ONGC's net profit fell 15% in Q1 FY25 due to increased exploration write-offs. Revenue rose, but profit declined sequentially. Read more.
New Delhi, Aug 5 (PTI) State-owned Oil and Natural Gas Corporation (ONGC) on Monday reported a 15 per cent drop in its June quarter net profit on higher exploration cost write-off.
Its net profit of Rs 8,938.10 crore in April-June - the first quarter of the current 2024-25 fiscal year - compared to Rs 10,526.78 crore earnings in the same period of last year, according to a stock exchange filing by the company.
The profit was also lower sequentially compared to Rs 9,869.37 crore in the January-March quarter.
India's largest crude oil and natural gas producer wrote off Rs 1,669.73 crore cost incurred in the unsuccessful survey and drilling of wells to find oil and gas. This compared to Rs 1,015.81 crore in April-June 2023.
Its revenue from operations rose to Rs 35,266.38 crore in the first quarter from Rs 33,814.33 crore a year back.
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