ONGC Q2 Results: Cons PAT soars 66% YoY to Rs 13,734 crore; dividend declared at Rs 5.75/share

MUMBAI - Oil and Natural Gas Corporation Ltd on Friday reported a 65.5% year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2023 to Rs 13,734 crore. Revenue from operations, however, dropped by 13% on year to Rs 1.47 lakh crore.

The board has recommended an interim dividend of Rs 5.75 per share for the current financial year. The company has fixed November 21 as the record date for the same.

Sequentially, the topline fell by over 10%, and the bottomline was down by nearly 3%. Other income for the quarter stood at Rs 2,515 crore, compared to Rs 2,326 crore a year ago.

Total expenses for the quarter, including finance cost, was Rs 1.28 lakh crore, compared to Rs 1.61 lakh crore a year ago.

Raw material costs dropped sharply to Rs 39,203 crore, from Rs 48,653 crore a year ago.

Within India, in the exploration and production segment, offshore revenue fell 11% to Rs 11,638.62 crore and onshore revenue declined 7% to Rs 23,468.64 crore.

The refining and marketing segment reported a 12% drop in revenue to Rs 1.26 lakh crore. Outside India, revenue saw a sharper drop of more than 15% YoY to Rs 2,668.47 crore.

Aided by the sharp drop in expenses, the operating margin of the state-owned oil and gas producer improved to 16.81% for the quarter, from 6.66% a year ago.

The debt-to-equity ratio as of September 30 was 0.34%, compared with 0.46% a year ago. For the six months ended September, ONGC reported a 12% fall in revenue to Rs 3.12 lakh crore, while the net profit increased 38% to Rs 27,868 crore.

Ahead of the earnings, shares of the company ended 1.7% up on the National Stock Exchange at Rs 195.90.