5 November 2018 ONGC reported net operating income of INR280b (est. 301b, +48% YoY, +17% QoQ), lower than our estimate due to higher-than-expected discount of 2.4% to Brent for oil price realization and lower oil sales. EBITDA came in at INR158b (est. Depreciation including write- offs stood at INR48.5b (est. 63.6b, flat YoY, -23% QoQ), lower than our estimate due to lower write-offs. Other income stood at INR23.9b (est. Despite lower-than-expected EBITDA, PAT stood at INR82.6b (est.