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Informist, Monday, Aug 5, 2024

--ONGC Apr-Jun net profit 89.38 bln rupees

--Analysts saw ONGC Apr-Jun net profit 86.78 bln rupees

--ONGC Apr-Jun revenue 352.66 bln rupees

--ONGC Apr-Jun net profit 89.38 bln rupees vs 105.27 bln

--ONGC Apr-Jun revenue 352.66 bln rupees vs 338.14 bln

--ONGC: Apr-Jun net realisation 6,928 rupees/barrel, up 10.4% on yr

--ONGC: Apr-Jun net realisation $83.05 per barrel, up 8.8% on yr

--ONGC: Apr-Jun total crude oil output 5.237 mln tn, down 1.4% on yr

--ONGC: Apr-Jun total gas output 5.008 bln cu mtr, dn 4.1% on year

MUMBAI – Oil and Natural Gas Corp Ltd beat the Street's estimates on its standalone net profit for the quarter ended June, but missed the topline estimate. The state-owned upstream oil and gas major reported a standalone net profit of 89.38 bln rupees in Apr-Jun, down 15.1% on year and 9.4% sequentially. However, it was above the analysts' average estimate of 86.78 bln rupees.

The company's standalone revenue from operations went up 4.3% on year and 1.8% on quarter to 352.66 bln rupees. It was below the Street's estimate of 354.7 bln rupees.

The June quarter revenue growth of the company came on the back of a 10.4% on-year rise in net crude oil realisation from nominated fields to 6,928 rupees per bbl, from 6,277 rupees per bbl. In dollar terms, the net crude oil realisation from nominated fields increased 8.8% on year to $83.05 per bbl from $76.36 per bbl.  More