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ICICI Securities Report
Oil and Natural Gas Corporation Ltd.'s Q1 FY21 standalone and consolidated earning per share was down 92-98% YoY, hit by fall in oil and gas realisation, sales volumes and other income.
What is encouraging is ONGC remained in the black despite low oil and gas prices, which was due to 40% (11.3/ barrel of oil equivalent U.S. dollar) YoY decline in opex.
We believe oil is out of the woods and will gradually rise.
Recent indications from Government of India, that it is unlikely to divest its stake in public sector undertakings like ONGC, are encouraging as divestment via exchange-traded funds has hurt ONGC's stock performance.
Gas price reforms or deregulation could be a trigger.
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