HDFC Securities:  Falling Realisations Drag ONGC’s Q1 Revenue Down
A man cycles past ONGC’s Uran plant in Maharashtra. (Photographer: Dhiraj Singh/Bloomberg)

HDFC Securities: Falling Realisations Drag ONGC’s Q1 Revenue Down

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HDFC Securities Report

Lower oil and gas realisations will drag down profitability for Oil and Natural Gas Corp. Ltd.

In Q1 FY21, revenue was approximately 8% below our expectations owing to a lower-than-anticipated crude oil price realisation of 28.7/barrel of oil U.S. dollar (versus our estimate 31.7/barrel of oil U.S. dollar).

Ebitda was approximately 15% above our expectations due to lower-than-anticipated operating expenses and employee costs.

However, adjusted profit after tax fell by approximately 36%, courtesy substantially lowerthan-anticipated other income.

Click on the attachment to read the full report:

HDFC Securities ONGC Q1FY21 Results Update.pdf

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