ONGC profit more than triples, company revenue jumps 84%

State-owned Oil and Natural Gas Corporation (ONGC) reported stand-alone profit of Rs 15,205.85 crore in the June quarter of 2022. ONGC’s profit increased by 251% from the same period the last year. ONGC had recorded a profit of Rs 4,335 crore in the April to June quarter last year. Shares of ONGC closed at Rs 139.25 on the Bombay Stock Exchange (BSE), up almost 5% on Friday.

Company’s quarterly revenue increased 84%
ONGC’s revenue increased by 83.8% to Rs 42,321 crore in the April to June quarter 2022. The state-owned company’s operating margin improved to 49.57% as of during the April term. June 2022. The company’s operating margin was 32.01% in the June quarter of last year. The company’s offshore revenue rose to Rs 27,990 crore in the April-June quarter of 2022 from Rs 14,673 crore in the first quarter of the previous fiscal year.

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ONGC’s profit nearly doubled on a consolidated basis
The company’s onshore revenue stood at Rs 14,300 crore for the June quarter of 2022, compared to Rs 8,348 crore in the June quarter of last year. The earnings per share (EPS) of the company improved to 12.09 paise in the quarter of June 2022. At the same time, the net profit margin of the company stood at 35.93%, against 18.83% the previous year. On a consolidated basis, ONGC’s profit nearly doubled to Rs 11,937 crore.

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