We maintain our earnings estimates for FY22/23E. ONGC's Q1 results were in line with standalone EBIDTA/PAT of Rs121.5bn (+20%Q/Q; PLe Rs122.6bn) and Rs43.4bn (+5%Q/Q; PLe Rs50.6bn), while lower PAT was due to lower other income of Rs5.4bn. Global crude oil prices recovered, as OPEC countries managed production in a recovering economy. However, we expect...