ONGC Q2 Results: Revenue Down Over 5%, Profit Flat Due To Deferred Tax
ONGC's Q2 crude oil production remained flat, while natural gas production declines 2.1% on an annual basis.
Oil and Natural Gas Corp.'s net profit saw a 0.69% uptick in the second quarter of fiscal 2025.
The state-run crude oil producer's consolidated net profit rose 0.69% sequentially to Rs 9,878.44 crore in the quarter-ended September, compared to Rs 9,810 crore in the previous quarter, according to an exchange filing on Monday.
The marginal uptick in profits was on the back of higher deferred taxes at Rs 459.82 crore, which helped reduce total taxes payable.
ONGC Q1 FY25 Highlights (Consolidated, QoQ)
Revenue down 5.78% at Rs 1.58 lakh crore crore vs Rs 1.68 lakh crore
Ebitda down 5.18% at Rs 20,506.84 crore vs Rs 21,626.55 crore
Margin at 12.95% vs 12.87% up 8 bps
Net profit up 0.69% at Rs 9878.44 crore vs Rs 9810.18 crore
ONGC's fall in revenues in Q2FY25 was on the back of a decrease in revenues across all its segments during the quarter.
The company's fall in Ebitda was on the back of higher costs of materials consumed, employee benefit expenses, exploration well costs, and other expenses.
