Mumbai: Oil and Natural Gas Corporation (ONGC) share price expected to be in focus after the PSU declared its July-September quarter 2024-25 results on November 11, 2024. The stock has been on the down side in the last 1 month and six months. However, the PSU stock has given a return of over 30 per cent in the last one year.
The state-owned company reported a 17 per cent rise in Q2. The company informed the stock exchanges that its standalone net profit stood at Rs 11,948.02 crore in the second quarter of this financial year. It was Rs 10,238.10 crore in the same period last year.
According to exchange filing, ONGC’s recorded profit was also higher than Rs 8,938.10 crore in the first quarter of 2024-25. The state-owned oil and gas exploration firm paid Rs 7,829.51 crore in statutory levies as compared to Rs 10,791.09 crore in the second quarter of 2023-24.
ONGC recorded profit even as the company got lower prices of crude oil produced and sold to refiners who turned it into fuel like petrol and diesel.
“With a focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY25 was 4.576 million tonnes, registering a growth of 0.7 per cent over corresponding quarter of FY24,” a company statement said.
According to a company’s stock exchange filing, the revenue from operations declined to Rs 33,881 crore in the Q2 of 2024-25 to Rs 35,163.04 crore a year back. For the first half of this current year, ONGC declared a net profit of Rs 20,922.12 crore. In 2023-24, the company had recorded a net profit of Rs 40,526 crore.
ONGC Dividend
The PSU informed that the ONGC board declared the first interim dividend at the rate of Rs 6 per equity share for the financial year 2024-25.
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ONGC share price to be in focus on November 12, 2204 after the PSU reported a rise in its net profit to 17 per cent in the Q2 Results of 2024-25 on lower levies. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
