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ONGC: Black gold does glitter

Jan 31, 2005

Performance Summary
ONGC, the country's largest exploration and production company with over 80% of the market share has announced robust 3QFY05 results with an impressive topline growth of 69% while the bottomline has more than doubled, a growth of over 108% YoY. The company witnessed crude oil realizations of nearly US$ 40 per barrel during 3QFY05 as compared to nearly US$ 30 per barrel in the corresponding period last fiscal.

(Rs m) 3QFY04 3QFY05 Change
Net sales 72,277 121,919 68.7%
Expenditure 34,538 58,172 68.4%
Operating profit (EBDITA) 37,739 63,747 68.9%
EBDITA margin (%) 52.2% 52.3%  
Other income 3,448 4,616 33.9%
Interest 33 170 416.4%
Depreciation 13,392 12,863 -4.0%
Profit before tax 27,762 55,330 99.3%
Tax 10,577 19,513 84.5%
Profit after tax/(loss) 17,185 35,816 108.4%
Net profit margin (%) 23.8% 29.4%  
No. of shares (m) 1,425.9 1,425.9  
Diluted earnings per share (Rs)* 48.2 100.5  
Price to earnings ratio (x)   8.1  
(* annualised)      

At Rs 818, the stock is trading at a price to earnings multiple of 8.1 times annualized 3QFY05 earnings.

We are awaiting a detailed release from the company. Post that, we shall put up a detailed result review later.

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