Business
ONGC’s Q4 FY25 Net Profit Declines 35% to Rs 6,448 Crore
In the fourth quarter, ONGC achieved a price realization of $73.72 per barrel for crude oil, compared to $80.81 per barrel a year earlier. The company produced 4.7 million tonnes of crude oil during the quarter, slightly less than the 4.714 million tonnes produced in January-March 2024. Natural gas production also decreased to 4.893 Billion Cubic Metres (BCM) from 4.951 BCM in Q4.
For the entire fiscal year (FY25), ONGC reported a 12% drop in net profit to Rs 35,610 crore, with revenue remaining nearly unchanged at Rs 1.37 lakh crore. Average oil price realization fell by 4.8% to $76.90 per barrel for the fiscal year, while gas prices remained stable at $6.5 per million British thermal units.
The statement noted that standalone crude oil production in FY25 reached 18.558 million tonnes, marking a 0.9% increase from FY24, while standalone natural gas production fell to 19.654 BCM from 19.978 BCM in the previous year. ONGC reported its highest drilling activity in the last 35 years, with 578 wells drilled, including 109 exploratory and 469 development wells, compared to 544 wells in FY24. The increase in drilling was spurred by a government guarantee of a 10% higher price for gas produced from new wells.
ONGC’s capital expenditure for FY25 totaled around Rs 62,000 crore, up from Rs 37,494 crore in FY24, with significant investments such as Rs 18,365 crore in OPaL and Rs 4,600 crore in ONGC Green Ltd for acquisitions.
The company’s overseas subsidiary, ONGC Videsh Ltd (OVL), experienced a slight production increase of 1.2%, achieving 7.265 million tonnes in FY25, up from 7.178 million tonnes the previous year, driven by strong contributions from key assets in Colombia and South Sudan, despite facing geopolitical challenges and local issues. However, gas production from OVL decreased to 3.013 BCM in FY25 from 3.340 BCM in FY24, mainly due to the conclusion of production in Block 06.1 in Vietnam. OVL’s turnover fell to Rs 12,995 crore from Rs 13,197 crore, influenced by lower realized crude oil prices (USD 70.23 per barrel compared to USD 71.47 per barrel in FY24). Net profit also decreased to Rs 418 crore from Rs 490 crore (restated) in FY24.
ONGC reported a total of 9 discoveries during FY 2024-25, with 5 on land and 4 offshore, and monetized eight hydrocarbon discoveries during this fiscal year, including two new discoveries notified within the same period.
Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.
Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.
With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.
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Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.
The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.
Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.
Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.
If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.
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Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.
New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.
Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.
In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.
READ MORE :Class 1st Girl Loses Two Fingers in School Accident
Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.
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