New Delhi: State-owned Oil and Natural Gas Corporation’s (ONGC) March quarter net profit soared 19 times as the year-ago period had a one-time exceptional provision, while it posted a record earning for the full fiscal.

The company’s standalone net profit of Rs9,869 crore in January-March, the fourth quarter of fiscal year 2023-24, compared with a profit of Rs528 crore in the same period of the previous financial year, according to a company statement. India’s top oil and gas producer had made a provision of Rs9,235 crore in the January-March 2023 quarter towards disputed taxes for the period from April 1, 2016, to March 31, 2022.

ONGC reported a 4.3 per cent rise in crude oil production in the fourth quarter this year to 4.71 million tones (MT). The price realised for the same also was higher at $80.81 per barrel compared to $77.12 a barrel in January-March 2023. Gas price was, however, lower at $6.50 per million British thermal units (mBtu) as opposed to $8.57 in the previous year. Also, gas production fell 2.4 per cent to 4.95 billion cubic metres. Its revenue from operation was 4.6 per cent lower at Rs34,637 crore. For the full 2023-24 fiscal (April 2023 to March 2024), ONGC reported the highest-ever standalone net profit of Rs40,526 crore on a revenue of Rs1.38 lakh crore.

This compared with Rs40,097 crore net profit on a revenue of Rs1.55 lakh crore. On a consolidated basis after taking into account the earnings of subsidiaries, including listed companies Hindustan Petroleum Corporation Ltd (HPCL) and MRPL, ONGC had a record consolidated net profit of Rs57,101 crore for FY24.