ONGC's Q1FY20 result was a beat to our forecast on EBITDA front whereas Net Profit was in-line to our forecast. Revenue was down 2.4% YoY to Rs265 bn on the back of lower crude oil realizations and lower oil sales volume. Oil sales volume declined by 9% YoY to 5.3mmt whereas gas sales volume grew marginally by 2.1% YoY to 5bcm. Further, EBITDA grew by 2.6% YoY to Rs151bn whereas PAT declined 4% YoY to Rs59 bn. We maintain our forecast for FY20 and FY21. We believe that the Capital allocation uncertainty and lower crude oil...