The Oil and Natural Gas Corporation (ONGC) has unveiled its financial performance for the fiscal year 2023-24, showcasing monumental achievements in profitability and dividend declarations. Boasting its highest-ever standalone net profit of Rs 40,526 crore and consolidated net profit of Rs 57,101 crore, ONGC has set new benchmarks in the energy sector.
The company’s aggressive exploration efforts bore fruit with 11 discoveries made during the fiscal year, of which 7 were successfully monetized. Additionally, a 2.4% increase in crude oil production in Q4 FY’24 further underlined ONGC’s operational excellence.Financially, ONGC’s performance was stellar, with gross revenue for FY’24 reaching Rs 1,38,402 crore on a standalone basis and Rs 6,43,037 crore on a consolidated basis. The declaration of a total dividend of Rs 15,411 crore for FY’24 marks a historic milestone in the company’s financial history.
Moreover, ONGC drilled a record 541 wells in FY’24, investing approximately Rs. 37,000 crore in capital expenditure (CAPEX), highlighting its commitment to expansion and modernization. The outstanding performance extended to ONGC’s subsidiaries and joint ventures, with ONGC Videsh Ltd, Hindustan Petroleum Corporation Ltd (HPCL), and Mangalore Refinery and Petrochemicals Ltd (MRPL) all posting commendable results.
