External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Oil & Natural Gas Corp / Equity Bottom-Up

<ul><li>Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).</li><li>PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.</li><li>Oil and gas production continued to decline YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.Oil and gas production continued to decline YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil & Natural Gas Corporation - Production Ramp-Up Key Monitorable

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate.</li><li>PAT was 30% above our estimate, mainly aided by higher other income.</li><li>In the conference call, the management highlighted that gas from new wells from nominated blocks will be priced at 12% slope to the Indian crude basket price.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate.PAT was 30% above our estimate, mainly aided by higher other income.In the conference call, the management highlighted that gas from new wells from nominated blocks will be priced at 12% slope to the Indian crude basket price.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Oil and Natural Gas Corporation (ONGC) stock rallied 40% and outperformed the Sensex by 21% in CY23YTD, as Brent crude price increased from USD 81/bbl at the beginning of CY23 to a high USD 96/bbl seen in Octoer 2023</li><li>However, going ahead we see limited upside to ONGC’s crude price realisation in the current environment of windfall tax (which has not allowed ONGC to earn more than USD 75/bbl since the levy of the tax on 1 July 2022), slowing global oil demand, strong non-OPEC+ oil production growth and increasing spare OPEC oil capacity</li><li>ONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall under APM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil and Natural Gas Corporation (ONGC) stock rallied 40% and outperformed the Sensex by 21% in CY23YTD, as Brent crude price increased from USD 81/bbl at the beginning of CY23 to a high USD 96/bbl seen in Octoer 2023However, going ahead we see limited upside to ONGC’s crude price realisation in the current environment of windfall tax (which has not allowed ONGC to earn more than USD 75/bbl since the levy of the tax on 1 July 2022), slowing global oil demand, strong non-OPEC+ oil production growth and increasing spare OPEC oil capacityONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall under APM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC: Limited Earnings Growth Prospects. Downgrade to REDUCE

Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

India

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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Oil & Natural Gas Corp (ONGC IN)

Oil & Natural Gas Corporation - Production Ramp-Up Key Monitorable

Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).

Prabhudas Lilladhar

ONGC -Volume Growth Key Catalyst in FY26

ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate. PAT was 30% above our estimate, mainly aided by higher...

Motilal Oswal

ONGC: Limited Earnings Growth Prospects. Downgrade to REDUCE

ONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall...

HDFC Securities

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

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