Name: Latest research reports of Oil And Natural Gas Corporation Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: Oil And Natural Gas Corporation Ltd.
Rating: 5
Author: Motilal Oswal

EBITDA in line; continued production challenges seen ahead

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Motilal Oswal

ONGC reported in-line revenue with realization at USD75.4/bbl (+75% YoY, in line) and gas sales at 4.3bcm (-4% YoY). EBITDA also stood in line at INR159.7b (+91% YoY, +21% QoQ). Management has guided for production of 21mmt/24.3bcm of oil/gas for FY23E and 24mmt/32bcm of oil/gas for FY24E, respectively. Our estimates were already conservative and thus remain unchanged. Further, we build modest production estimates at 22/23mmt for oil and at 21.7/25.8bcm for gas for FY23E/24E, respectively....