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).