Result date: 28th May, 2022
Recommendation: Reduce
Target price: Rs170
Source: IIFL Research
Oil and Natural Gas Corporation (ONGC) could see a sharp jump in Profit After Tax (PAT) in the March 2022 quarter, over the year-ago quarter. Higher oil realizations and near doubling of gas transmissions segment’s EBITDA could drive the company’s profitability even as volumes are likely to remain flat.
ONGC is a key beneficiary from the government’s move to hike prices of APM gas. While gas production is likely to remain flat, gas transmission volumes could head north amid unleashing of pent-up demand.
Analysts at IIFL Research estimate the company’s PAT at Rs166,828 million for the quarter, up 305% over the year-ago quarter.
Important management insights to watch out for:
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