Net operating income in Q3 increased to Rs 277 bn, as against our estimate of Rs 268 bn (+20% y-o-y, -1% q-o-q). Lower expenditure on account of forex gains resulted in higher Ebitda of Rs 166 bn, as against our estimate of Rs 150 bn (+32% y-o-y, +5% q-o-q). Despite higher-than-expected Ebitda, higher depreciation (including write-offs) dented PAT, which stood at `82.6 bn as against our estimate of `80.7 bn (+65% y-o-y, flat q-o-q). Depreciation including write-offs came in at `61.5 bn (+5% y-o-y, +27% q-o-q), due to more-than-double cost (y-o-y and q-o-q) of exploration well write-offs at `23.9 bn.
Oil realisation
ONGC’s crude oil realisation stood at $66.4/bbl v/s $60.6/bbl in Q3FY18 and at $73.1/bbl in Q2FY19. There was no subsidy burden in the quarter.
