Oil and Natural Gas Corporation (ONGC) has made a net profit (consolidated net profit) of Rs 10,272.50 crore in the second quarter of the financial year 2024-25. It has decreased by 25% on annual basis. In the same quarter a year ago, the company had registered a profit of Rs 13,703.38 crore.
ONGC's consolidated operational revenue stood at Rs 1,58,329 crore (Rs 1.58 lakh crore) in the July-September quarter. It has increased by 7.25% on annual basis. In the same quarter a year ago (July-September 2023), the company had generated revenue of Rs 1,47,614 crore (Rs 1.48 lakh crore). The amount received from selling goods and services is called revenue.
Company will give dividend of Rs 6 per share
Along with the results, ONGC's board has also approved an interim dividend of Rs 4.25 per share to the shareholders. Companies give some part of the profits to their shareholders, it is called dividend.
What is standalone and consolidated?
Companies release their financial results in two parts – standalone and consolidated. Standalone shows the financial performance of only one unit. Whereas, in the consolidated financial report, the entire company is reported.
Here, ONGC has 6 subsidiaries, 6 joint ventures and 3 associates. The financial reports of all these will be called consolidated. Whereas, the separate result of ONGC will be called standalone.
ONGC shares rose 25% in one year
Before the results of April-June quarter, ONGC shares closed at the level of 257.25 today i.e. on Monday, November 11, after a fall of 2.02%. The company's shares have fallen 12.07% in the last one month and 3.62% in 6 months.
Whereas, it has given positive returns of 31.38% in the last one year and 25.27% this year i.e. from January 1 till now. The market cap of the company is Rs 3.23 lakh crore.
ONGC contributes about 71% to Indian domestic production
Maharatna ONGC is India's largest crude oil and natural gas company. It contributes about 71% to India's domestic production. ONGC produces crude oil which is used as raw material in Indian Oil Corporation (IOC), BPCL, HPCL and MRPL companies. These companies manufacture petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG.
ONGC was established in the 1960s. ONGC was founded in 1955 as an Oil and Gas Division under the Geological Survey of India. A few months later, it was converted into the Oil and Natural Gas Directorate. On 14 August 1956, the Directorate was converted into a Commission and named the Oil and Natural Gas Commission.
In 1994, the Oil and Natural Gas Commission was converted into a corporation, and in 1997 it was recognized by the Government of India as one of the Navratnas. After this, in the year 2010 it was given Maharatna status.
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related to the results…
Indian Oil's profit increased 3.8 times in the second quarter: It increased from ₹ 420 crore to ₹ 2,016 crore, the company will give ₹ 3 dividend per share.
Indian Oil Corporation (IOC) has made a consolidated net profit of Rs 2,016 crore in the second quarter (July-September) of the financial year 2024-25. It has increased 3.8 times on annual basis. The company had made a profit of Rs 420 crore in the same quarter a year ago.
Apart from the results, the board of Indian Oil has also approved an interim dividend of Rs 3 per share to the shareholders. Companies give some part of the profits to their shareholders, it is called dividend.
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