ICICI Direct: ONGC Posts Mixed Q1 Performance, Oil Price Trend To Be Key

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..ICICI Direct Report.Oil and Natural Gas Corporation Ltd. reported a mixed set of Q1 FY21 numbers.Although operational volumes were below estimates, profitability was higher due to reduced operating and depreciation, depletion, and amortisation costs.Revenues fell 39.4% QoQ to Rs 13,011.3 crore (our estimate Rs 13,954.1 crore) due to lower realisations at $28.7/barrel of oil.Oil production was down 2.6% QoQ to 5.7 million metric tonne (our estimate 5.8 million metric tonne). Gas production fell 8.2% QoQ to 5.5 million metric tonne (our estimate 5.7 million metric tonne) due to reduced gas offtake during lockdown.Ebitda fell 31.2% QoQ to Rs 5,907.7 crore (our estimate Rs 5,723.7 crore) as other expenses reduced from Rs 11,200.8 crore to Rs 6,319.9 crore.DD&A expenses were at Rs 4,949.2 crore against estimate of Rs 6,454.5 crore.Consequently, profit after tax was at Rs 496 crore against net loss of Rs 3,098.3 crore in Q4 FY20 (estimated loss Rs 184.3 crore)..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Direct: ONGC Posts Mixed Q1 Performance, Oil Price Trend To Be Key

ICICI Direct: ONGC Posts Mixed Q1 Performance, Oil Price Trend To Be Key

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