ONGC Q4 earnings: State-owned oil and gas exploration major declares highest ever standalone profit in FY24

ONGC declared the highest-ever standalone net profit of Rs 40,526 crore in FY24, the company informed the exchange in a filing.

The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The crude oil production of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24.

However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23.

The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total dividend of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board.

The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas gas production decreased by 3 per cent.

The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in capital expenditure in FY24, compared to Rs 30,208 crore spent in the previous year.

ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries.

The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report.