2 August 2018 ONGCs reported EBITDA of INR147b (+49% YoY, +29% QoQ) was in line with our estimate. DD&A; of INR50.3b was below our estimate of INR70b due to lower write-offs. PAT came in at INR61.4b (+58% YoY, +4% QoQ), marginally below our estimate of INR63b due to (a) lower other income of INR6.5b (est. of INR22b; -24% YoY, -83% QoQ), led by lower dividend income and lower cash balance and (b) a higher tax rate of 36% (v/s 28.2% in 4QFY18 and 34.6% in 1QFY18), as loan taken for HPCL acquisition does not qualify for tax shield. of USD71.4/bbl; +45% YoY, +11% QoQ). ONGCs realization premium to Brent in 1QFY19 stood at USD2/bbl v/s historical trend of USD1/bbl. Subsidy sharing was nil, and we model the same for FY19/20. 1QFY19 oil sales stood at 5.