ONGC Q2 Results Review - Production Decline Continues, Other Income Boosts Earnings: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Oil and Natural Gas Corporation Ltd.’s Ebitda/PAT came +10%/+28% above our estimates mainly due to sharp decline in survey cost and higher-than-expected other income, which constituted 32% to profit before tax. Additionally, a declared dividend of Rs 6/share implies yield of 2.3%.Most of the incremental oil production from the KG-98/2 field, currently ~25 KBPD, will touch 40/45 KBPD by end of FY25. While incremental gas production, on the other hand, will touch 10 mmscmd from current level of 2.5 mmscmd. We have tweaked FY25E/FY26E earnings estimates by 6%/12% mainly due to lower crude price assumption for FY26E and slight delay in Oil/Gas production ramp-up. We are also introducing FY27E financials which will shift our valuation to Sept'26. Maintain ‘Accumulate’ Rating with revised SoTP-based target price of Rs 301 (Earlier Rs 328)..Click on the attachment to read the full report: .ONGC Q2 Results: Revenue Down Over 5%, Profit Flat Due To Deferred Tax.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ONGC Q2 Results Review - Production Decline Continues, Other Income Boosts Earnings: Dolat Capital

The brokerage maintains ‘Accumulate’ rating on the stock with a revised SoTP-based target price of Rs 301.

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ONGC Q2 Results Review - Production Decline Continues, Other Income Boosts Earnings: Dolat Capital

The brokerage maintains ‘Accumulate’ rating on the stock with a revised SoTP-based target price of Rs 301.

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