India News Get -BusinessOil And Natural Gas Corporation Limited Second Quarter 2024 Results Update; Net loss, revenue and stock price
Oil and Natural Gas Corporation (ONGC) reported a net profit (consolidated net profit) of Rs 10,273 crore in the second quarter of the financial year 2024-25. It decreased by 25% on an annual basis. In the same quarter a year ago, the company had posted a profit of Rs 13,703 crore.
ONGC’s consolidated operational revenue stood at Rs 1,58,329 crore (Rs 1.58 lakh crore) in the July-September quarter. It increased by 7.25% on an annual basis. In the same quarter a year ago (July-September 2023), the company had generated a revenue of Rs 1,47,614 crore (Rs 1.48 lakh crore). The amount received from the sale of goods and services is called income.
The company will pay a dividend of Rs 6 per share
Along with the results, the ONGC board also approved an interim dividend of Rs 6 per share for shareholders. Companies return part of the profits to their shareholders, this is called the dividend.
What is autonomous and consolidated?
Companies publish their financial results in two parts: standalone and consolidated. Standalone displays the financial performance of a single unit. Whereas, in the consolidated financial report, the entire company is presented.
Here, ONGC has 6 subsidiaries, 6 joint ventures and 3 associate companies. The financial reports of all these will be said to be consolidated. While the separate result of ONGC will be called standalone.
ONGC stock rose 31% in a year
Ahead of the July-September quarter results, ONGC stock closed at 257.25 level today i.e. Monday, November 11, after a decline of 2.02%. The company’s shares have fallen 12.07% over the past month and 3.62% in 6 months.
While it has given positive returns of 31.38% in the last year and 25.27% this year i.e. from January 1 to present. The market capitalization of the company is Rs 3.23 lakh crore.
ONGC contributes around 71% to India’s national production
Maharatna ONGC is India’s largest crude oil and natural gas company. It contributes around 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. These companies manufacture petroleum products like gasoline, diesel, kerosene, naphtha and LPG cooking gas.
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 transformed into the Petroleum and Natural Gas Directorate. On August 14, 1956, the Directorate was transformed into a Commission and named the Petroleum and Natural Gas Commission.
In 1994, the Petroleum and Natural Gas Commission was corporatized and in 1997, it was recognized by the Government of India as one of the Navratnas. After that, in 2010, he was granted Maharatna status.
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Indian Oil’s profit increased 3.8 times in the second quarter: from ₹420 crore to ₹2,016 crore, the company will pay a dividend of ₹3 per share.
Indian Oil Corporation (IOC) reported a consolidated net profit of Rs 2,016 crore in the second quarter (July-September) of the financial year 2024-25. It increased 3.8 times on an annual basis. The company had made a profit of Rs 420 crore in the same quarter a year ago.
Apart from the results, Indian Oil’s board also approved an interim dividend of Rs 3 per share for shareholders. Companies return part of the profits to their shareholders, this is called the dividend.