Oil India Ltd. share price target

Oil India (OINL) reported EBITDA lower than estimated owing to higher contract charges. Oil sales were in-line at 0.73mmt, with gas sales below estimates at 0.63bcm for 3QFY22. Other income was higher due to dividend...

We maintain our FY22-24E earnings. ONGC's Q3 standalone EBIDTA was in line at Rs159.6bn (+21%Q/Q; PLe Rs161.2bn), while PAT of Rs87.6bn (52%Q/Q PLe Rs81.0bn) was led by lower exploration write offs. Consolidated EBIDTA stood at Rs225.8bn (+22%Q/Q) due to higher crude realization. PAT was at Rs116.4bn (-38%Q/Q) due to tax write back in Q2. Global crude oil...

Higher oil and gas realization will drive earnings for OINL. We maintain our FY22-24E estimates, as OINL reported strong operational results in Q3 with consolidated EBIDTA/PAT of Rs21.9bn (-5%Q/Q) and Rs15.2bn (+5%Q/Q). Standalone EBIDTA/PAT was at Rs12.7bn (+39%Q/Q PLe Rs17.0bn) and Rs12.5bn (+144% Q/Q; PLe Rs9.0bn). We believe OINL's...

OINL's earnings will ride on improving crude oil and gas realization, along with expansion of Numaligarh refinery (NRL) by 6MTPA (3MTPA capacity), which will increase consolidated FY25E EBIDTA by ~2.7x to Rs157bn....

stake in Mozambique gas field for USD1bn 2) Stakes in Russian oil fields for USD1.1bn and 3) 43.63% stake increase in NRL for Rs69.9bn (USD937mn). OINL has already recouped 60% of its Russian investment in last four years. While NRL investment will be value accretive given excise benefits and expansion plans. Mozambique asset is one of the world's largest discovery, but has been delayed due to political tension. With spot LNG prices recovering sharply as economies...

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...

The management said majority of the gas production is accruing from the Baghjan field currently as the fire-related issues are resolved. It is targeting ~5mmscmd of gas from this field (up from the current production of 1.61.8mmscmd) over the next 3-5 years. It has started working on three more drilling wells, while one well was completed recently in the Baghjan field. Brent prices have started cooling off from its peak (of USD75/bbl in Jul'21 to ~USD70/bbl). We expect it to return to normal levels of USD60-65/bbl as...

reported higher than expected Q3 results with standalone EBITDA of Rs 96.2bn (+45%YoY; PLe 76.9bn) and PAT of Rs49.2bn (+110%YoY; PLe Rs40.5bn). Higher operating profits were due to and forex gains was at Rs66.2bn; 9MFY21 core EBIDTA was Rs166bn vs...