ONGC’s Q1FY25 Results

ONGC reported a 0.2% quarter-on-quarter (QoQ) decrease in its consolidated revenues for the quarter ended June (Q1FY25). On a year-on-year (YoY) basis, it witnessed a growth of 2%.
Its expenses for the quarter were up by 1% QoQ and 9% YoY.
The net profit decreased 11% QoQ and 43% YoY.
The earnings per share (EPS) of ONGC stood at 7.9 during Q1FY25.

ONGC’s Financial Statements for Q1FY25:


Total income	166,367	169,875	169,562	-0.2%	2%
Total expenses	142,471	154,091	155,796	1%	9%
Profit before tax	24,422	15,228	13,981	-8%	-43%
Tax	6,529	3,702	3,745	1%	-43%
Profit after tax	17,893	11,527	10,236	-11%	-43%
Earnings per share	11.6	8.0	7.9

Financials:

Revenue: ONGC's revenue for Q1FY25 stood at ₹169,562 crores, a 2% increase YoY from ₹166,367 crores, but a slight decrease of 0.2% QoQ.
Net Profit: 43% YoY decline in consolidated net profit, totalling ₹10,236 crores compared to ₹17,893 crores in Q1FY24.
Expenses: Total expenses rose by 1% QoQ to ₹155,796 crores and increased 9% YoY.
EBITDA: EBITDA for Q1FY25 increased to ₹18,617.5 crores.
Earnings Per Share (EPS): EPS for Q1FY25 was recorded at ₹7.9, compared to ₹11.6 in Q1FY24.
Crude Oil Price Realization: Price realisation from nominated fields increased to $83.05 per barrel from $76.36 per barrel in Q1 last year.

Production Decline:

Crude Oil: Total crude oil production declined by 1.4%, amounting to 5.237 million metric tonnes (MMT).
Natural Gas: Total gas production fell by 4.1% to 5.008 billion cubic meters (BCM).

Exploratory Success Highlights:

1. Discoveries Overview:

ONGC has declared a total of 5 discoveries in FY'25.
Since the last press release on May 20, 2024, 3 additional discoveries have been made: 1 on land and 2 offshore.

2. Discovery Details:

PURN-1 (CB-ONO-PU-A):

Location: OALP block CB-ONHP-2019/1.
Objective: To explore hydrocarbon potential of Olpad & Kadi formations.
Result: Flowed viscous oil after heat treatment; established hydrocarbon presence in the Olpad formation.

West Matar-2 (MRAX):

Location: Matar Addl. (7-year PML) area. -Objective: To explore Middle Eocene Play (Hazad Member).
Result: Tested oil and gas flow in Gandhar Sand 6 and Gandhar Sand 8; established commercial oil & gas presence for the first time in GS-6 and GS-8 sands in West Matar field; declared a new pool discovery.

Chandramani (B-56-B):

Location: C-Series PML in Tapti-Daman area of Mumbai Offshore.
Objective: To explore hydrocarbon potential of Panna and Bassein Formation.
Result: Tested gas flow in Diu formation; established commercial hydrocarbon presence in the Diu formation for the first time in the Mumbai offshore.

3. Additional Development:

Hatta Discovery, Vindhyan Basin, Madhya Pradesh:
A Field Development Programme has been submitted to DGH for the monetization of Hatta discovery in the Vindhyan basin, marking a significant step forward in the development of this field.

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