Q4FY24: ONGC’s PAT rises 78% y-o-y, 4% on q-o-q basis

ONGC Reports a 77.92% Rise in Consolidated PAT Year-on-Year for Q4 FY 2023-24 at Rs 11,526.53 Crore

• Revenue Growth: ONGC’s revenue from operations increased by nearly 2% in Q4 FY24, reaching Rs 1,66,770.63 crore.
• Dividend Announcement: The Board of Directors recommended a final dividend of Rs 2.50 per share.
• Discoveries: ONGC made 11 discoveries in FY24, monetizing 7 of them.

New Delhi: State-run Oil and Natural Gas Corporation (ONGC) has reported a significant rise of 77.92% in consolidated Profit After Tax (PAT) year-on-year for Q4 of FY 2023-24, reaching Rs 11,526.53 crore. On a quarter-on-quarter basis, the consolidated PAT increased marginally by 3.80%. For the entire financial year 2023-24, the consolidated net profit stood at Rs 57,100.84 crore, marking a substantial rise of 67.71%.

The standalone net profit also showed impressive growth, increasing over 18 times in Q4 FY24 year-on-year due to a low base. In the corresponding quarter of FY23, ONGC had reported a standalone PAT of Rs 527.86 crore, which surged to Rs 9,869.37 crore in Q4 FY24. However, on a quarter-on-quarter basis, the standalone PAT decreased slightly by 0.23%. For FY 2023-24, ONGC’s standalone net profit rose by 1.07% year-on-year to Rs 40,525.96 crore.

The company's revenue from operations rose by nearly 2% in Q4 FY24, reaching Rs 1,66,770.63 crore, up from Rs 1,64,066.72 crore in the same period a year ago. Total income for the January-March quarter of FY24 was Rs 1,69,875.25 crore, reflecting a 1.8% increase from Rs 1,66,725.12 crore in Q4 FY23. ONGC announced these financial results late on May 20, and when the markets opened on Tuesday morning, ONGC shares rose by 1%, trading at Rs 282 per share compared to Rs 279 the previous day.