BETTING ON GREEN

Oil major ONGC posted a strong and resilient performance in FY24, generating steady profits, with green ambitions reinforcing its energy leadership vision

- By ARUN KUMAR SINGH

INDIA'S OIL AND gas powerhouse, Oil and Natural Gas Corporation (ONGC), delivered a resilient and upbeat performance in FY24, reaffirming its position as the nation's primary energy provider. For the year ended March 31, 2024, ONGC reported a consolidated net profit of Rs 40,526 crore. While this was a 27 per cent decline from the previous year's record high of Rs 55,717 crore—largely due to windfall taxes and softer crude prices—it still stands as one of the strongest earnings among public sector companies.

Total consolidated revenue for the year was Rs 6,44,355 crore, reflecting the company's broad-based presence across the oil and gas value chain. Importantly, ONGC continued to generate strong cash flows, enabling a hefty capex outlay of Rs 35,649 crore in FY24—the highest-ever in a single year for the company.

Chairman Arun Kumar Singh said it best: “We remained focused on energy security for the nation while laying the foundation for a greener future. FY24 marked an inflection point in our diversification journey.”