{"id":260833,"date":"2019-02-23T06:16:32","date_gmt":"2019-02-23T06:16:32","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=260833"},"modified":"2019-02-23T06:16:32","modified_gmt":"2019-02-23T06:16:32","slug":"ongc-rating-buy-oil-production-remains-a-concern","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ongc-rating-buy-oil-production-remains-a-concern\/","title":{"rendered":"ONGC rating \u2018Buy\u2019: Oil production remains a concern"},"content":{"rendered":"<p>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.<\/p>\n<p>Oil realisation<br \/>\nONGC\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-260833","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/260833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=260833"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/260833\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=260833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=260833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=260833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}