ONGC · Oil Gas & Consumable Fuels
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.67 lakh cr for October to December 2023, — on the year and +13.4% on the quarter.
Operating profit (EBITDA) was ₹20,360 cr, a margin of 12.2%, — on the year and −686 bps on the quarter.
Net profit was ₹10,511 cr, — on the year and −35.0% on the quarter, with earnings per share of ₹8.51.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 31% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.48 lakh cr | ₹1.67 lakh cr | ₹1.72 lakh cr | ₹1.69 lakh cr | ₹1.59 lakh cr | ₹1.67 lakh cr | ₹1.68 lakh cr | ₹1.63 lakh cr | ₹1.58 lakh cr | ₹1.67 lakh cr | ₹1.74 lakh cr | ₹2.05 lakh cr |
| YoY | — | — | — | +3% | +8% | −0% | −3% | −3% | −1% | +0% | +4% | +26% |
| EBITDA margin | 19.0% | 12.2% | 13.5% | 12.9% | 12.9% | 14.6% | 13.0% | 15.8% | 16.8% | 15.1% | 14.6% | 7.6% |
| Other income, % of PBT | 17% | 31% | 23% | 27% | 33% | 18% | 27% | 16% | 20% | 21% | 31% | 55% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 24% | 26% | 22% | 28% | 32% | 26% | 27% | 26% | 27% | 7% |
| Net profit | ₹16,171 cr | ₹10,511 cr | ₹11,096 cr | ₹9,776 cr | ₹9,841 cr | ₹9,747 cr | ₹8,965 cr | ₹11,554 cr | ₹12,615 cr | ₹11,946 cr | ₹13,678 cr | ₹6,554 cr |
| YoY | — | — | — | −45% | −39% | −7% | −19% | +18% | +28% | +23% | +53% | −43% |
| Core profit YoY | — | — | — | −55% | −52% | +15% | −14% | +36% | +63% | +15% | +35% | −76% |
| EPS | ₹10.89 | ₹8.51 | ₹7.97 | ₹7.93 | ₹8.14 | ₹6.82 | ₹5.91 | ₹7.79 | ₹8.57 | ₹7.96 | ₹8.60 | ₹9.46 |
| Flags | · | 1 | · | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.67 lakh cr (— on the year) and net profit of ₹10,511 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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