ONGC rises after Q1 PAT jumps 24% QoQ to Rs 8,024 cr
Revenue from operations declined 8.52% sequentially to Rs 32,002.89 crore in the quarter ended 30 June 2025.
On a year-on-year basis, the company reported a 10.2% fall in standalone net profit to Rs 8,024.23 crore on a 9.3% drop in revenue from operations to Rs 32,002.89 crore in Q1 FY26 over Q1 FY25.
Profit before tax (PBT) declined 10.1% YoY to Rs 10,744.33 crore in the quarter ended 30 June 2025.
Total expenses fell 11.0% to Rs 22,469.06 crore during the quarter compared with Rs 25,242.86 crore in Q1 FY25. The cost of materials consumed stood at Rs 1,071.94 crore (up 32.9% YoY), the survey cost stood at Rs 533.87 crore (down 29.7% YoY), while the exploration well cost was at Rs 937.97 crore (up 6.1% YoY) during the period under review.
The companys net crude oil realization was $66.13 per barrel (down 20.4% YoY) during the period under review.
Gas from new wells is eligible for a 20% premium over the domestic APM gas price. ONGC is actively working to boost output from such wells. In Q1 FY26, revenue from new well gas stood at Rs 1,703 crore, delivering an additional Rs 333 crore compared to the APM gas price, the company said in a press release.
The standalone crude oil production during Q1 FY26 stood at 4.683 million metric tonnes (MMT), up 1.2% from 4.629 MMT recorded in Q1 FY25. The standalone natural gas production was 4.846 billion cubic meters (BCM) in Q1 FY26 against 4.863 BCM in Q1 FY25.
ONGC announced two offshore discoveries in Q1 FY26the Vajramani prospect in Mumbai Offshore (SW), which tested at 2,122 barrels of oil per day (BOPD) and 83,120 cubic meters of gas daily, and the Suryamani pool discovery in the Mukta Formation.
Production commenced from the PY-3 Field in the Cauvery Basin and the North Karanpura coal bed methane block, while a new gas supply began to the CGD sector in Tripura. The company also commissioned its largest ASP (alkaline surfactant polymer) plant in Ahmedabad and its first onshore multiphase pumping system.
On a consolidated basis, the companys net profit rose 18.20% year on year (YoY) to Rs 11,554.21 crore in Q1 FY26 from Rs 9,776 crore in Q1 FY25, while revenue from operations fell 3.47% YoY to Rs 1,63,108.12 crore from Rs 1,68,967.98 crore in the same quarter last year.
Meanwhile, the board of directors has accorded approval for an investment of Rs 4,963.06 crore for setting up a 0.6 GW (300 MW solar and 300 MW wind) renewable power project by 2028.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services.
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The Hindu
16 minutes ago
- The Hindu
Why are thousands of small and marginal farmers in Maharashtra rejoicing about India-U.K. FTA?
In Nilwande village, 50 kilometres away from Nashik city, 35 years old Chhaya Thete wakes up early morning to send her two children to a private English medium school around an hour away from her village. Tiffins packed, meals cooked, she then heads to her farm to see if the stems in her vineyard have changed colour. Due to the unseasonal rain this time, she is worried that there will be diseases on the leaves and that the yield might reduce. But there is one thing she looks up to this year – the increased income on her export quality grapes. She is kicked about the India – UK Free Trade Agreement, whereby Indian grapes will now enter UK duty-free. For this woman farmer with a marginal land holding of close to two acres, it promises better income, better standard of living and some disposable income. The district of Nashik is called the grape capital of India. In 2023-24, India exported over 3 Lakh metric tonnes of grapes, valued at over $400 million. Maharashtra is the its biggest producer. UK has consistently been one of our top importers. And most of the grapes grown in the fertile land of Nashik make their way to the European market. With the India-UK Free Trade Agreement, Indian grapes will now become more competitive in the European market and will stand a better chance in front of competitors like South Africa, Chile, which have to exporting to UK without any tarriff. Our grapes were levied a tarriff of eight per cent earlier. But for the small and marginal farmers, a majority in India, the better chance of exploiting this opportunity comes with the power of collective farming. Over the last decade or so, Chhaya, along with her husband Dnyaneshwar Thete, has repaid a bank loan, bought more land for grape cultivation, and has built a small bungalow on the land where a modest house with thatched roof stood once. She cultivates some new and exclusive varieties of grapes like Ara. And Chhaya Thete is not alone. In the neighbouring village, 49 years old Vijay Wadje and his young son are equally excited. They have been cultivating some of the exclusive grape varieties for export for a while now. And the experience of sending it for export has been different from the experience of selling the produce in the domestic market. 'I have been doing grape farming for 25 years now. Earlier, I used to cultivate Sonaka variety. I did it for almost 10 years, and sold the produce in the domestic market. But not only did I get poor rate, the income was also not fixed. We had to pack the grapes ourselves and take them to the trader, who would hardly ever pay on time. But then, over a decade ago, I saw people around me cultivate Thompson variety. I saw them prosper. So I decided to try my hand at it. And since then, there has been no looking back. Today, I cultivate Thompson, Ara varieties. The produce goes to the company. We get timely payment as per the quality of the produce. There is strict testing and quality control. The higher the quality of my grapes, the better the price,' said Vijay Wadje. He owns 2.5 acres of land. Each acre gives him 100 quintals of grape. Each kilogram earns him anywhere between Rs 60 to Rs 100, depending on the quality. His son, 23 years old Rahul Wadje, who has completed Physics, joined his father in agriculture three years ago while doing a part time agriculture diploma. He is one of the few youngsters who want to continue farming. Others are moving away from the family farms, looking for private or government jobs. 'I want to continue farming. But that is not sufficient. I want to simultaneously start an agriculture-allied business, like providing hardware or mulching paper, for agriculture,' he said with excitement in his voice and a twinkle in his eyes. He has been consciously carrying out experiments in the farm to improve the quality, and is acutely aware of the strict quality control measures farmers have to take for making the produce which passes the stringent export norms. 'We test our soil five times a year. We also test our vineyard regularly. The petiole testing is crucial. The European market is very strict. They test the taste, colour, variation. They want each berry to be the same size, to have the same taste and colour. They don't want chemicals in their grapes. We follow all the international norms. Our grapes are the best quality for eating. Even we eat them right from the vineyard. If we buy grapes from the market, we need to wash them thoroughly. But that is not the consideration for the export quality grapes we grow The secret behind their changed fortune is collective farming. They are all a part of the 14,000 farmers associated with a Farmer Producer Company – Sahyadri Farms. 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Over 14,000 farmers are associated with Sahyadri for grape production. The company said that the FTA will lead to at least 15 per cent better returns for the farmers. 'For grapes, India will have great advantages. Volume will increase due to fair competition. Along with grapes, there will be bigger opportunities for other horticulture commodities pomegranate, mango, citrus fruits. It will lead to end-to-end ecosystem, improving standard for customer requirement. This will lead to greater learning which will help farmers not just in the UK, but in other markets like Japan, USA. It will help in domestic market as well. The demand for premium fruits is increasing. Food safety related standards will force the farmer community give better quality,' he said. Every year, Sahyadri exports 22,000 metric tonnes of grapes. 30 per cent of it goes to the UK market.
Economic Times
16 minutes ago
- Economic Times
Bank of Azad Hind: When Netaji gave India its own currency
Synopsis In 1944 Rangoon, Netaji Subhas Chandra Bose established the Bank of Azad Hind to fund his liberation campaign, demonstrating India's financial capabilities before independence. Capitalised by the Indian diaspora, the bank became the Provisional Government's treasury, issuing its own currency and supporting various war efforts. Image: Netaji Research Bureau It is April 1944 in Rangoon. In a vacant bungalow off Jamal Avenue, carpenters are at work turning bare rooms into a working bank. Just a week earlier, this was an empty space. Now, it is about to become the headquarters of a bank and no, this one is not the story of how the Reserve Bank of India (RBI) was birthed. This bank was under the authority of the Provisional Government of Free India, led by Netaji Subhas Chandra Bose. Five years before the RBI became fully independent in 1949, Bose launched the Bank of Azad Hind to fund his liberation campaign and to demonstrate that India could run its own financial institutions before it had even won its political freedom. Also Read: Independence Day 2025: Tryst with growth — India's economic journey from Nehru to now The short but strong saga of this bank has been well drafted in S.A. Ayer's book, "Unto Him a Witness". Ayer, who served in Bose's cabinet, wrote, 'At this stage, Netaji established the first National Bank of Azad Hind outside India in Rangoon on the 5th of April, 1944, to finance the war of India's liberation.' The 'stage' Ayer refers to was a tense moment. Bose was preparing to leave for the front in the Imphal–Kohima campaign. Japanese and Burmese authorities were sceptical about establishing a bank in wartime, fearing political complications. Some colleagues worried about capital, stability, and the timing. But Bose was unmoved and unbothered. 'Have a bank I must, and that too within a few days, before I leave for the front. I must open the bank and then go to the front,' Ayer quoted Bose as came quickly from the Indian diaspora in Southeast Asia. Ayer recounted how four Indians stepped forward to fund the initial days of the newly founded bank, with a vision of free India. 'Perhaps, you may be surprised to hear that four Indians have come forward to find between themselves all the required capital for the bank. They are prepared to write off the capital, if necessary, though I am quite sure they won't have to. In any event, they are ready to assign to the Provisional Government of Azad Hind eighty per cent of the annual profits.'This show of support ended Japanese resistance. 'That silenced the Japanese pretty effectively,' Ayer notes. What followed was a full and renewed case of dedication. Also Read: India's space race: From bullock carts to Gaganyaan'How one man, Yellappa, and the other four patriotic Indians worked like Trojans night and day for a week and converted a vacant building into a full-fledged bank — with an authorised capital of rupees fifty lakhs is a romantic story that deserves a chapter all by itself,' Ayer Fay, in his book "The Forgotten Army", recounts how Netaji's appeal in Rangoon for rupees 5 million triggered an extraordinary outpouring of support from the Indian community in Burma and Malaya, ultimately swelling the Azad Hind Bank's reserves to about 215 million rupees – more than 150 million rupees from Burma media reports and later historical accounts identify some of the most prominent donors: Abdul Habeeb Yusuf Marfani, a Gujarati businessman in Rangoon, is said to have pledged his entire fortune of roughly 1 crore rupees; the Betai family, Hiraben and Hemraj, reportedly contributed 50 lakh rupees in cash and assets; and Iqbal Singh Narula famously offered silver equal to Netaji's own Bank of Azad Hind soon became the treasury of the Provisional Government. 'The funds of the Provisional Government were banked with this bank,' Ayer wrote. It accepted donations 'in cash as well as in kind' from traders, shopkeepers, and plantation workers. These resources funded soldier pay, procurement, propaganda, and relief efforts. Also Read: UPI and beyond: The great Indian banking leap The bank even issued its own currency, denominated in rupees, which circulated in INA-controlled territories, a symbolic assertion of monetary sovereignty even if it carried no value in British himself served as chairman. 'The National Bank of Azad Hind was established in Rangoon in April 1944. I know a man called Dina Nath. He was one of the Directors of the Bank. I was the Chairman of the Bank,' he institution's life was brief. It closed by the end of World War II or precisely after the INA's retreat and the fall of Rangoon. But decades later, it resurfaced in an unexpected way. Following the Modi government's decision in 2016 to declassify files related to Bose, the finance ministry began receiving unusual petitions. Several borrowers wrote offering to repay their loans using Azad Hind Bank currency notes, some promising the bearer sums as high as ₹1 lakh. 'We have received representations from some individuals who want the currency issued by Azad Hind Bank or similar variants to be recognised as legal tender,' a government official told ET at the Reserve Bank of India, citing Section 22 of the RBI Act, 1934, rejected the requests, saying it had no record of such an entity and that only the RBI has the sole authority to issue banknotes. Some petitioners pushed back, arguing the RBI 'itself was formed by the British' and that the government should take a fresh Ayer's view, the bank was never merely a repository of funds for Bose: Perhaps it was a pledge of a nation to free itself, having 'our own currency and our own bank' alongside an army and a government.
India Today
16 minutes ago
- India Today
550 Mumbai chawl families receive keys of new redeveloped spacious apartments
Mumbai's century-old Worli BDD chawls saw a major shift on Thursday as 556 families received keys to their new 500-sq ft high-rise apartments under the long-pending redevelopment project. Residents are moving from cramped 180-sq ft rooms to modern 2-BHK homes, some offering sea redevelopment, carried out by Tata Housing in partnership with the Maharashtra Housing and Area Development Authority (MHADA), includes two completed towers of 40 floors each, with work on other buildings larger Bombay Development Department (BDD) chawl redevelopment — covering Worli, Naigaum in Dadar, and NM Joshi Marg — is estimated at over Rs 17,000 crore. Once complete, 15,593 families will transition from 160-sq ft homes to 500-sq ft apartments. Amenities in the new towers include a rainwater harvesting system, rooftop solar panels, automatic corridor light sensors, and planned parking month, residents were given a preview of "tower life" during an orientation session, which included guidelines such as not storing footwear or belongings in many, the day was the fulfilment of a decades-long wait. Ravindra Mayekar, 58, whose 75-year-old mother is among the beneficiaries, said, "We have been waiting for this house to be completed for years. It's a dream come true. People should stay in these houses and not sell them to others. This is gold which we should leave for our next generation".Others, still awaiting possession, expressed mixed feelings. Stayawan Bankar, who lives in an old building next to the construction site, said, "Construction is ongoing next to our building. Due to this, mosquito infestation has increased. Last year my daughter was admitted to the hospital twice. My dream of having a family is complete, now waiting for the dream of a house to be completed".For the Kulkarni family, Thursday was an emotional milestone. "It's my grandmother's deeds that we have got this house today. Since I was growing up I have been hearing that Worli BDD will be redeveloped. To see it happening is a dream come true. My family plans to stay here," said 22-year-old Varad to local property agent Santosh Singh, Worli's real estate rates range from Rs 60,000 per sq ft for regular flats to Rs 1.25 lakh for luxury units."In case of Worli BDD, because it's a redeveloped building, it will cost around Rs 30,000 to Rs 40,000 per sq ft even if made well. So the costing will be at Rs 2 crores per flat as a middle-class person can't pay more than," he the new homeowners, the move marks the beginning of a new chapter — one that transforms a 100-year-old community into a modern vertical neighborhood.- Ends IN THIS STORY#Mumbai
