ONGC Q1 Results: Profit Rises 24%, Revenue Declines

Oil & Natural Gas Corp. posted a 24% rise in net profit in the first quarter of this financial year. It has posted a consolidated profit of Rs 8,024.23 crore in quarter ended June.

This is in comparison to profit of Rs 6,448.28 crore in the preceding quarter, according to its stock exchange notification on Tuesday.

Revenue decreased by 8.5% sequentially for the three months ended June, reaching Rs 32,002.89 crore.

• Revenue down 8.5% to Rs 32,002.89 crore versus Rs 34,982.23 crore.

• Net profit up 24% to Rs 8,024.23 crore versus Rs 6,448.28 crore.

• Ebitda up 23% to Rs 17,185.28 crore versus Rs 13,961.36 crore.

• Margin at 53.7% versus 39.9%.

The quarterly earnings was shared after market hours. The stock settled 0.74% higher at Rs 235.52 apiece on the NSE, compared to a 0.46% decline in the benchmark Nifty 50.

ONGC's shares have fallen 30.99% in the last 12 months and 1.56% year-to-date.

Out of 29 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 280.96 implies an upside of 19.3%.