ONGC Q4 profit jumps 19x to Rs 9869 crore

(20 second reading) ONGC’s profit jumped 19 times to Rs.9,869 crore in the fourth quarter on exceptional provision in the year-ago period.
Revenues fell 4.5% from a year earlier to Rs.34,637 crore in the fourth quarter. The operational cost fell 12% in a year to Rs.25,456 crore in the quarter on lower exploration cost write-off.
The company’s profit for the full year (2023-24) rose 1% to Rs.40,526 crore, up from Rs.40,097 crore in 2022-23. Annual revenues dropped 11% to Rs.1,38,402 crore.
Crude oil price realised from nominated fields rose 5% year-on-year to $80.81 per barrel in the fourth quarter. Gas price realised by ONGC in the quarter fell 24% to $6.5 per mmbtu.