ONGC Results FY'24 – Posted Its Highest Ever Standalone Net Profit of 40,526 Crore and Declared Highest Ever Dividend

ONGC has recently reported remarkable financial outcomes for FY'24. The company has achieved highest-ever standalone net profit of ₹40,526 crore and consolidated net profit of ₹57,101 crore for FY'24 demonstrate their financial strength. The company's crude production also saw an increase of 2.4% in Q4 of FY'24. 

The Company registered a Profit After Tax (PAT) of Rs. 639 crore in FY'24, as against Rs. 1660 crore in FY'23 mainly due to higher impairment. The Board of Directors of the Company has recommended final dividend of Rs. 0.50 per share on fully paid equity share par value of Rs. 100 each, subject to approval by the shareholders. The total dividend amounts to Rs. 75 crore.

• Standalone net profit: ONGC declared a record standalone net profit of ₹40,526 crore.
• Consolidated net profit: The company also reported its highest ever consolidated net profit at ₹57,101 crore.
• Total dividend: The total dividend for FY'24 would be 245% (Rs 12.25 per share of face value Rs 5 each) with a total payout of Rs 15,411 crore. This includes interim dividend of 195% (Rs 9.75 per share) already paid during the year and final dividend of 50% (Rs 2.50 per share) recommended by the Board.
  
• Crude production: There was a 2.4% increase in crude oil production in Q4 FY'24 compared to the same quarter in the previous year.

ONGC has expanded its footprint beyond India. Their global presence allows them to explore and tap into hydrocarbon reserves in various regions, contributing to their overall. ONGC's overseas arm, ONGC Videsh Ltd. registered production of oil and gas of 10.518 MMTOE in FY'24, as compared to 10.171 MMTOE in FY'23 which is 3.4% incremental growth compared to the previous year. This positive performance was driven by strong contributions from five operated/ jointly operated assets, namely MECL & CPO-5 in Colombia, GPOC & SPOC in South Sudan, and Sancristobal in Venezuela despite natural decline, geopolitical tensions, and local issues.

These figures reflect ONGC's strong financial performance and growth in the oil and gas sector. The increase in crude production is particularly notable as it contributes to the company's profitability and indicates a positive outlook for future production capabilities.

ONGC plays a vital role in the energy sector, contributing to approximately 70% of India's domestic production and fulfilling around 60% of the country's total energy requirements.

Moreover, ONGC boasts a skilled and experienced workforce. Their technical expertise and dedication drive the company's exploration, production, and refining activities.

In summary, ONGC's success can be attributed to a combination of market leadership, skilled workforce, global reach, financial stability, innovation, and a visionary approach.

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