State-owned Oil and Natural Gas Corporation (ONGC) on Tuesday reported a 3 per cent rise in March quarter profit to Rs 6,649.97 crore as higher oil and gas prices helped negate a drop in output.

Net profit of Rs 6,649.97 crore in January-March -- the fourth quarter of 2025-26 fiscal year -- compared with Rs 6,448.28 crore earnings in the corresponding period of the previous year and Rs 8,371.85 crore in the preceding three months, according to a stock exchange filing by the company.

Revenue from operations rose marginally to Rs 35,928.18 crore during the quarter from Rs 34,982.23 crore in Q4 of FY25.

For the full fiscal year, ONGC reported a net profit of Rs 32,894.02 crore, down 7.6 per cent from Rs 35,610.32 crore of 2024-25 fiscal year.

ONGC wrote off Rs 4,876.75 crore in exploration well cost during the quarter under review after the wells drilled did not yield any commercial hydrocarbon discoveries. This compared with Rs 4,173.04-crore write-off in the corresponding quarter of the previous year.

For the full year, the exploratory well cost written off was Rs 8,235.98 crore as compared to Rs 7,479.96 crore a year back.

The Board of Directors of ONGC recommended a final dividend of Re 1 per share for the 2025-26 fiscal year