ONGC's Q3FY17revenue and EBITDA came in line with expectation while PAT was below expectation on the back of higher than expected dry well costs and lower other income. Revenue increased 8% YoY to Rs200 bn, EBITDA grew 19% to Rs104 bn while adjusted PAT increased 12.2% YoY to Rs44 bn. Oil production volume was down 1.9% YoY to 6.4mmt while gas volume increased 4.4% to 6bcm. The company's dry well write off came at Rs13.6 bn in Q3FY17 vs Rs7 bn in Q3FY16 and Rs5.5 bn in Q2FY17, which we expect to subside in coming quarters. We expect ONGC to benefit significantly from higher crude oil price and expected cut in Cess....