Prabhudas Lilladher: ONGC Q2 Review - Improved Crude Oil Realisation, Lower Costs Drive Earnings
A man cycles into the Oil and Natural Gas Corporation Ltd. (ONGC) Uran plant in Uran, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)

Prabhudas Lilladher: ONGC Q2 Review - Improved Crude Oil Realisation, Lower Costs Drive Earnings

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Prabhudas Lilladher Report

Oil and Natural Gas Corporation Ltd. reported Q2 FY21 standalone Ebitda and profit after tax of Rs 84.3 billion (our estimate Rs 76.1 billion; down 37% YoY) and Rs 41.1 billion (our estimate Rs 17.7 billion), respectively.

Strict control on costs supported operating performance. PAT got a lift from higher than expected other income of Rs 22.3 billion (down 17%YoY).

For Q2, operational profitability was supported by higher crude price realization of 41.4/barrel of oil U.S. dollar (Q1 28.7/bbl U.S. dollar) as global demand recovered from Q1 lows.

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Prabhudas Lilladher ONGC Q2FY21 Result Update.pdf

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