- ONGC reported a Q2 profit for FY 2023-24 at Rs 16,553.32 crore, a significant increase of 142.4% compared to Rs 6,830.16 crore in the same quarter of FY23.
- Revenue from operations stood at Rs 146,873.73 crore, down 12.9% from Rs 168,656.12 crore in the corresponding period last year.
- The company surpassed expectations, as a CNBC TV18 poll estimated Q2 profit at Rs 11,034 crore, with revenue expected at Rs 36,767 crore.
- ONGC declared an interim dividend of Rs 5.75 per equity share (face value of Rs 5 each), totaling 115% for FY 2023-24, with a record date of November 21, 2023.
- During Q2 2023, ONGC reported a 2.1% decline in total crude production to 5.249 MMT and a 2.8% decline in natural gas production to 5.2 BCM compared to the same period in FY23. The reduction is attributed to matured fields and marginal fields, but the company is implementing strategies to counter the decline.