ONGC - Q2FY21 numbers - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

ONGC reported a 17.7% YoY degrowth in consolidated revenue from operations to ₹83,619 crore for Q2FY21, due to fall in realizations across all segments including E&P, offshore and refining & marketing. EBIDTA for the quarter stood at ₹13,869 crore down by 13.4% YoY. Net profit after minority interest for the quarter was down by 18.9% YoY to ₹4,336 crore as compared to profit of ₹5349 crore in the corresponding quarter previous year. During the quarter while there was no major loss of production numbers were adversely impacted due to sharp drop in realizations which resulted in a 49% drop in E&P EBIT to ₹4,450 crore. However the refining and marketing division did well for the company with segment EBIT up by 462% YoY to ₹3,735 crore. While the company has posted a decent set of numbers for the quarter we expect that the E&P business will continue to remain under pressure due to subdued crude prices while refining spreads too are expected to remain under pressure due to lower demand for products.

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.72.65 as compared to the previous close of Rs. 72.1. The total number of shares traded during the day was 265338 in over 2159 trades.

The stock hit an intraday high of Rs. 73.85 and intraday low of 72.5. The net turnover during the day was Rs. 19325665.

Source : Equity Bulls

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