ONGC's Q3FY18 reported a strong operating performance led by higher gas volume and oil realization. However due to higher DDA and dry well costs, net profit took a significant hit, below our estimates. Oil volume saw a marginal dip of 1% YoY to 6.3bcm, while gas production volume continued its uptrend and grew 4% Y to 6.3bcm. EBITDA increased a robust 20.8% YoY to Rs125 bn but due to 25% rise in DDA, PAT grew just 15% to Rs50 bn....