ONGC Q4 Review - Production Growth Remains A Worry: Centrum Broking
Casing lies on the ground in front of the drill rig at a pilot gas well site near Blackpool, U.K. (Photographer: Matthew Lloyd/Bloomberg)

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.

Click on the attachment to read the full report:

Centrum ONGC - Q4FY21 Result Update .pdf


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