NEW DELHI: ONGCNSE 4.24 % is scheduled to report its December quarter results on Thursday and according to analysts, the refiner is likely to cut crude production guidance for FY19.
Kotak Securities expects the refiner to report 7 per cent sequential drop in net profit at Rs 7,690 crore due to lower other income. Higher interest cost and higher depreciation, depletion and amortisation (DD&A) expenses may also drag the profit growth.
“We expect QoQ stable Ebitda as lower crude realisation at $65/bbl will be offset by weaker rupee, higher domestic gas price and higher LPG prices. We model 8 per cent YoY decline in crude oil sales volumes to 4.54 mt and 6 per cent growth in natural gas sales volumes to 5.05 bcm from own-fields, reflecting production in the recent months,” it said.
