ONGC Q1 Review – Pricing Strength More Than Offsets Output Worries: Centrum Broking

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Despite a 5/4% YoY decline in oil/gas production, a sharp $37/barrel of oil YoY ($8/bbl QoQ) increase in oil realisation to $65.6/bbl and a 1% YoY (23% QoQ) improvement in gas realisation to Rs 7.3/standard cubic metre ensured a 96% YoY jump in Ebitda to Rs 116 billion and a sharper 8.7 times YoY jump in net earnings to Rs 43.3 billion for Oil and Natural Gas Corporation Ltd.

Earnings, however, were below estimates of Rs 125 billion Ebitda / Rs 48 billion profit after tax mainly due to the miss on production.

While production growth remains elusive in the near term, ONGC’s management has aggressive plans to augment output once Covid-19 related travel/logistics constraints abate.

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Centrum ONGC Q1FY22 Result Update.pdf


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