ONGC net profit up 250% at Rs 15,206 crore in Q1 FY23

New Delhi, August 13, 2022

The public sector Oil and Natural Gas Corporation (ONGC) has reported a net profit of Rs 15,206 crore on a standalone basis in the first quarter (Q1) of financial year 2022-23, a 250.8 per cent increase over the Rs 4,335 crore recorded in the same period of the previous financial year.

The company had recorded a net profit of Rs 40,306 crore in FY 2021-22.

Announcing its financial results for Q1 of FY 2022-23, the company said its gross revenue had increased by 83.8 per cent to Rs 42,321 crore as compared to Rs 23,022 crore in the same period of the previous year. The company had reported gross revenue of Rs 1,10,345 crore in FY 22.

On a consolidated basis, ONGC reported a net profit of Rs 8,581 crore during Q1 of FY 23, an increase of 25.3% over Rs 6,847 crore in the same period of FY 22. Its net profit had totalled Rs 49,294 crore in FY 22.

Gross revenue on a consolidated basis was Rs 1,82,894 crore in Q1 FY23 as compared to Rs 1,08,105 crore in Q1 of FY 22, an increase of 69.2%. Total gross revenue in FY 22 was Rs 5,31,762 crore.

As far as its production performance is concerned, ONGC reported total crude oil production of 5.494 MMT in Q1 FY 23 (5.309 MMT in Q1 FY22), total gas production of 5.383 BCM (5.309 BCM) and 697 KT of Value Added Products (786 KT).

ONGC declared two discoveries in onland during FY 2022-23 in its operated acreages. Out of these, one is a new prospect (Kankpul-1 in NELP-VII JV block WB-ONN-2005/4) in West Bengal and the other is new pool (Mandapetta-60 in KG Onland) in Andhra Pradesh.

NNN