Yet, its Ebitda at ₹18,200 crore was broadly in line with analysts' estimates. Windfall tax was much lower year-on-year, leading to improved net realization and boosting operating profit.
However, consolidated Ebitda was down 26% year-on-year to about ₹21,800 crore due to lower refining margins at its subsidiaries—Hindustan Petroleum Corp. Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL).
While ONGC managed to ramp up its production from the KG basin field, it cut its overall production guidance for FY25-27. The company has been struggling to restrain declining production from its fields, down about 20% over FY19-24.
The good news is that the ramp-up of crude oil production from the newly developed KG basin 98/2 block to 25,000 barrels per day (bpd) in October, up from 12,000 bpd in the June quarter, should help it beat FY24 production figure.
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