Revenue from operations declined 3.08% YoY to Rs 33,716.80 crore in Q3 FY25.
Profit before tax (PBT) dropped 12.77% YoY to Rs 11,000.26 crore.
Total expenses slumped 4.11% to Rs 24,527.54 crore during the quarter compared with Rs 25,578.43 crore in Q3 FY24. Cost of material consumed stood at Rs 874.32 crore (up 2.86% YoY), survey cost stood at Rs 458.04 crore (up 44.29% YoY), exploration well cost was at Rs 1,467.05 crore (down 35 YoY) during the period under review.
The company’s net crude oil realization was $72.57 per barrel (down 10.6% YoY) while gas price realization was $6.50 per mmtbu (flat YoY) during the period under review.
The standalone crude oil production (excluding condensate) during Q3 FY25 was 4.653 MMT, registering a growth of 2.2% over corresponding quarter of FY24. The standalone natural gas production during Q3 FY 25 was 4.978 billion cubic metre (BCM) registering a growth of 0.3 % over Q3 FY24.
On consolidated basis, the company’s net profit declined 6.922% YoY to Rs 9,783.64 crore. Revenue from operations fell marginally 0.75% to Rs 166,096.68 crore in Q3 FY25 over Q3 FY24.
Meanwhile, the company’s board has declared 2nd interim dividend of Rs 5 per share The Record date for distribution of dividend has been fixed for 7th February, 2025.
Further, the board has accorded its approval for acquisition of 1,15,20,000 equity shares of Mangalore SEZ (MSEZ), a joint venture of the company, from Infrastructure Leasing & Financial Services (IL&FS) at Rs 56,11,39,200.00 under its right of first refusal.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of December 2024.