Company Update : ONGC Ltd by Motilal Oswal Financial Services Ltd
In-line performance; Volume growth remains weak
* In 2QFY26, ONGC’s standalone revenue came in-line with our est. at INR330b.
* Crude oil/gas sales were in line with our est. at 4.8mmt/3.9bcm. VAP sales stood at 592tmt (est. 681.5tmt).
* Reported oil realization was USD67.3/bbl, at a USD3.2/bb discount to Brent during the quarter.
* Crude oil and natural gas production remained flat QoQ/YoY.
* Standalone EBITDAX/PAT also stood in-line with our est. at INR177b/INR98.5b.
* DDA, dry well write-offs, and survey costs stood below estimate at INR74.7b
* Both tax rate and other income came in below estimate.
* ONGC Videsh:
* OVL’s oil and gas production was down YoY at 1.72mmt/0.61bcm (1.82mmt/0.71bcm in 2QFY25).
* Crude oil sales stood at 1.27mmt, while gas sales came in at 0.4bcm.
* OVL’s revenue (incl. other income) was INR21.6b, and PBDT stood at INR6.4b.
* The Board has declared an interim dividend of INR6/sh (FV: INR5/sh)
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