ONGC Posts Record Quarterly Profit as Crude Oil Prices Soar
Oil and Natural Gas Corporation (ONGC) reported a significant jump in net profit to ₹17,034 crore for the June quarter, driven by higher global crude oil and gas prices. The state-run energy giant attributed this 156% sequential increase primarily to favorable price realizations for crude oil and natural gas.
Revenue from operations also trended higher, increasing by 29.3% to ₹46,460.45 crore. ONGC's operational efficiency showed marked improvement, with the EBITDA (earnings before interest, taxes, depreciation, and amortization) rising to ₹28,355 crore from ₹12,666 crore in the previous quarter.
However, despite this strong financial performance, ONGC faced a marginal dip in production volumes due to technical and site-specific challenges. The company cited several reasons for these declines, including reservoir complexities at the KG-98/2 block, pipeline maintenance, and temporary shutdowns of certain wells.