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.
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