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ONGC: Higher Realisations on Crude Support Performance - Views on News from Equitymaster
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  • Mar 17, 2017 - ONGC: Higher Realisations on Crude Support Performance

ONGC: Higher Realisations on Crude Support Performance
Mar 17, 2017

Oil and Natural Gas Corporation Ltd has announced results for the quarter ended December 2016. The topline for the quarter grew 9.2% year on year (YoY) while bottomline grew 197% YoY, on a standalone basis.

Performance Summary
  • Total crude oil production for the quarter declined 1.9% YoY, while sales volumes for gas and value added products grew 4.4% and 10.2% YoY respectively.
  • For nominated fields, gross realization on crude oil for the quarter stood at US$ 51.8 per barrel as compared to US$ 44.34 per barrel in 3QFY16 (up 16.8% YoY). In rupee terms, the realization per barrel were 19.6% YoY higher.
  • For crude oil from JV fields, realization in rupee terms grew 30.2% YoY.
  • Gas prices for the quarter, however, declined 34.6% YoY.
  • The Board of Directors of the Company at its meeting held on January 31, 2017 has approved second interim dividend of Rs. 2.25 per share.
  • ONGC board has approved execution of farm in farm out agreement with GSPC in respect of acquisition of 80% participative interest and operatorship in the NELP III block KG-OSN-2001/3.

    Financial Performance Snapshot
    Rs m 3QFY16 3QFY17 Change (%) 9mFY16 9mFY17 Change (%)
    Net sales 182,481 199,338 9.2% 611,427 558,908 -8.6%
    Other operating income 1,161 802 -31.0% 3,619 3,029 -16.3%
    Total income 183,643 200,140 9.0% 615,046 561,937 -8.6%
    Expenditure 102,267 110,083 7.6% 338,646 296,576 -12.4%
    Operating profit (EBDITA) excl OI 80,215 89,255 11.3% 272,780 262,332 -3.8%
    Operating profit margin (%) 44.0% 44.8% 44.6% 46.9%
    Other income 8,994 8,925 -0.8% 29,487 30,286 2.7%
    Interest 3,122 3,062 -1.9% 9,567 9,016 -5.8%
    Depreciation 31,784 33,395 5.1% 90,822 89,847 -1.1%
    Profit before tax 55,464 62,524 12.7% 205,497 196,784 -4.2%
    Profit before tax margins (%) 30.4% 31.4% 33.6% 35.2%
    Exceptional item -36,164 0 nm -36,164 0 nm
    Tax 4,641 19,001 309.4% 54,177 61,186 12.9%
    Profit after tax (excluding exceptional items) 14,659 43,523 196.9% 115,156 135,598 17.8%
    Net profit margin (%) 8.0% 21.8% 18.8% 24.3%
    No. of shares 12833
    Diluted earnings per share (Rs)* 14.0
    P/E ratio (x)* 13.6

    *On trailing 12 months' basis

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