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ICICI Direct Report
Oil and Natural Gas Corporation Ltd. reported a mixed set of Q1 FY21 numbers.
Although operational volumes were below estimates, profitability was higher due to reduced operating and depreciation, depletion, and amortisation costs.
Revenues fell 39.4% QoQ to Rs 13,011.3 crore (our estimate Rs 13,954.1 crore) due to lower realisations at $28.7/barrel of oil.
Oil production was down 2.6% QoQ to 5.7 million metric tonne (our estimate 5.8 million metric tonne). Gas production fell 8.2% QoQ to 5.5 million metric tonne (our estimate 5.7 million metric tonne) due to reduced gas offtake during lockdown.
Ebitda fell 31.2% QoQ to Rs 5,907.7 crore (our estimate Rs 5,723.7 crore) as other expenses reduced from Rs 11,200.8 crore to Rs 6,319.9 crore.
DD&A expenses were at Rs 4,949.2 crore against estimate of Rs 6,454.5 crore.
Consequently, profit after tax was at Rs 496 crore against net loss of Rs 3,098.3 crore in Q4 FY20 (estimated loss Rs 184.3 crore).
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