Views by-Prathamesh Masdekar, Research Analyst, StoxBox

– The company reported a decline in revenue from operations to 3.6% YoY / down 3.9% QoQ to Rs. 33,881 crores due to lower oil prices. The company realised an average oil price of $78.33 per barrel from nominated fields during the second quarter, 7.7% lower than $84.84 during the year-ago period. The average realisation from the joint venture fields was $77.91, down 1.9% from a year earlier. Natural gas prices remained unchanged at $6.5 per MMBtu.
– EBITDA decreased 0.7% YoY / up 0.3% QoQ to Rs. 17,025 crores, while EBITDA margin stood at 50.2% (up 147bps YoY / up 212bps QoQ) in Q2FY25.
– PAT for the quarter stood at Rs. 11,984 crores (up 17.1% YoY / up 34.1% QoQ) in Q2FY25; the rise in profit was primarily due to lower windfall tax levied by the government as oil prices dropped. The PAT margin was 35.4% versus 25.3% in the previous quarter.
– With a focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2FY25 was 4.576 MMT, registering a growth of 0.7% over Q2FY24.
– The three oil wells of A-field of deepwater block KG-DWN-98/2 were opened on 30th October 2024, thereby enhancing total oil production to about 25,000 BOPD from eight flowing wells of cluster-II. The remaining five oil wells are planned to be opened shortly.
– ONGC has declared six discoveries (three in England and three offshore) during FY 2024-25 in its operated acreages. Out of these, 4 are prospects (2 land & 2 Offshore), and 2 (1 in England and 1 offshore) are new pools.
– The board has approved an interim dividend of 120%, i.e. Rs. 6.00 on each equity share of Rs. 5. The total payout on this account will be Rs. 7,548 Crore.