Oil and Natural Gas Corporation (ONGC) in the second quarter of the financial year 2024-25 Rs. 10,273 crore net profit (consolidated net profit). It has declined by 25% year-on-year. In the same quarter a year ago, the company posted Rs. 13,703 crore profit was reported.
ONGC's consolidated operational revenue in the July-September quarter stood at Rs. 1,58,329 crore (Rs. 1.58 lakh crore). It has increased by 7.25% year-on-year. In the same quarter a year ago (July-September 2023), the company posted Rs. 1,47,614 crore (Rs. 1.48 lakh crore) in revenue. The amount received from the sale of goods and services is called revenue.
The company will pay a dividend of Rs 6 per share
Along with the results, ONGC's board distributed to shareholders Rs. Also approved an interim dividend of 6. Companies give a portion of profits to their shareholders, called dividends.
What is single and integrated?
Companies disclose their financial results in two parts – standalone and consolidated. Standalone shows the financial performance of only one unit. Whereas, in a consolidated financial report, the entire company is reported.
Here, ONGC has 6 subsidiaries, 6 joint ventures and 3 associates. The financial statements of all these will be called consolidated. Whereas, separate result of ONGC will be called standalone.
ONGC shares rose 31% in a year
Ahead of the July-September quarter results, shares of ONGC closed at 257.25 today i.e. Monday, November 11 after falling 2.02%. The company's shares have fallen 12.07% in the past one month and 3.62% in the 6 months.
Whereas, it has given a positive return of 31.38% in the last one year and 25.27% this year i.e. since January 1. The market cap of the company is Rs 3.23 lakh crore.
ONGC contributes about 71% to the Indian domestic product
Maharatna ONGC is India's largest crude oil and natural gas company. It contributes about 71% to India's domestic product. 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 1960. ONGC was established in 1955 as the Oil and Gas Division under the Geological Survey of India. A few months later, it was converted into the Directorate of Oil and Natural Gas. On 14 August 1956 the Directorate was converted into a Commission and renamed as Oil and Natural Gas Commission.
In 1994, the Oil and Natural Gas Commission was converted into a corporation, and in 1997 it was recognized as one of the Navratnas by the Government of India. After this, in the year 2010 he was conferred the status of Maharatna.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
