ONGC declared its Q1FY20 results, which were largely in line with our estimates on the profitability front. However, production was marginally below our estimates. As per expectations, the quarter witnessed nil subsidy burden while net realisations were at US$66.3/bbl (our estimate: US$67/bbl). Revenues declined marginally by 0.8% QoQ at | 26554.7 crore (in line with our estimates) due to lower own oil as well as JV oil sales volume. EBITDA during the quarter came in at | 15112 crore, above our estimate of | 14033 crore on account of implementation of Ind-AS 166, which lowered other...