The Oil and Natural Gas Corporation (ONGC) has announced its financial results for the fiscal year 2023-24, marking historic achievements in profitability and dividend payouts. In its 380th Board of Directors meeting held on May 20, 2024, ONGC declared its highest-ever standalone net profit of Rs 40,526 crore for FY’24, alongside its highest-ever consolidated net profit of Rs 57,101 crore. The company also declared a total dividend of Rs 15,411 crore for FY’24, an unparalleled milestone in its financial history.
The fiscal year witnessed a remarkable performance with ONGC making significant strides in various operational aspects. Notably, the company reported an increase in crude oil production by 2.4% in Q4 FY’24, reaching 5.359 million metric tonnes (MMT). Additionally, 11 discoveries were made during the fiscal year, with 7 being monetized, underlining the company’s commitment to exploration and development. Financially, ONGC displayed robust figures across its standalone and consolidated entities. The gross revenue for FY’24 stood at Rs 1,38,402 crore, with a profit after tax (PAT) of Rs 40,526 crore on a standalone basis. Consolidated figures revealed a gross revenue of Rs 6,43,037 crore and a net profit of Rs 57,101 crore.
Furthermore, ONGC showcased its operational prowess by drilling a record 541 wells in FY’24, the highest in the past 34 years. The company’s capital expenditure (CAPEX) also surged, with investments totaling around Rs. 37,000 crore, aimed at fortifying its growth trajectory.The achievements were not confined to ONGC alone; its subsidiaries and joint ventures also contributed significantly to the overall performance. ONGC Videsh Ltd reported a production of 10.518 million metric tonnes of oil and gas, representing a 3.4% growth compared to the previous fiscal year. Similarly, Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) exhibited commendable performances in refining throughput, sales volume, and financial metrics.