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Prabhudas Lilladher Report
We increase our FY22-24E earnings of Oil and Natural Gas Corporation Ltd. by 35%/7%/1% to factor in-
crude realisation of $70/barrel of oil for FY22 ($65 earlier),
gas realisation of $2.62/4/4/metric million British thermal unit ($2.5/3/4 earlier) and
tax write back, as company moved to lower tax rate of 22% from FY21 level.
ONGC's Q2 standalone Ebitda was in line at Rs 132.2 billion (up 9% QoQ; our estimate Rs 129.5 billion), however, lower depletion write off and deferred tax write back led to profit after tax of Rs 183.4 billion.
Global crude oil prices recovered, as Organization of the Petroleum Exporting Countries managed production in a recovering economy.
With domestic gas prices also set to revise upwards in FY23, ONGC remains on a strong footing.
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