{"id":372265,"date":"2020-09-07T11:24:03","date_gmt":"2020-09-07T05:54:03","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=372265"},"modified":"2020-09-07T11:24:03","modified_gmt":"2020-09-07T05:54:03","slug":"ongc-rating-reduce-lower-other-costs-behind-ebitda-beat","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ongc-rating-reduce-lower-other-costs-behind-ebitda-beat\/","title":{"rendered":"ONGC rating: Reduce \u2013 Lower other costs behind Ebitda beat"},"content":{"rendered":"<p>ONGC\u2019s reported Q1 standalone revenue of Rs 130 bn (-51% y-o-y, -39% q-o-q) came in 7% below our\/Bloomberg consensus\u2019 estimates, driven by 4% lower oil sales volumes and 6% lower oil sales realisation. However, standalone Ebitda at Rs 59 bn (-61% y-o-y, -31% q-o-q) was 16% above consensus and 63% above our estimate, driven by lower other expenses (-51% q-o-q, -16% y-o-y) owing to lesser provisioning. Q1 standalone PAT of Rs 5 bn (vs our\/consensus\u2019 estimates of a loss) was down 92% y-o-y driven by a sharp decline in crude oil prices as well as lower production due to COVID-19 lockdowns.<\/p>\n<p>Oil volumes below our estimates; COVID-19 impacted gas demand<br \/>\nOil production at 5.7mmt (-4% y-o-y, -3% q-o-q) and sales at 5.2mmt (-3% y-o-y, -5% q-o-q) were 1%\/4% below our estimates, respectively. Gas production at 5.6bcm (-14% y-o-y, -8% q-o-q) and sales at 4.2bcm (-15% y-o-y, -9% q-q) were in line with our estimates. Value-added product sales at 0.66mmt declined a sharp 29% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ONGC\u2019s reported Q1 standalone revenue of Rs 130 bn (-51% y-o-y, -39% q-o-q) came in 7% below our\/Bloomberg consensus\u2019 estimates, driven by 4% lower oil sales volumes and 6% lower oil sales realisation. However, standalone Ebitda at Rs 59 bn (-61% y-o-y, -31% q-o-q) was 16% above consensus and 63% above our estimate, driven by lower other expenses (-51% q-o-q, -16% y-o-y) owing to lesser provisioning. Q1 standalone PAT of Rs 5 bn (vs our\/consensus\u2019 estimates of a loss) was down 92% y-o-y driven by a sharp decline in crude oil prices as well as lower production due to COVID-19 [&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-372265","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\/372265","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=372265"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/372265\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=372265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=372265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=372265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}