ONGC Q1 results: Net Profit Jumps 102% To Rs 17,383 Crore, Revenue Declines 10%

State-run oil and gas explorer, Oil and Natural Gas Corporation (ONGC) on Friday announced its Q1 results for the Financial Year 2023.24 (Q1FY24) on August 11 and reported a surge of 102% in consolidated net profit at Rs 17,383 Crore, compared to Rs 8,581 Crore in the similar period last year.

The company reported a decline of 10% in revenue from operations to Rs 1.63 lakh crore in the June quarter, as against Rs 1.82 lakh crore in the same period last year.

Production of crude oil by the corporation dropped by 3.3% to 5.311 million metric tonnes (MMT) from 5.495 MMT in the same period last year. Gas output decreased by 3% in the quarter as compared to the previous year.

ONGC Shares closed 0.81% lower at Rs 177.15 on BSE with highs and lows of Rs 179.55 and Rs 176.75, respectively. Shares jumped 2.19% in the last 1 week, while in the last 1 year, shares jumped 33.50%.

"The Company had issued four series of Non-Convertible Debentures (NCDs) aggregating to 4,140 Crore during FY 2020-21 for which funds were fully utilized for the intended purpose during the same year. Statements of "NIL" deviation were also filed on 13.11.2020 and 24.06.2021. Accordingly, submission of Statements of utilisation/ deviation in the use of proceeds of NCDs under Regulation 52(7) and 52(7A) of SEBI Listing Regulations is not applicable," ONGC said in a regulatory filing to the stock exchanges.

A R Ramachandran, Co-founder & Trainer - Tips2trades said, "Even if Q1FY24 results are better as compared to previous quarter, ONGC stock price looks bearish with immediate resistance at 180 on the Daily charts. A daily close below support of 173 could lead to target of 156 in the near term."