We increase our FY22-24E earnings by 35%/7%/1% to factor in 1) crude realization of USD70/bbl for FY22 (USD65 earlier) 2) gas realization of USD2.62/4/4/mmbtu (USD2.5/3/4 earlier) and 3) tax write back, as company moved to lower tax rate of 22% from FY21 level. ONGC's Q2 standalone EBIDTA was in line at Rs132.2bn (+9%Q/Q; PLe Rs129.5bn), however, lower...