7 Nov 2023 , 11:41 AM
Result date: November 10, 2023
Recommendation: Reduce
Target price: Rs. 165
Oil and Natural Gas Corporation (ONGC) is likely to record flat production during the September 2023 quarter, as compared to the year-ago quarter. Marginally higher realizations could provide some respite. However, analysts at IIFL Securities expect the company to post 14% decline in its revenue over the year-ago quarter.
Lower income from treasury/dividend and normalization of D&A expenses are likely during the quarter.
Profit After Tax (PAT) could decline 25% as compared to the year-ago quarter.
Important management insights to watch out for:
Rs. Million |
September 2023 estimates |
YoY change |
Revenue |
329,285 |
(14.1)% |
EBITDA |
160,225 |
(0.4)% |
Profit After Tax |
95,904 |
(25.2)% |
Source: IIFL Research
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