ONGC's Q3FY21 revenue and EBITDA was in-line with our estimates, while PAT was below our estimates on the back of higher than expected tax rate and lower other income. Oil/Gas production volume declined 3%/6% YoY to 5.6mmt/5.8bcm. Effective tax rate came at 51% while other income was also down by 13% YoY to Rs12 bn. The company is forming a 100% subsidiary for natural gas/LNG sourcing and marketing. Along with the group companies ONGC needs 2.5-4mmt of natural gas. It expects production volume from KG basin to averge 3.4mmscmd in FY22 and 8.5mmscmd in FY23 and peak production of 15mmscmd to reach in FY24. We expect US$2.6/...