10 Aug 2023 , 11:13 AM
Result date: 11th August, 2023
Recommendation: Reduce
Target price: Rs. 150
Oil and Natural Gas Corporation (ONGC)’s performance during the June 2023 quarter is likely to be impacted by weakness in prices of Brent Crude as well as gas. Amid falling realizations, the company’s EBITDA as well as Profit After Tax (PAT) could decline as compared to the year-ago quarter. Marginally higher net oil price realization on a sequential basis could aid profitability as compared to the March 2023 quarter.
Provision for GST/service tax on royalty is likely to be an exceptional item during the June 2023 quarter, and put further pressure on the bottomline of ONGC.
| Rs. Million |
June 2023 estimates |
QoQ change |
YoY change |
| EBITDA |
156,767 |
32% |
(37)% |
| Profit After Tax |
87,289 |
(3)% |
(43)% |
Source: IIFL Research
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