scorecardresearch

ONGC profit zooms 251% to Rs. 15,206 cr

The company said its operating margin improved 49.57% compared with 32.01% a year ago. Net profit margin was 35.93% compared with 18.83% in the first quarter of the last fiscal.

ONGC Profit
The standalone revenue from operations grew by 84% to Rs. 42,321 crore. Image: FE Online.

ONGC on Friday reported a 251% year-on-year rise in its standalone net profit in the April-June quarter to 15,206 crore on the back of strong operating performance and top-line growth.

The standalone revenue from operations grew by 84% to Rs. 42,321 crore. The company registered a 91% y-o-y growth in offshore business at Rs. 27,990.4 crore and onshore business increased by 72% to14,330.3 crore during the quarter.

The company said its operating margin improved 49.57% compared with 32.01% a year ago. Net profit margin was 35.93% compared with 18.83% in the first quarter of the last fiscal.

While its net realisation from the nominated oil blocks increased by 73.4% to Rs. 8,384 a barrel, the realisation from joint venture blocks rose by 71.7% to Rs. 8,467 a barrel.

On a consolidated basis, ONGC’s net profit for the quarter rose by 25.3% to 8,581 crore compared with6,847 crore a year earlier. Gross revenue went up by 69% to Rs. 1.82 trillion.

Including its joint ventures, ONGC’s crude oil production during the quarter increased by 1.9% to 5.494 million tonne, while gas production improved by 1.4% to 5.383 billion cubic metre (BCM).

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Industry