ONGC Q4 results: Net profit down 53% to Rs 5,701 crore in Q4FY23, revenue up 5%

ONGC Q4 results: Net profit down 53% to Rs 5,701 crore in Q4FY23, revenue up 5%

May 27, 2023 - 17:10
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ONGC Q4 results: Net profit down 53% to Rs 5,701 crore in Q4FY23, revenue up 5%

Oil and Natural Gas Corporation Limited (ONGC) has declared its fourth quarter (January-March) results. The bank's consolidated net profit declined 53% year-on-year (YoY) to Rs 5,701 crore in the March quarter. The company posted a profit of Rs 12,061.44 crore in the same quarter last year.
The company's revenue for the fourth quarter (Q4FY23) grew 5% year-on-year (YoY) to Rs 166,728.80 crore as against Rs 158,660.49 crore in the same quarter last year. On a standalone basis, the company posted a net loss of Rs 248 crore in the March quarter. Whereas in the same quarter last year, the company had a net profit of Rs 8,860 crore.
The company's standalone gross revenue for the fourth quarter increased by 5.2% to Rs 36,293 crore as against Rs 34,497 crore in the same quarter last year. The company's board has also declared a dividend of Rs 0.5 per equity share.
ONGC has also announced to find a total of eight reserves during the financial year 2022-23. Five of these are on land and three are in the sea. Of these, three are prospectuses (two on land and one in the sea), while five are pools (three on land and two in the sea).
The realization of crude oil (nominated) for the quarter stood at $77.12 per barrel. Which is 18.8% lower than the realization of $94.98 per barrel during the same period last year. In rupee terms, the average crude oil realization stood at Rs 6,344 per barrel. There was a decline of 11.2% on an annual basis.
Total crude oil production during the quarter stood at 5.23 million metric tonnes (mmt) as compared to 5.39 million metric tonnes (mmt) produced during the same period a year ago.
At the same time, gas production decreased by 1.5% to 5.26 billion cubic meters (BCM) as compared to 5.33 BCM a year ago. Production of value-added products stood at 612 kilotonnes (KT), down 18.7% year-on-year from 753 KT. On Friday i.e. May 26, ONGC's stock fell 1.20% to close at Rs 164 on the National Stock Exchange.

Muskan Kumawat Journalist & Writer