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Oil & Natural Gas Corporation — Q2 FY24
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.
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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.
ONGC ने दूसरी तिमाही में अकेले मुनाफा 10,216 करोड़ रुपये बताया, जो पिछले साल से 20.3% कम है। इसकी वजह कच्चे तेल की कम कीमत और ज्यादा खर्च है। लेकिन पूरी कंपनी का मुनाफा 142.36% बढ़कर 16,553 करोड़ रुपये हो गया, क्योंकि इसकी सहायक कंपनियां HPCL, MRPL और OVL ने अच्छा प्रदर्शन किया। कच्चे तेल की कीमत 95.50 डॉलर प्रति बैरल से घटकर 84.84 डॉलर हो गई। KG 98/2 परियोजना से जल्द तेल निकलना शुरू होगा और गैस उत्पादन 2025 तक बढ़कर 10 MMSCMD हो जाएगा। प्रबंधन का अनुमान है कि 2024 में उत्पादन 1% और 2025 में 4-5% बढ़ेगा। कंपनी 33,000-35,000 करोड़ रुपये खर्च करेगी। जोखिमों में विंडफॉल टैक्स और OPaL का घाटा शामिल है, जो 2025 तक सरकार की मंजूरी से ठीक हो सकता है।
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Crude oil realization (Q2 FY24)
$84.84/bbl
-$10.66/bbl YoY
Gross billing for crude decreased from $95.50/bbl in Q2 FY23.
KG 98/2 oil production target (FY25)
1.5 MMT
New production
Oil production from KG 98/2 expected to ramp up to 45,000 bpd by FY25.
KG 98/2 gas production target (FY25)
10 MMSCMD
New production
Gas production from KG 98/2 expected to reach 10 million cubic meters per day.
Interim dividend
115% (INR 5.75/share)
Total payout INR 7,234 crore
Board approved interim dividend of 115% on equity shares of INR 5 each.
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Guidance and risk preview
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.
The Special Additional Excise Duty (SAED) on crude oil is revised every fortnight, creating uncertainty in realizations and impacting profitability.
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