MUMBAI — Oil & Natural Gas Corporation, the country's largest crude oil producer, posted a consolidated net profit of Rs 10,820 crore for the quarter ended March 2024, marking a robust 46 percent year-on-year growth, driven by improved operational performance and stable production levels.
Revenue from operations for the state-run energy major increased 4 percent to Rs 1,73,805 crore during the fourth quarter, reflecting steady demand across domestic markets despite global crude price volatility.
The company's board recommended a final dividend for shareholders and approved the formation of a joint venture to develop a liquid port facility at Dahej in Gujarat, signaling expansion beyond upstream operations into critical infrastructure.
The strong quarterly performance comes as India's energy sector navigates twin pressures of meeting rising domestic consumption and transitioning toward cleaner fuel alternatives. ONGC's robust profit growth could strengthen government revenues through higher dividends, with implications for public spending on infrastructure and social programmes.
For Bihar and other consuming states, ONGC's stable production outlook ensures consistent petroleum product availability, critical for agricultural operations, transportation, and industrial activity. The Dahej port project may also enhance supply chain efficiency for eastern markets.