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Revenue
₹1,47,614 Cr
verified against source
Revenue YoY
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EBITDA
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Quarter read
What the record says.
ONGC reported a standalone PAT of INR 10,216 crore for Q2 FY24, down 20.3% YoY due to lower crude realizations and higher operating expenditure. Consolidated PAT surged 142.36% YoY to INR 16,553 crore, driven by strong performance from subsidiaries HPCL, MRPL, and OVL. Crude realization fell to $84.84/bbl from $95.50/bbl YoY. The KG 98/2 project is expected to commence oil production imminently, with gas ramp-up to 10 MMSCMD by FY25. Management guided for ~1% production growth in FY24 and 4-5% in FY25, with capex of INR 33,000-35,000 crore. Key risks include windfall tax volatility and OPaL's continued losses, which management expects to turn around by FY25 pending government approval for equity infusion.
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Guidance to track
- ONGC standalone production expected to be flat to slightly up in FY24, with 4-5% growth in FY25 driven by KG 98/2 ramp-up.
- Management guided for a 10% increase in capex to INR 33,000-35,000 crore for the current fiscal year.
- OPaL is expected to become profitable by FY25 after equity infusion of INR 18,365 crore and use of new gas for feedstock.
- ONGC aims to build a renewable energy portfolio of 10 GW by 2030, with initial acquisition of PTC Energy (288 MW) expected by end of FY24.
Risks flagged
- The Special Additional Excise Duty (SAED) on crude oil is revised every fortnight, creating uncertainty in realizations and impacting profitability.
- OPaL is expected to report negative EBITDA and PAT in FY24, and the proposed equity infusion of INR 18,365 crore may dilute minority shareholders.
- Dividends of RUB 16 billion from Vankor are locked up in Russia due to sanctions, with no clear timeline for repatriation.
- While first oil is expected imminently, gas ramp-up to 10 MMSCMD depends on process platform installation by April 2024, which could face delays.
Key quotes
- The company has earned a net profit, that is profit after tax, of INR 10,216 crore during the second quarter of financial year 2024, as against INR 12,826 crore during the second quarter of financial year 2023, a decrease of INR 2,610 crore, that is 20.3%.
- With respect to KG 98/2, you are very right that the oil production first start from the 98/2 is expected very shortly. The pre-commissioning activities are already ongoing in full swing, and we expect the first oil to be there in this month itself.
- In renewables and new energy front, we are working very seriously, keeping our, you know, vision of achieving carbon neutral in scope one and scope two by 2038, and also to create a significant or good amount of renewable energy portfolio by 2030.
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