ONGC Q1 Profit Soars 156% on Higher Crude Prices

Oil and Natural Gas Corporation (ONGC) reported significant gains in its quarterly earnings for the June period. The state-run oil explorer saw a substantial increase of 156% in standalone net profit, reaching ₹17,034 crore compared to ₹6,649.97 crore in the preceding quarter.

The company attributed this growth to higher crude oil prices and improved gas realisations, which boosted its top line and operating performance. Revenue from operations rose 29.3% to ₹46,460.45 crore from ₹35,928.18 crore during the same period.

Operational EBITDA surged to ₹28,355 crore from ₹12,666 crore in the preceding quarter, while the operating margin expanded to 61% from 35.3%. On a year-on-year basis, net profit increased by 112.3%, and standalone gross revenue rose 45.2%.