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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