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State-run ONGC reported a 20 per cent year-on-year (y-o-y) decline in its consolidated net profit to ₹8,856 crore during Q4 FY25, largely due to falling oil and gas prices coupled with nearly flat production.
The exploration and production (E&P) major’s consolidated gross revenue fell marginally on an annual basis to ₹1.70 lakh crore during the March quarter of the last fiscal year.
For FY25, ONGC’s consolidated net profit fell by 30.7 per cent y-o-y to ₹38,329 crore. Consolidated revenue for the period rose by 1.5 per cent to ₹6.63 lakh crore.
The total dividend for FY25 will be 245 per cent (₹12.25 per share), with a total payout of ₹15,411 crore, ONGC said.
This includes an interim dividend of 220 per cent (₹11 per share) already paid during the year and a final dividend of 25 per cent (₹1.25 per share) recommended by the Board, it added.
The ONGC Board also approved extending corporate guarantee support of up to ₹20,000 crore to lenders, in one or more tranches, for ONGC Petro Additions Ltd (OPaL), including for debt refinancing.
“OPaL has taken various measures to improve profitability, which include revision of capital structure, exit from the SEZ area, reduction in input costs, optimisation of product mix, and loan restructuring,” it said in a filing with the BSE.
Operational metrics
ONGC’s standalone crude oil production during FY25 stood at 18.558 million tonnes (mt), an increase of 0.9 per cent over FY24. Standalone natural gas production was marginally lower at 19.654 billion cubic metres (bcm) in FY25, compared to 19.978 bcm in FY24.
The Maharatna company declared a total of nine discoveries (five onshore and four offshore) during FY25 in its operated acreages. Of these, seven are prospects and two are new pool discoveries. It monetised eight hydrocarbon discoveries during the year.
ONGC drilled 578 wells — the highest in the past 35 years — comprising 109 exploratory and 469 development wells.
The firm’s net oil price realisation fell 4.8 per cent y-o-y to an average of $76.90 per barrel in FY25. In Q4 FY25, the net realisation dropped 8.8 per cent y-o-y to an average of $73.72 per barrel. The gas price during Q4 and FY25 remained unchanged at $6.5 per million British thermal units (mmBtu).
ONGC invested around ₹62,000 crore as capex in FY25, including ₹18,365 crore in OPaL and ₹4,600 crore in ONGC Green for the acquisition of PTC Energy and Ayana Renewables, the firm said.
ONGC’s overseas arm, ONGC Videsh (OVL), recorded a marginal 1.2 per cent y-o-y increase in oil production at 7.265 mt, driven by strong contributions from key operated/jointly operated assets, namely MECL and CPO-5 in Colombia, and GPOC and SPOC in South Sudan, despite geopolitical headwinds, natural decline, and local issues.
Gas production moderated to 3.013 bcm in FY25 from 3.340 bcm in FY24, primarily due to the end of production life in Block 06.1 in Vietnam.
Total oil and gas production in FY25 was lower at 10.278 million tonnes of oil equivalent (mtoe) compared to 10.518 mtoe in FY24.
Published on May 22, 2025
This article first appeared on The Hindu Business Line
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