ONGC Q4 Review - Production Growth Remains A Worry: Centrum Broking
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Centrum Broking Report
Despite a 1% YoY decline in reported revenue, lower costs and better pricing ensured 18%/27 times YoY improvement in adjusted Ebitda/profit after tax for Q4 FY21.
Reported profit after tax was also helped by a reversal of Rs 26.1 billion in Q4 out of the total Rs 61 billion of impairment provisions on some assets taken over FY20-H1 FY21 owing to low crude prices.
Production remained subdued, however, with oil output declining 5% YoY and gas output declining 8% YoY.
Oil realisations of $58/barrel of oil (up $9/bbl YoY, up $15/bbl QoQ) boosted earnings materially, but blended gas price of Rs 5.9/standard cubic meter (down 36% YoY) remains concerning.
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