However, revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.
Profit before tax soared to Rs 12,860.38 crore in Q4 FY24, as against Rs 56.84 crore reported in Q4 FY23.
The company's net crude oil price realization was $80.81 per barrel (up 4.8% YoY) and gas price realization was $6.50 per mmbtu (down 24.2% YoY) during the period under review.
ONGC's crude oil production grew by 2.4% year on year to 5.359 metric million tonnes (MMT) in Q4 FY24. Gas production during the quarter was 5.101 billion cubic meters (BCM), down 3% on YoY basis.
For FY24, the company's net profit rose marginally to Rs 40,525.96 crore as compared to Rs 40096.51 crore reported in FY23. Revenue declined 11.01% to Rs 138402.13 crore during the FY24.
Meanwhile, the company's board recommended a final dividend of Rs 2.50 per equity share for the financial year 2023-24, subject to approval of the shareholders. The record date for the payment of final dividend will be intimated separately, it added.
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. The Government of India held 58.89% stake in ONGC as of March 2023.
Shares of ONGC rose 0.41% to Rs 280.25 on the BSE.