ONGC Q1 Results: Net profit more than doubles to ₹17,383 crore, revenue drops 10% YoY

livemint.com:

ONGC Q1 Results: Oil and Natural Gas Corporation (ONGC) released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11, reporting a surge of 102 per cent in consolidated net profit at ₹17,383 crore, compared to ₹8,580.75 crore in the corresponding period last year. The state-run petroleum giant's revenue from operations during the first quarter of current fiscal stood at ₹1,63,823 crore, registering a decline of 10 per cent, compared to ₹1,82,894 crore in the year-ago period.

‘’The company had issued four series of non-convertible debentures (NCDs) aggregating to ₹4,140 crore during FY 2020-21 for which funds were fully utilized for the intended purpose during the same year,'' said ONGC in a regulatory filing to the stock exchanges. ‘’Statements of “NIL" deviation were also filed on 13.11.2020 and 24.06.2021.Accordingly, submission of Statements of utilisation/ deviation in the use of proceeds of NCDs under Regulation 52(7) and 52(7A) of SEBI Listing Regulations is not applicable,'' it added.