ONGC Q1 Results: Profit zooms over 3.5x to Rs 15,206 crore; revenue rises 84% YoY

ONGC on Friday reported a 251 per cent YoY jump in its Q1 standalone profit to Rs 15,205.85 crore against Rs 4,334.75 crore in the year-ago period.

The PSU oil explorer's revenue from operations increased about 84 per cent to Rs 42,321 crore in Q1.

ONGC's operating margin improved to 49.57 per cent during the June quarter against 32.01 per cent in Q1 of FY22.

The company's offshore revenue came in at Rs 27,990 crore vs Rs 14,673 crore in Q1 of FY22. The contribution from onshore revenue stood at Rs 14,330 crore vs Rs 8,348 crore.

During the quarter, the earnings per share or EPS improved to Rs 12.09 against Rs 3.45 on a YoY basis. The net profit margin was at 35.93 per cent, up from 18.83 per cent in the year-ago period.

When seen on a consolidated basis, ONGC's profit nearly doubled to Rs 11,937 crore, and revenue also shot up to Rs 182,894 crore.

In a BSE filing, ONGC said its crude oil production was up 1.9 per cent during the quarter on a YoY basis to 5.494 MMT. The total gas production also increased 1.4 per cent to 5.383 BCM.

ONGC's numbers were below Street expectations. The stock ended 5 per cent higher at Rs 139.25 ahead of the announcement of quarterly results.