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ONGC: Subsidy outgo hits bottomline - Views on News from Equitymaster

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ONGC: Subsidy outgo hits bottomline
Nov 9, 2012

Oil and Natural Gas Corporation (ONGC) has announced results for the second quarter of financial year 2012-13 (2QFY13). The topline registered a 12.4% year on year (YoY) decline during the quarter and bottomline was down by 31.8% YoY. Here is our analysis of the results.

Performance summary
  • Topline was down by 12.4% YoY during the quarter. For the first half year (1HFY13), the revenues registered a flattish growth of 2.8% YoY.
  • The operating profits were down by 35.1% YoY during the quarter with margins at 41.7% (versus 56.3% in 2QFY12). For 1HFY13, the operating profits were down by 8.2% YoY with operating profit margins at 45.5% versus 50.9% in 1HFY12.
  • The company registered 31.8% YoY decline in the bottomline during the quarter with net profit margins at 27.1% versus 35.9% in 2QFY12. In 1HFY13, the net profits were down by 6.0% YoY, with margins at 27.8% versus 30.9% in 1HFY12.
  • The gross realizations for the quarter stood at US$ 109.85 per barrel. The net realizations for the quarter stood at US$ 46.8 per barrel,
  • The net realizations for the quarter stood at US$ 46.62 per barrel down from US$ 48.74 in 1QFY12, versus US$ 44.32 per barrel in the previous quarter (4QFY12). In rupees terms, the net realizations registered a growth of 15.9% YoY.
  • The overall under recovery discount for the quarter stood at Rs 123.5 bn (US$ 63 per barrel), up 115% YoY.

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