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Q2FY23 Preview: Oil and Natural Gas Corporation: Profit After Tax seen at Rs91,740 million

11 Nov 2022 , 10:25 AM

Result date: 12th November, 2022
Recommendation: Reduce
Target price: Rs150

Oil and Natural Gas Corporation (ONGC) could witness pressure on earnings (sequentially) owing to lower crude prices and imposition of export taxes from 1st July. Crude averaged USD 98/bbl during the quarter while the APM prices were stagnant at USD 6.1/mmbtu on a sequential basis. There could be some benefit to ONGC and other upstream companies arising from deregulation of oil sales from government defined procedure to a free market one.

As compared to the year-ago quarter, strong crude realizations are likely to be restricted by windfall taxes.
ONGC’s Profit After Tax or PAT could decline both sequentially as well as over the year-ago quarter.

Important management insights to watch out for:

  • Update on gas production from the KG Basin and key timelines thereof
  • Outlook on various field developments
Rs. Million September 2022 estimates YoY change QoQ change
Profit After Tax 91,740 (50)% (40)%

Source: Company, IIFL Research

Related Tags

  • Oil and Natural Gas Corporation
  • ONGC
  • ONGC Q2FY23
  • ONGC Q2FY23 preview
  • Q2FY23
  • Q2FY23 preview
  • September 2022 quarter
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