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

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

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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