ONGC Q4 Review - Further Delay In KG-DWN-98/2; Expect An Upsurge In APM Price: Motilal Oswal
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Motilal Oswal Report
Oil and Natural Gas Corporation Ltd. reported in line crude oil sales (down 4% YoY), while gas sales continue to be lower than our estimate (down 6% YoY).
Lower opex led to beat on Ebitda (8% higher than our estimate at Rs 101 billion).
The company almost reached FY20 production levels for crude oil, while the decline in gas production is due to lesser offtake by customers due to the Covid-19 outbreak.
This resulted in a production shortfall in value-added products as well.
Oil/gas production in FY21 was 22.5 metric million tonne/22.8 billion cubic metres, totaling 45.3 metric million tonnes of oil equivalent.
The company expects FY22 production at 48.7mmtoe, with oil/gas production at 22.5mmt/26.2bcm.
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