ONGC's Q1 net profit more than doubles to ₹17,383 crore

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₹17,383 crore. During the same quarter of last fiscal (FY23) the company had reported a net profit of ₹8,581 crore. Its gross revenue, however, declined 10.4% on a year-on-year basis to ₹1.63 trillion, the company said in a statement.

The growth in profit was aided by a decline in expenses. On a standalone basis, its net profit, however, fell 34.1% during the quarter under review to ₹10,015 crore. Its total crude oil production also declined 3.3% on YoY basis to 5.311 million metric tonne (MMT).

The company attributed the decline in production to shut down in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernize its evacuation facilities, post taking over from JV partners" the disruption caused by Cyclone Biparjoy in June 2023. "Crude oil wells in southern India had to be stopped as a refinery there stopped receiving oil, following a leakage in their pipeline," it said. The company statement further said that to counter the decline in production from some of the matured and marginal fields, ONGC is taking proactive steps by implementing well interventions and advancing new well drilling activities.

"The current decline in production is temporary and the same will be compensated in upcoming quarters with commencement of additional production from new projects; especially by crude oil production commencement from KG 98/2 in Q3 2023-24," it said. During the first quarter, ONGC declared total four discoveries including one in onland and three in offshore in its operated acreages. "Out of 4 discoveries notified till date during FY 2023-24, 1 discovery viz.