Profit jumps 251% to Rs 15,206 crore, revenue grows 84%
The company's operating margin increased to 49.57% during the quarter of April through June from 32.01% in Q1FY22.
In comparison to the same quarter previous fiscal year, the standalone revenue from operations for the June FY23 quarter increased by 84% to Rs 42,321 crore.
State-owned ONGC declared a standalone profit of Rs 15,205.85 crore on August 12; this was up 251% from the same quarter a year earlier due to outstanding operating results and top-line growth.
In Q1FY22, there was a standalone profit of Rs. 4,334.75 billion. In comparison to the same quarter previous fiscal year, the standalone revenue from operations for the June FY23 quarter increased by 84 to Rs 42,321 crore.
During the quarter under review, ONGC reported a 91% year-over-year rise in offshore business at Rs 27, 990.4 crore and a 72% growth in onshore business at Rs 14, 330.3 crore.
Higher crude realisation following a surge in oil prices and an increase in domestic gas pricing were the main drivers of the positive operational performance.
EBITDA increased 125% YoY to Rs 24,731 crore for the quarter ended June FY23, while margin increased by 1,065 bps YoY to 58.43%.
Earnings before interest, taxes, depreciation, and amortisation is known as EBITDA. The company's overall revenue climbed as well, rising from Rs. 23,555.31 crore in the same quarter last year to Rs. 43,078.39 crore in the April-June quarter.
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