ONGC (Oil and Natural Gas Corporation) has reported a net profit (consolidated net profit) of Rs 10,273 crore in the second quarter of the financial year 2024-25. It has declined by 25% on an annual basis. In the same quarter a year ago, the company had registered a profit of Rs 13,703 crore.
ONGC’s consolidated operational revenue stood at Rs 1,58,329 crore (Rs 1.58 lakh crore) in the July-September quarter. It has increased by 7.25% on an annual basis. In the same quarter a year ago (July-September 2023), the company generated a revenue of Rs 1,47,614 crore (Rs 1.48 lakh crore). The amount received from selling goods and services is called revenue.
The company will pay a dividend of Rs 6 per share
Along with the results, the board of ONGC has also approved an interim dividend of Rs 6 per share to the shareholders. When companies give a part of the profit to their shareholders, it is called a dividend.
ONGC stock rose 31% in one year
Before the results of the July-September quarter, the ONGC stock closed at 257.25 today i.e. Monday 11 November after falling 2.02%. The company’s stock has fallen 12.07% in the last month and 3.62% in 6 months.
Whereas, it has given a positive return of 31.38% in the last year and 25.27% this year i.e. from January 1 till now. The company’s market cap is Rs 3.23 lakh crore.
ONGC contributes about 71% of Indian domestic production
Maharatna ONGC produces the largest amount of crude oil and natural gas in India, contributing about 71% of the country’s domestic production. ONGC supplies crude oil as raw material to Indian Oil Corporation (IOC), BPCL, HPCL, and MRPL. These companies then manufacture petroleum products like petrol, diesel, kerosene, naphtha, and cooking gas LPG.
ONGC established itself in the 1960s. The founders created ONGC in 1955 as the Oil and Gas Division under the Geological Survey of India. A few months later, they converted it into the Oil and Natural Gas Directorate. On 14 August 1956, the authorities transformed the directorate into a commission and named it the Oil and Natural Gas Commission.
In 1994, officials converted the Oil and Natural Gas Commission into a corporation, and in 1997, the Government of India recognized it as one of the Navratnas. Subsequently, the government granted it Maharatna status in 2010.
