Oil and Natural Gas Corporation (ONGC) reported Q4FY18 results with higher net profit but missed the street estimates. Revenue from operations grew by 10.4% yoy to Rs23,969.83cr against Rs21,714.02cr in Q4FY17. EBITDA stood at Rs8,346.37cr, up 89.1% yoy against Rs4,414.32cr in Q4FY17. EBIDTA margin expanded by ~1,449bps yoy to 34.8%. Net Profit stood at Rs5,915.12cr with 36.3% yoy growth against Rs4,340.18cr last year, missing the consensus estimate.
• ONGC made 12 discoveries in FY18. Of the 12 discoveries, 6 discoveries were made in onland (Nominaton-5, NELP-1) and 6 in offshore (Nomination-6, NELP- NIL). Out of 6 onland discoveries, 2 discoveries were monetized during the year itself.
• Total crude oil production decreased by 3% yoy to 6.201MMT in Q4FY18.
• ONGC’s overseas arm, ONGC Videsh registered increase in production of oil and gas by 10.63% with net production of 14.164MMTOE in FY18, as compared to 12.803MMTOE in FY17.
• The Board has recommended a final dividend of Rs1.35 per equity share of Rs5 each for FY18.
Oil & Natural Gas Corpn Ltd is currently trading at Rs. 173.95, down by 1.5 points or 0.85% from its previous closing of Rs. 175.45 on the BSE.
The scrip opened at Rs. 176 and has touched a high and low of Rs. 178.30 and Rs. 172.75 respectively. So far 1,30,81,072 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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