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ONGC: Reform implementation remains the key - Views on News from Equitymaster

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ONGC: Reform implementation remains the key

Feb 13, 2013

Oil and Natural Gas Corporation Ltd (ONGC) has announced results for the third quarter of financial year 2012-13 (3QFY13). The topline registered a 15.8% year on year (YoY) growth during the quarter while bottomline was down by 17.5% YoY. Here is our analysis of the results.

Performance summary
  • Topline for the quarter grew by 15.8% YoY. For the first nine months (9mFY13), the revenues registered relatively a modest growth of 6.9% YoY.
  • The operating profits were up by 9.8% YoY during the quarter with margins at 44.0% (versus 46.4% in 3QFY12). For 9mFY13, the operating profits were down by 2.8% YoY with operating profit margins at 45.0% versus 49.5% in 9mFY12.
  • The firm registered 17.5% YoY decline in the bottomline during the quarter with net profit margins at 24.9% versus 34.6% in 3QFY12. In 9mFY13, the net profits were down by 10.0% YoY, with margins at 26.8% versus 32.1% in 9mFY12.
  • The board has declared an interim dividend of Rs 5 per share in its meeting held on 21st December 2012 that has since been paid.
  • The subsidy burden for the quarter stood at Rs 124.3 bn as compared to Rs 123.3 bn in the previous quarter (2QFY13) and Rs 125.4 bn in 3QFY12.
  • The net realizations for the quarter stood at US$ 47.97 per barrel, as compared to US$ 46.79 per barrel in 2QFY13 and US$ 44.7 per barrel in 3QFY12. In rupees terms, the net realizations registered a growth of 13.9% YoY and 0.5% QoQ.
  • The crude oil sales volumes for ONGC grew by 4.3% QoQ, up 0.4% YoY. The gas sales volumes by ONGC grew 2.3% YoY but were down by 0.5% on QoQ basis.

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