ONGC Q1 Results 2024, Net Profit fell by 24%

Oil and Natural Gas Corporation (ONGC) is a large company in India that explores and produces oil and natural gas. Each quarter, it releases financial results that show how well the company is doing. The results can vary a lot because of changes in oil prices, production levels, and other market conditions.

In one quarter, ONGC reported that its profit fell by 34% compared to the same period the previous year, making Rs 10,015 crore in profit. The revenue, which is the total money made from sales, also went down by 20% to Rs 33,814 crore. This happened because the price they got for oil was much lower, at $76.49 per barrel, a 29.5% decrease. This affected how much money they earned.

In another quarter, ONGC's profit increased significantly by 800% to Rs 4,335 crore because oil prices more than doubled, even though they produced less oil. This shows how important oil prices are to their earnings.

Sometimes, ONGC faces challenges like lower production levels, with crude oil output and gas production both falling by 3%. This can lead to higher expenses, which also impacts their profit.

Analysts and investors closely watch these results to understand how the company is performing and what might happen in the future. They look for signs of recovery or growth, especially when global market conditions are unpredictable.

ONGC Q1 Results 2024 

In 2024, ONGC's Q1 results showed changes in profit and revenue. 

Here are the changes in table format:

In 2024, ONGC faced challenges due to lower oil prices and higher expenses. The profit fell by 24% compared to the previous year, reaching Rs 7,043 crore. Revenue also dropped by 20%, down to Rs 33,814 crore. The average oil price realized was $76.49 per barrel, a 29.5% decrease from the previous year, which affected earnings.

Crude oil output decreased to 5.311 MMT, and gas production also fell to 5.221 BCM. The company's expenditure increased significantly, reaching Rs 99,995.21 crore, contributing to the profit decline.

Analysts are keeping a close eye on ONGC's future performance, especially given the volatility in the oil market. The company is expected to continue navigating these challenges to improve its financial results in upcoming quarters.

ONGC (India)

Oil and Natural Gas Corporation Limited (ONGC) is a big company in India that deals with energy, mainly oil and gas. It was started by the Government of India on August 14, 1956. ONGC is very important because it provides a large portion of the oil and gas that India uses. The company is owned by the Ministry of Petroleum and Natural Gas of the Indian government and is based in Delhi.

ONGC produces about 70% of India's crude oil and 84% of its natural gas, making it the largest company in the country in this field. It works not only in India but also in other countries, exploring and producing oil and gas. ONGC has found many oil and gas reserves in India and operates thousands of kilometers of pipelines.

It is also involved in refining oil and making products like lubricants and petrochemicals.