ONGC Profit Edges Up by 3% Amid Rising Oil Prices

Oil and Natural Gas Corporation (ONGC) posted a 3% growth in its net profit for the March quarter, reaching Rs 6,649.97 crore. This financial uplift was largely driven by heightened oil and gas prices, which counterbalanced the effects of a production dip.

In comparison to the fourth quarter of the previous year, when the company recorded a profit of Rs 6,448.28 crore, the latest figures mark a modest increase. Revenue from operations saw a slight rise to Rs 35,928.18 crore, compared to Rs 34,982.23 crore during the same period the previous year. However, the net profit for the entire fiscal year experienced a decline, falling 7.6% to Rs 32,894.02 crore. Additionally, ONGC's write-offs for exploration well costs reached Rs 4,876.75 crore for the quarter, reflecting an increase over last year's costs.

The board has proposed a final dividend of Re 1 per share for the fiscal year 2025-26, despite the challenges faced in exploratory achievements.

(With inputs from agencies.)