What was the revenue that ONGC was able to make in Q4?
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ONGC’s Q4 Revenue went up YoY by 1.6% from ₹1,64,067 crore to ₹1,66,771 crore
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The fourth quarter of FY24 has proven to be a very significant one for ONGC. Here are some of the main highlights from the ONGC Q4 Results:
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Additional Read: Oil & Natural Gas Corporation Ltd. – All You Need To Know
Additional Read: Quarterly Results
ONGC’s fourth quarter FY24 has brought quite an interesting growth pattern to the foreground. With considerable developments in both its revenue and profits, the company also has many new insights for us.
Additional read: Mahindra & Mahindra Q4 Results
Metrics | For Quarter Ended | For Year Ended | |||
Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 | |
Revenue from Operations | 166,770.63 | 165.569.06 | 164,066.72 | 643,037.01 | 684,829.22 |
Profit before tax | 15,228.42 | 14,991.97 | 6,941.47 | 76,860.07 | 44,746.03 |
Profit for the period | 11,526.53 | 11,104.50 | 6,478.23 | 57,100.84 | 34,046.46 |
Metrics | For Quarter Ended | For Year Ended | |||
Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 | |
Revenue from Operations | 34,636.69 | 34,788.07 | 36,292.55 | 1,38,402.13 | 1,55,517.32 |
Profit before tax | 12,860.38 | 12,610.33 | 56.84 | 53,016.21 | 52,088.92 |
Profit for the period | 9,869.37 | 9,891.71 | 527.86 | 40,525.96 | 40,096.51 |
With the significant numbers coming into the fore in ONGC’s Q4FY24 results, it can be seen that there have been a few hits and misses this year for the company. However, even with the misses, the company has fared fairly well this quarter and in the entirety of FY24. The company has a list of the latest discovery it is working on including a development Well East Lakhibari-6, exploratory well West Amod-1, exploratory well Ranaghat-2 and exploratory well MBS191HDA-1. ONGC also formed its wholly-owned subsidiary ONGC Green Limited (OGL) in FY 2023-24 to help pursue its endeavor in the Green energy business and to diversify its business portfolio. Other than this, the company also signed a JVA to develop renewable energy projects focusing on offshore wind during the India Energy Week 2024 with NTPC Green Energy Ltd. With all this in the pipeline, the company could potentially fare better in FY25.
Additional Read: JSW Steel Q4 Results
Q4FY24 for ONGC has been fairly significant in terms of the company’s growth. With the rise in its net profit and crude oil production this financial year, the company might very well be on the road to a profitable FY25.
Founded on 14 August 1956 by the Government of India, ONGC or the Oil and Natural Gas Corporation Limited is an Indian central PSU or public sector undertaking owned by the Ministry of Petroleum and Natural Gas. The company is headquartered in Delhi and is the largest government-owned oil and gas explorer and producer in the country. ONGC produces close to 70% of India's domestic production of crude oil. The company also produces 84% of the country’s natural gas.
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ONGC’s Q4 Revenue went up YoY by 1.6% from ₹1,64,067 crore to ₹1,66,771 crore
Even with the hits and misses that the company saw this Q4 and in the entirety of FY24, the company also saw quite a few business updates this financial year Here is a list of some of them:
ONGC’s crude Oil production in Q4FY24 saw an increase of 2.4% over Q4FY23 whereas gas production decreased by 3%.
The company’s 7 hydrocarbon discoveries have also been monetized during the FY24 including the 3 discoveries that were notified during the financial year.
ONGC drilled 541 wells, the company’s highest in the past 34 years. These wells comprised 103 exploratory and 438 development wells.
The company also invested around ₹37,000 crore CAPEX in FY24 and achieved its highest-ever utilization in a financial year.
ONGC’s overseas company, ONGC Videsh Ltd. registered production of oil and gas of 10.518 MMTOE in FY24 up by 3.4% from 10.171 MMTOE in FY23.
The Hon’ble Prime Minister of India dedicated the ONGC Sea Survival Centre to the nation during India Energy Week (IEW) 2024
The company also celebrated 50 years of successful completion of Mumbai High Field which has played a crucial role in India’s Crude Oil Production, on 18 February 2024.
ONGC consolidated Q4 Net Profit rose up by 78% YoY from ₹6,478 Crore to ₹11,527 Crore, the company’s Q4 Standalone PAT went up from ₹528 Crore to ₹9,869 Crores while its FY24 Consolidated Net Profit went up by 67.7% from ₹34,046 Crore to ₹57,101 Crores
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