Profit before tax (PBT) fell 14.87% YoY to Rs 11,956.12 crore during the quarter.

The company’s net crude oil realization was $83.05 per barrel (up 8.8% YoY) while gas price realization was $6.50 per mmtbu (down 3.1% YoY) during the period under review.

During the quarter, crude oil production fell 1.4% year on year to 5.237 million metric tonnes (MMT) and gas production was 5.008 billion cubic metre (BCM), (down 4.1% YoY).

On consolidated basis, the company’s net profit declined 42.8% YoY to Rs 10,235.64 crore in Q1 FY25. Revenue from operations rose 1.68% to Rs 1,66,576.75 crore in Q1 FY25 as compared with Rs 163,823.59 crore in Q1 FY24.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of June 2024.

The counter added 2.11% to Rs 316.70 on the BSE.