Ongc / Q3-FY24

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Watch2024-02-10Back to ONGC

Revenue

₹1,67,357 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
10 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 1,47,614 · Watch source sentiment · 2023-11-10Q2 FY24Q3 FY24: 1,67,357 · Watch source sentiment · 2024-02-10Q3 FY24Q4 FY24: 1,72,137 · Positive source sentiment · 2024-05-20Q4 FY24Q1 FY25: 1,68,968 · Watch source sentiment · 2024-08-05Q1 FY25Q2 FY25: 1,59,331 · Watch source sentiment · 2024-11-11Q2 FY25Q3 FY25: 1,67,213 · Positive source sentiment · 2025-02-25Q3 FY25Q4 FY25: 1,67,749 · Watch source sentiment · 2025-05-21Q4 FY25Q1 FY26: 1,63,108 · Watch source sentiment · 2025-08-12Q1 FY26Q2 FY26: 1,57,911 · Watch source sentiment · 2025-11-10Q2 FY26Q3 FY26: 1,67,423 · Positive source sentiment · 2026-02-12Q3 FY261,72,1371,47,614
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

ONGC reported Q3 FY24 standalone PAT of INR 9,536 crore, down 13.7% YoY due to lower crude and gas realizations and GST on royalty provisions. Crude oil realization fell to $81.59/bbl from $87.13/bbl YoY. Production from the KG-DWN-98/2 project has commenced at 12,000 bbl/day oil and 1.75 MMSCFD gas, with peak production expected by FY26. Management guided for ~15% production growth over three years via multiple projects (KG 98/2, Daman Upside, CBM) with a CapEx of INR 60,000 crore. OpEx rose 1.7% YoY in Q3, but CFO attributed most increases to one-off items. Risks include potential SAED applicability on new KG production and cost inflation from rig rates.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects total oil and gas production to increase by ~15% by FY26-27, driven by KG 98/2, Daman Upside, and other projects.
  • CFO guided standalone CapEx of INR 33,000 crore in FY24 and INR 33,000-35,000 crore in FY25, with ~60% on development projects.
  • Incremental gas from new wells will fetch $9-$10/MMBTU under the premium pricing mechanism, improving realizations.
  • Management indicated continued dividend payout of around 40%, with INR 9.75 per share already paid in 9M FY24.

Risks flagged

  • Management is reviewing whether the windfall tax (SAED) applies to new KG production; if imposed, it could reduce realizations.
  • New jackup rig rates have risen to $70,000-$90,000/day from COVID lows, potentially increasing drilling costs.
  • Dividends from Russian operations remain stuck due to sanctions; management is pursuing a share swap to resolve.
  • Nine-month OpEx rose 25% YoY partly due to one-off items (water injection, LD payments); if these recur, margins could be pressured.

Key quotes

  • We anticipate that we will be ending this year on similar numbers as we were having in the FY 2023 or slightly better than that.
  • We hope to have an increase by around 15% in the next three years by 2026-2027.
  • We have been pursuing with the government for reviewing this [SAED]. But currently, it will be difficult for us to say exactly what will happen.

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