ONGC reports highest-ever standalone profit in FY24

ONGC reported its highest-ever standalone net profit of Rs 40,526 crore in FY24 on Monday.

In a stock exchange filing, ONGC announced that its consolidated net profit for FY24 reached an all-time high of Rs 57,101 crore, positioning itself as a frontrunner in the energy sector. The company’s crude oil production also witnessed a surge of 2.4 percent on a quarterly basis, reaching 5.359 million metric tonnes (MMT) in the fourth quarter of FY24.

However, ONGC’s standalone gross revenue declined by 11 percent year-on-year to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23.

ONGC has announced a total dividend of Rs 12.25 per share, amounting to a payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share already paid during the year and a final dividend of Rs 2.50 per share recommended by the company’s Board of Directors.

Furthermore, the company invested a substantial Rs 37,000 crore in capital expenditure during FY24, a significant increase from the Rs 30,208 crore spent in the previous fiscal year.

The shares of ONGC have gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 279 at the time of filing this report.