30 June 2020 Standalone revenue of INR214.6b (-20% YoY, -10% QoQ) was marginally higher than our estimate. The YoY decline was primarily due to lower oil price realization (at USD49/bbl in 4QFY20). However, EBITDA came in lower than estimate at INR85.9b (~-30% YoY/QoQ), impacted by higher other expenditure. ONGC recorded INR11.1b on account of exchange loss and INR3.7b on account of Ind-AS 116 related adjustment. If adjusted for the above stated two charges, EBITDA stands at INR101b (in line v/s est. DDA stood at INR80.4b (v/s est. Higher DDA and lower other income resulted in PBT of INR10.1b (lower ~82% YoY/QoQ).