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Revenue
₹1,72,137 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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Quarter read
What the record says.
ONGC reported a standalone PAT of ₹9,869 crore in Q4 FY24, a sharp increase from ₹528 crore in Q4 FY23, driven by a low base due to prior exceptional items and higher other income. Consolidated PAT rose 77.9% YoY to ₹11,527 crore. Crude oil production grew 4.3% YoY in Q4, while gas production declined 3%. Management guided for a production ramp-up from KG-98/2, targeting 45,000 bopd oil and 10 MMSCMD gas by Q4 FY25, and overall production growth of 20% by FY27. CapEx for FY25 is guided at ₹33,000-35,000 crore. Key risks include execution delays in KG-98/2 ramp-up and windfall tax policy uncertainty.
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Guidance to track
- Oil production to increase from 12,000 bopd to 20,000-30,000 bopd in Q3 FY25 and 45,000 bopd in Q4 FY25. Gas to reach 10 MMSCMD by Q4 FY25.
- Capital expenditure for FY25 expected in the range of ₹33,000-35,000 crore, excluding OPaL infusion.
- Overall production to increase 20% to 47 MMtoe by FY27, with oil at 21.87 MMtoe and gas at 25.5 BCF.
- Management expects OPaL to turn around in 1-2 years after equity infusion, feedstock resolution, and SEZ exit.
Risks flagged
- Ramp-up to 45,000 bopd and 10 MMSCMD by Q4 FY25 depends on weather and installation timelines; delays could push targets.
- Windfall tax at $75/bbl cap may not be revised despite rising OpEx; management is engaging with government but no assurance.
- OPaL reported negative EBITDA in FY24; turnaround depends on regulatory approvals and market conditions, which are uncertain.
- Gas production declined 3% in Q4 due to 7-8% natural decline in mature fields; mitigation depends on new projects.
Key quotes
- We have posted highest ever standalone net profit of INR 40,526 crore. Highest ever consolidated net profit of INR 57,101 crore, and highest ever total dividend of INR 15,411 crore.
- We hope that we will be ramping our production somewhere in the Q3 because of certain weather, bad weather had already started. So, anticipating clear conditions, we hope that we should be ramping up the production in the KG from Q3 of this year.
- We envisage to increase our production from the current 39.45 MMtoe to something around 47 MMtoe. That's an increase by 20% over the next three years.
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