India's ONGC tops first-quarter profit estimates on strong fuel demand
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 05 2024
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Source: Reuters
ONGC's Profit Performance: India's Oil and Natural Gas Corp (ONGC) reported a standalone profit of 89.38 billion rupees for the first quarter, exceeding estimates due to strong domestic fuel demand and higher crude oil prices, despite a 15% decline in profit attributed to government windfall taxes.
Market Reaction and Future Outlook: ONGC's shares fell 6% amid a broader market downturn, while the company's revenue from operations increased by 4%, indicating ongoing challenges with rising expenses and the impact of taxation on profitability.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
