE ahead of the earnings announcement, having retreated from a 52-week high touched the previous day.

Earlier this week, state-run Oil India reported a consolidated net profit of Rs 1,426.6 crore for the first quarter of the current financial year, having nearly halved from a consolidated net profit of Rs 2,805.16 crore for the year-ago period. Its revenue decreased 44.6 per cent on a year-on-year basis to Rs 6,408.8 crore for the quarter ended June 30, according to a regulatory filing.

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