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ONGC: Higher Volumes and Oil Prices Support Performance - Views on News from Equitymaster

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  • Nov 3, 2017 - ONGC: Higher Volumes and Oil Prices Support Performance

ONGC: Higher Volumes and Oil Prices Support Performance
Nov 3, 2017

Oil and Natural Gas Corporation Ltd (ONGC) has announced its results for the quarter ended September 2017. The topline and the bottomline for the quarter grew 3.1% year on year (YoY) each.

Performance Summary
  • Net sales for the quarter grew 3.1% YoY.
  • Operating profit for the quarter was up marginally by 0.4% YoY, with margins at 48.2%, as compared to 49.5% in 2QFY17.
  • Net profit for the quarter grew 3.1% YoY with net profit margin at 27.1%, same as the net profit margin in 2QFY17.
  • ONGC has announced a dividend of Rs 3 per share.
  • The company has notified 9 discoveries in FY18.
  • The Board of Directors has accorded in principal approval for acquisition of 51.11% share of HPCL from the Government of India.

    Standalone Performance Summary
    Rs m 2QFY17 2QFY18 Change (%) 1HFY17 1HFY18 Change (%)
    Net sales 183,950 189,649 3.1% 361,798 380,384 5.1%
    Other operating income 11,836 19,315 63.2% 21,361 27,859 30.4%
    Total income 195,787 208,963 6.7% 383,158 408,243 6.5%
    Expenditure 92,949 98,288 5.7% 186,493 200,790 7.7%
    Operating profit (EBDITA) excl OI 91,001 91,360 0.4% 175,305 179,594 2.4%
    Operating profit margin (%) 49.5% 48.2%   48.5% 47.2%  
    Interest 3,034 3,274 7.9% 5,954 6,044 1.5%
    Depreciation 29,055 35,058 20.7% 56,452 69,688 23.4%
    Profit before tax 70,748 72,343 2.3% 134,260 131,721 -1.9%
    Profit before tax margins (%) 38.5% 38.1%   37.1% 34.6%  
    Tax 20,999 21,036 0.2% 42,185 41,566 -1.5%
    Profit after tax (excluding exceptional items) 49,749 51,307 3.1% 92,075 90,155 -2.1%
    Net profit margin (%) 27.0% 27.1%   25.4% 23.7%  
    No. of shares         12,833  
    Diluted earnings per share (Rs)*         13.8  
    P/E ratio (x)*         13.8  
    *On a trailing 12 months basis
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Nov 13, 2018 09:57 AM

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