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ICICI Securities Report
Oil And Natural Gas Corporation Ltd.'s adjusted Ebitda/profit after tax (standalone) for Q3 FY24 of Rs 163.5 billion/Rs 95.4 billion dipped 15%/14% YoY, with 3%/4% YoY decline in oil and gas output and a 10% YoY jump in opex (other than stat duties and employee expense).
9M Ebitda/PAT of Rs 526/Rs 297.6 billion were down 16.5%/23.8% YoY. Consolidated Ebitda/PAT of Rs 814.3 billion/Rs 381.5 billion in 9M FY24, however, has been very strong, driven by a sharp recovery in subsidiaries Hindustan Petroleum Corporation Ltd./Mangalore Refinery and Petrochemicals Ltd. earnings, even as OVL's earnings remained subdued.
Going forward, the commencement of the large KG basin asset remains the key performance driver over FY25-26E – will likely fuel a material jump in production.
We also expect conspicuous recovery in HPCL/MRPL's earnings prospects coupled with reducing leverage in consolidated balance sheet. Reiterate 'Buy'.
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