ONGC Announces Quarterly Results (3QFY19); Net Profit Up 64.8%

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ONGC Announces Quarterly Results (3QFY19); Net Profit Up 64.8%
Mon, 18 Feb

ONGC has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

ONGC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m229,959279,892276,941-1.1%20.4%
Other incomeRs m11,26523,94222,246-7.1%97.5%
TurnoverRs m241,224303,834299,187-1.5%24.0%
ExpensesRs m120,767135,183137,9762.1%14.3%
Gross profitRs m109,192144,709138,965-4.0%27.3%
DepreciationRs m42,55935,31034,774-1.5%-18.3%
InterestRs m3,0996,2915,807-7.7%87.4%
Profit before taxRs m74,800127,050120,630-5.1%61.3%
TaxRs m24,65344,40438,003-14.4%54.2%
Profit after taxRs m50,14782,64682,6270.0%64.8%
Gross profit margin%47.551.750.2
Effective tax rate%33.035.031.5
Net profit margin%20.827.227.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 20.4% on a year-on-year (YoY) basis. The expenses were up by 14.3% YoY during the same period.
  • The company's operating profit increased by 27.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 50.2% in 3QFY19 as against 47.5% in 3QFY18.
  • Depreciation charges declined by 18.3% and finance costs increased by 87.4% YoY, respectively.
  • Other income increased by 97.5% YoY during the quarter.
  • Net profit for the quarter increased by 64.8% YoY. Net profit margins during the quarter increased from 20.8% in 3QFY18 to 27.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 1.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 2.1% QoQ during the same period.
  • The company's operating profit declined by 4.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 50.2% in 3QFY19 as against 51.7% in 2QFY18.
  • Net profit for the quarter declined by 0.0% QoQ, while net profit margins increased from 27.2% in 2QFY18 to 27.6% in 3QFY19.

To see how ONGC has performed over the last eight quarters, please visit here.

ONGC Share Price Performance

Over the last one year, ONGC share price has moved up from Rs 186.6 to Rs 136.2, registering a Loss of Rs 50.4 or around 27.0%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 13,011.6 (down 0.5%). Over the last one year it has moved down from 15,546.6 to 13,011.6, a gain of 2,535 points (down 16.3%).

Overall, the S&P BSE SENSEX is up 3.9% over the year.

Current Valuations

At the current price of Rs 136.2, the price to earnings (P/E) ratio of ONGC stands at 6.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.9 times.

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