The standalone revenue from operations for the June FY23 quarter grew by 84 percent to Rs 42,321 crore compared to the corresponding period last fiscal.
Sunil Shankar Matkar
August 12, 2022 / 08:09 PM IST
State-owned Oil and Natural Gas Corporation (ONGC) on August 12 reported a standalone profit of Rs 15,205.85 crore for the quarter ended June FY23, up 251 percent compared to the year-ago period driven by strong operating performance and top-line growth.
The standalone profit in Q1FY22 stood at Rs 4,334.75 crore.
The standalone revenue from operations for the June FY23 quarter grew by 84 percent to Rs 42,321 crore compared to the corresponding period last fiscal.
ONGC registered a 91 percent year-on-year growth in offshore business at Rs 27,990.4 crore and onshore business increased by 72 percent to Rs 14,330.3 crore during the quarter under review.
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The EBIT of offshore business during Q1FY23 jumped 133 percent to Rs 16,036 crore and that of onshore surged 682.5 percent to Rs 4,890.3 crore compared to the corresponding period last fiscal.
The healthy operating performance was led by higher crude realisation following a spike in oil prices and an increase in domestic gas prices. EBITDA came in at Rs 24,731 crore for the quarter ended June FY23, rising 125 percent YoY, and margin jumped by 1,065 bps YoY to 58.43 percent during the quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation.
