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ONGC Q4 profit jumps 19x to Rs 9869 crore
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    ONGC to invest $4.5 billion to boost output
    ONGC Q4 profit jumps 19x to Rs 9869 crore

    (20 second reading) ONGC’s profit jumped 19 times to Rs.9,869 crore in the fourth quarter on exceptional provision in the year-ago period.
    Revenues fell 4.5% from a year earlier to Rs.34,637 crore in the fourth quarter. The operational cost fell 12% in a year to Rs.25,456 crore in the quarter on lower exploration cost write-off.
    The company’s profit for the full year (2023-24) rose 1% to Rs.40,526 crore, up from Rs.40,097 crore in 2022-23. Annual revenues dropped 11% to Rs.1,38,402 crore.
    Crude oil price realised from nominated fields rose 5% year-on-year to $80.81 per barrel in the fourth quarter. Gas price realised by ONGC in the quarter fell 24% to $6.5 per mmbtu.

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