State-owned Oil and Natural Gas Corporation (ONGC) has reported a robust 17 per cent rise in its second-quarter net profit, primarily driven by a significant reduction in windfall taxes. The company’s standalone net profit for the July-September quarter rose to ₹11,948 crore, up from ₹10,238 crore in the same period last year.
The lower windfall tax, imposed by the government to curb excessive profits during periods of high oil prices, played a crucial role in boosting ONGC’s bottomline. The company’s statutory levies for the quarter declined to ₹7,829 crore, down from ₹10,791 crore in the previous year.
The profit increase came despite lower realised prices for crude sold to refiners. ONGC earned $78.33 per barrel in the quarter, down from $84.84 in the year-ago period, while gas prices held steady at $6.5 per million British thermal units.
Revenue from operations fell to ₹33,881 crore, down from ₹35,163 crore a year earlier, but other income more than doubled to ₹4,766 crore in the quarter.
For the first half of the fiscal year, ONGC posted a net profit of ₹20,922 crore comparable with the ₹20,765 crore earned in the same period last year. The board declared an interim dividend of ₹6 per share for the 2024-25 fiscal year.
Britannia net declines
Britannia Industries on Monday reported a decline of 9.36 per cent in consolidated net profit at ₹531.55 crore in the second quarter ended September 2024 on account of tepid consumer demand due to rising commodity inflation.
The company had posted a net profit of ₹586.5 crore in the July-September quarter a year ago.
Britannia Industries’ revenue from the sale of products was up 4.47 per cent at ₹4,566.23 crore in the latest September quarter.
Revenue from operation was up 5.29 per cent at ₹4,667.57 crore during the reporting quarter. It was at ₹4,432.88 crore in the corresponding previous quarter.
Hindalco net up 78%
Aditya Birla Group firm Hindalco Industries on Monday reported a 78 per cent rise in consolidated net profit at ₹3,909 crore in the September 2024 quarter on the back of strong operational performance, favourable macros and prudent cost management.
The company posted a consolidated net profit of ₹2,196 crore in the year-ago period.
Total income during the quarter under review rose to ₹59,278 crore against ₹54,632 crore a year ago.
Shree Cement
The Bangur family-promoted Shree Cement on Monday reported an 82.83 per cent decline in consolidated net profit at ₹76.64 crore for the September quarter FY25 as it faced challenging demand conditions on account of a prolonged monsoon and lower price in the segment.
The company had logged a net profit of ₹446.62 crore in the July-September period a year ago, according to a regulatory filing from Shree Cement Ltd (SCL).
Revenue from operations was down 15.07 per cent year-on-year to ₹4,054.17 crore during the quarter.
