ONGC Q3 Review – Upward Revision In Gas Price A Key Near Term Trigger: IDBI CapitalFebruary 16, 2021
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Oil and Natural Gas Corporation Ltd.’s Q3 FY21 revenue and Ebitda was in-line with our estimates, while profit after tax was below our estimates on the back of higher than expected tax rate and lower other income.
Oil and gas production volume declined 3%/6% YoY to 5.6 million metric tonne/5.8 billion cubic metres.
Effective tax rate came at 51% while other income was also down by 13% YoY to Rs 12 billion.
The company is forming a 100% subsidiary for natural gas/liquefied natural gas sourcing and marketing.
Along with the group companies ONGC needs 2.5-4 million metric tonne of natural gas.
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