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ONGC: Subsidies offset gains from rising crude prices - Views on News from Equitymaster
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  • Jul 28, 2011 - ONGC: Subsidies offset gains from rising crude prices

ONGC: Subsidies offset gains from rising crude prices
Jul 28, 2011

ONGC has announced the first quarter results for financial year 2011-2012 (1QFY12). The company has reported 19% year on year (YoY) increase in top line and 12% YoY increase in the bottom-line for the quarter. Here is our analysis of the results.

Performance summary
  • Topline was up 18.7% YoY during the quarter.
  • Operating profits registered a growth of 15.6% YoY during the quarter. Margins declined 1.5% (YoY).
  • Net profits were up 11.8% YoY. The net profit margins declined 1.5% (YoY)
  • Subsidy burden for the quarter stood at Rs 120 bn, down 50% with respect to previous quarter. The upstream contribution towards under recoveries has returned to 33% from 39% in the previous quarter.
  • The company saw a gross realization of US$ 121 a barrel in the quarter versus US$ 80.8 per barrel last year. The net realization for the quarter stood at US$ 48.8 per barrel versus US$ 48.0 per barrel last year.
  • On standalone basis, production of crude oil stood at 5.93 million tonnes and natural gas production was at 5.61 billion cubic meters.


Rs m 1QFY11 1QFY12 Change 
Sales  138,230 164,019 18.7%
Expenditure  56,298 69,320 23.1%
Operating profit (EBDITA)  81,932 94,700 15.6%
Operating profit margin (%)  59.3% 57.7%  
Other income  4,072 7,270 78.5%
Interest  27.6 40.1 45.3%
Depreciation  31,143 41,225 32.4%
Profit before tax  54,834 60,704 10.7%
Profit before tax margins (%)  39.67% 37.01%  
Tax  18,223 19,755 8.4%
Profit after tax/(loss)  36,611 40,949 11.8%
Net profit margin (%)  26.5% 25.0%  
No. of shares    8,555  
Diluted earnings per share (Rs)*    22.6  
P/E ratio (x)*    12.2  

What to expect?
The stock is currently trading at a trailing 12 months PE multiple of 12.2. Detailed review (for subscribers only) will be uploaded post conference call scheduled on July 29, 2011.

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