BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
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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