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ONGC: Low subsidy burden improves realizations - Views on News from Equitymaster
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ONGC: Low subsidy burden improves realizations
Nov 26, 2015

Oil and Natural Gas Corporation Ltd has announced results for the quarter ended September 2015. The topline for the quarter grew by 1.0% year on year (YoY) while bottomline degrew by 11.1% YoY, on a standalone basis.

Performance summary

  • Net sales for the quarter grew by 1.0% year on year (YoY). For the half year, the net sales grew 2.7% YoY.
  • The operating profits for the quarter declined by 3.2% YoY with margins at 42.1% (versus 43.9% in 2QFY15). For the half year, the operating profit grew by 8% YoY, with operating profit margin at 44.2% versus 42.0% in 1HFY15.
  • The firm registered a decline of 11.1% YoY in the bottomline during the quarter with net profit margins at 23.5% versus 26.7% in 2QFY15. For the half year, net profit grew by 3.7% YoY, with net profit margin at 23.8%, down from 24.3% in 1HFY15.
  • The subsidy burden for the quarter stood at Rs 6 bn for the quarter, down 96% YoY. For the half year, the subsidy burden stood at Rs 17.3 bn, down 94% YoY. The subsidy in 2QFY16 impacted the bottomline to the extent of Rs 3.3 bn.
  • The gross realisations for crude for the quarter stood at US$ 51.24 per barrel, down 49.9% YoY. Post subsidy, the realization stood at US$ 48.83 per barrel (up 17.8% YoY). The exchange rate for the quarter was Rs 64.91 per dollar versus Rs 61.59 in 2QFY15. Net realization in rupees stood at Rs 3,169 per barrel, up 26.2% YoY.
  • The Board of Directors in their recent meeting has declared an interim dividend of Rs 4.5 per share.
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