ONGC Declares Robust Q3 FY’24 Results: Consolidated Net Profit Hits ₹10,748 Crore

New Delhi, 10 February 2024 – In its 375th meeting, ONGC’s Board greenlights the Q3 FY’24 results, revealing a consolidated net profit of ₹10,748 Crore, marking a resilient performance in a challenging market.

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*Financial Snapshot (Consolidated):*
– *Gross Revenue:* ₹1,69,213 Crore (Q3 FY’23), ₹1,65,569 Crore (Q3 FY’24)
– *Net Profit:* ₹11,665 Crore (Q3 FY’23), ₹10,748 Crore (Q3 FY’24)
– *Dividend:* 2nd interim dividend of ₹4.00 per share, totaling ₹5,032 Crore, with a record date set for 17th February 2024.

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*Production Challenges and Strategies:*
– Production dip attributed to factors like offshore platform shutdowns, Cyclone Biparjoy disruptions, and pipeline leakage.
– Proactive measures include well interventions and new well drilling to counter mature field declines.
– Anticipated production uptick from upcoming projects, with KG-DWN-98/2 Block already in operation since 7th January 2024.

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*Exploratory Success and Highlights:*

– Nine discoveries declared during FY 2023-24, with six monetized.
– KG-DWN-98/2 Block commenced “First Oil” on 7th January 2024.
– Rajahmundry Asset’s Mandapeta Field achieves a historic gas production mark of 1.0 MMSCMD.
– Inauguration of ‘ONGC DARPAN,’ a state-of-the-art digital Corporate Visualization Center in New Delhi.
– Approval for a 100% subsidiary for green energy and gas business.

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*Diversified Ventures and Collaborations:*

– Approval for a subsidiary engaging in green hydrogen, renewable energy, biofuels, and LNG.
– Strategic collaboration with IIT-B, Mumbai for carbon capture research and development.
– Awarded seven blocks covering Onland, Shallow water, Deep water, and Ultra-Deepwater blocks under OALP bid round-VIII.
– Implementation of B2B integration with NeSL for Electronic Bank Guarantees as a step towards e-governance.

*Operational Efficiencies and Innovations:*

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– Launch of ONGC Shared Finance Services in collaboration with IBM Consulting to centralize and standardize vendor payments.
– Commencement of cargo dispatch to Mumbai Offshore from Karanja Port to enhance logistical efficiency in the Western Offshore operations.

ONGC continues to navigate challenges with resilience and strategic vision, ensuring sustained growth in the dynamic energy landscape.

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