ONGC just dropped their FY24 results, and it’s a total flex. They posted their highest ever standalone net profit of ₹40,526 crore and a whopping consolidated net profit of ₹57,101 crore. They’re also rolling out the biggest dividend ever at ₹15,411 crore. The company’s board greenlit these fire results in their 380th meeting on May 20, 2024.
Despite a 4.6% dip in gross revenue in Q4 FY24 to ₹34,637 crore, ONGC’s net profit after tax skyrocketed to ₹9,869 crore, a massive leap from the ₹528 crore in Q4 FY23. For the whole year, they clocked in a net profit of ₹40,526 crore, up 1.1% from the previous year. Crude oil prices saw a slight uptick in net realizations, but gas prices took a nosedive by 24.2% in Q4 FY24 compared to last year.
On the consolidated front, ONGC’s gross revenue edged up by 1.6% in Q4 FY24, reaching ₹1,66,771 crore. Net profit shot up by 77.9% to ₹11,527 crore in the same quarter. For the year, consolidated net profit soared 67.7% to ₹57,101 crore.
ONGC’s production game is strong, with Q4 FY24 crude oil output rising 2.4% QoQ to 5.359 MMT, though gas production dipped by 3%. For the full year, total crude oil production was slightly down by 1.6% at 21.139 MMT, while gas production slid by 3.3% to 20.648 BCM.
They made 11 discoveries last year and monetized 7 of them. Highlights include the East Lakhibari-6 discovery in Assam and the West Amod-1 in Cambay Basin. The Ranaghat find in Bengal and Neelmani in Mumbai Offshore are also making waves.
Drilling hit a 34-year high with 541 wells, and their capex hit a record ₹37,000 crore, showing their commitment to future growth. ONGC Videsh, their international arm, saw a 3.4% bump in production, despite some geopolitical and local challenges.
HPCL crushed it with record crude thru-put and sales volumes, hitting 22.33 MMT and 46.82 MMT respectively. Their PAT was also a record at ₹14,694 crore. MRPL saw a dip in throughput but still posted solid numbers, with a net profit of ₹3,596 crore.
ONGC’s green energy push is real, with the launch of ONGC Green Limited and a JV with NTPC Green Energy for offshore wind projects. They’re also stepping up their game in methane emissions detection with TotalEnergies.
From celebrating 50 years of Mumbai High Field to launching new Fast Crew Boats for safer employee travel, ONGC’s had a busy year. They even bagged some prestigious awards for their environmental and governance efforts.
