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IDBI Capital Report
Oil and Natural Gas Corporation Ltd.'s Q2 FY21 revenue and Ebitda was below our estimates due to higher than expected exploratory (dry) well costs, while net profit was above our forecast owing to lower than forecasted depreciation, depletion and amortisation and higher other income.
Total oil production fell by 2.7% to 5.7 million metric tonne whereas gas production fell by 6.2% to 5.9 billion cubic metre due to pandemic Covid-19.
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