NEW DELHI: Oil and Natural Gas Corporation (ONGC), country’s largest oil and gas producer, reported a significant jump in net profit for the fourth quarter (Jan-Mar 2024) due to a one-time exceptional provision in the previous year.
However, its revenue from operations for the quarter saw a slight decline. ONGC’s standalone net profit for Q4FY24 surged to Rs 9,869 crore from Rs 528 crore in the same period last year. This jump is primarily due to a one-time exceptional provision of Rs 9,235 crore made in Q4 for disputed taxes.
Crude oil production rose 4.3% in the quarter, and the realised price per barrel also rose to $80.81 compared to $77.12 in the same quarter last year. However, gas production fell 2.4%, and the gas price realisation was lower at $6.50 per million British thermal units compared to $8.57 in the previous year.
Despite the Q4 revenue decline, ONGC achieved its highest-ever standalone net profit of Rs 40,526 crore for the full fiscal year 2023-24. This is slightly higher than the Rs 40,097 crore profit recorded in FY23.