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Oil and Natural Gas Corporation (ONGC), India's energy giant, released its Q3 FY'24 results, revealing a mixed performance amidst volatile market conditions. While revenue saw a marginal increase of 2.5%, profits dipped by 13.6% compared to the same period last year. In this blog, we will have a closer look at the numbers from the ONGC Q3 results.

The important numbers

ONGC saw an increase in its revenue to Rs. 38,188.76 crores from the previous year’s third-quarter earnings of Rs. 37248.72 crores. The net profit, however, saw a steep decline, falling to Rs. 9,535.67 crores from last year’s third quarter net profits of Rs. 11,044.73 crores. The expenses, too, saw an increase from last year’s Rs. 25322.59 crores to Rs. 26,054.02 crores.

The company announced a dividend of Rs. 4 per share as its 2nd interim dividend, making the total payout to be Rs. 5,032 crores. 

Company highlights

  • Production dip: Crude oil production declined by 3.3% and natural gas by 4.3% compared to Q3 FY'23.
  • New discoveries: Encouragingly, ONGC announced nine discoveries during the quarter, demonstrating continued exploration efforts.
  • Monetization: Six discoveries have been monetised to date in FY'24, indicating progress in converting exploration success into revenue.
  • Dividend bonanza: ONGC declared a generous dividend of Rs. 4 per share, reflecting its commitment to shareholder returns.
  • KG-DWN-98/2 Block achievement: The commencement of "first oil" from this deepwater block signals potential future growth.


While the profit decline might raise concerns, the marginal revenue increase and strong dividend signal ONGC's resilience in a challenging market. The production dip requires attention, but new discoveries and monetisation efforts offer promise for the future. The KG-DWN-98/2 Block development is another positive step towards long-term sustainability.

Looking ahead

ONGC's performance will hinge on navigating volatile oil prices, optimising production, and successfully monetising discoveries. Continued exploration success and efficient cost management will be crucial for future growth.

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