ONGC Q1 profit slips 4% to Rs 5,904 crore, gas production rises 3.8%

State-run Oil and Natural Gas Corporation (ONGC) on Tuesday reported a 3.9 per cent year-on-year fall in net profit at Rs 5,904 crore for the first quarter ended June 30, 2019, dented by falling oil prices and declining production.

"The company had posted net profit of Rs 6,144 crore in the year-ago period," ONGC said in a filing to the Bombay Stock Exchange (BSE).

ONGC's gross revenue slipped by 2.4 per cent to Rs 26,555 crore as against Rs 27,213 crore in the same quarter last year.

On consolidated basis, net profit declined 24.4 per cent YoY to Rs 7,043 crore, while gross revenue slipped marginally by 0.8 per cent to Rs 1,09,515 crore.

Also Read: Sun Pharma Q1 profit jumps 31% to Rs 1,387 crore, sales rises 16%

During the quarter under review, ONGC made 4 discoveries (3 prospects and 1 pool). This included a gas discovery in Tripura.

Crude oil price realisation was down by 7.3 per cent to $ 66.30 per barrel in Q1FY20 as compared to $71.49 per barrel during Q1FY19. Natural gas price realisation, however, rose by 20.6 per cent to $3.69 per million british thermal units (MMBTU) against $3.06 per MMBTU in the same quarter last year.

Also Read: Godrej Industries Q1 profit surges 31% to Rs 103 crore, revenue dips 3%

On the production front, crude oil output fell 4.7 per cent to 4.792 million tonne versus 5.027 million tonne in the year ago period. However, natural gas production rose by 3.8 per cent to 6.148 billion cubic meters (bcm) from 5.925 bcm in Q1FY19.

Ahead of Q1 earnings, shares of ONGC closed 1.71 per cent lower at Rs 128.30 apiece on the BSE on Tuesday.

Edited by Chitranjan Kumar