ONGC - Q1FY21 Results - Angel Broking

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

"ONGC reported a 42.9% YoY degrowth in consolidated revenue from operations to ₹62,496 crore for Q1FY21, due to fall in realizations across all segments including E&P, refining and marketing. EBIDTA for the quarter stood at ₹8,839 crore down by 47.7% YoY. Net profit for the quarter was down by 84.7% YoY to ₹1,090 crore as compared to profit of ₹7,120 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 86% drop in E&P EBIT to ₹1,372 crore. However the refining and marketing division did well for the company with segment EBIT up by 320% YoY to ₹2,498 crore largely on the back of inventory gains.

We expect the E&P business to report improved profitability in Q2 though we expect refining & marketing margins to come under pressure due to lack of inventory gains."

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.80.25 as compared to the previous close of Rs. 79.35. The total number of shares traded during the day was 1134523 in over 5881 trades.

The stock hit an intraday high of Rs. 81.7 and intraday low of 79.5. The net turnover during the day was Rs. 91201082.

Source : Equity Bulls

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