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  • 1. Consolidated Results In Cr. Particulars Qtr Ending Qtr Ending Var. (%) Jun 14 13 Net Sales 21851.27 19308.93 13 OPM (%) 40.60 35.80 OP 8864.27 6920.25 28 Other Income 895.18 1196.10 -25 PBDIT 9759.45 8116.35 20 Interest 0.13 0.21 -38 PBDT 9759.32 8116.14 20 Depreciation 2562.31 2332.50 10 PBT 7197.01 5783.64 24 Tax 2570.00 1860.00 38 Deferred Tax -154.78 -92.34 PAT 4781.79 4015.98 19 EPS (Rs) 5.59 4.69 Jun Oil and Natural Gas Corporation Limited Current Price: Price (`) 435.20 52 W H/L( ) 472.00/234.40 Mkt. Cap.( Cr) 372334.50 Latest Equity(Subscribed) 4277.74 Latest Reserve (cons.) 131353.38 Latest EPS (cons.) -Unit Curr. 26.72 Latest P/E Ratio -cons 16.29 LatestBookvalue(cons.)-UnitCurr. 158.53 Latest P/BV - cons 2.75 Dividend Yield -% 2.18 Face Value 5 ` ` VALUE PARAMETERS `435.20 STOCK DATA BSE Code 500312 NSE Symbol ONGC Reuters ONGC.BO Bloomberg ONGC.IN SHARE HOLDING PATTERN (%) Description as on % of Holding 30/06/2014 Foreign 6.96 Institutions 10.59 Non Promoter Corp. Hold. 11.86 Promoters 68.94 Public & Others 1.66 Quarterly Performance ONGC reported 13% increase in its topline to `21851.27 crore in Q1FY'15 compared to corresponding previous year period and 19% increase in bottomline to 4781.79 crore over the same period. Topline rose 13% as net realisation of crude oil in rupee terms increased 26% to 2818 per barrel while crude oil production rose 1% at 6.007 MMT. This includes 5.1 MMT from domestic operations and 0.907 MMT from JVs. ONGC gas production fell 2% to 6.181 BCM in Q1FY'15. This includes 5.775 BCM from domestic operations and 0.406 BCM from JVs. In dollar terms ONGC gross crude oil realisation was up 6% to USD 109.48 per barrel in Q1FY'15 and subsidy was down 1% to USD 62.33 per barrel leading a 17% increase in net realisation to USD 47.15 per barrel Average rupee vs USD fell to 59.8 in Q1FY'15 from 55.93 in Q1FY'14 resulting in 26% increase in net realization of crude oil in rupee terms compared to 17% increase in dollar terms. Net realization in rupee terms was 2818 per barrel compared to Rs 2256 per barrel in Q1FY'14 ONGC gave a subsidy discount of 13200 crore in Q1FY'15 compared to 12622 crore in Q1FY'14 up by 5%. This impacted the PBT by Rs 11205 crore and PAT by 7396 crore. OPM rose 470 bps to 40.6% leading to a 28% increase in operating profit to 8864.27 crore as other expenditure as a percentage of adjusted net sales fell to 14% from 24% and statutory levies fell to 26% from 29% and staff cost fell to 2% from 3% limited by rise in exploration cost written off to 17% from 8%. Other income fell 25% to 895.18 crore. Interest cost fell to 0.13 crore from 0.21 crore. Depreciation (includes Depletion, Amortization and impairment losses) cost increased 10% to 2562.31 crore. PBT rose 24% to 7197.01 crore. Considering effective tax rate of 34% from 31% in Q1FY'14 net profit increased 44% to 4781.79 crore. EBITDA margin of the company rose 260 bps to 44.7% in Q1FY'15 compared to Q1FY'14 while PAT margin rose 110 bps to 21.9%. For FY'14 Net sales rose 1% to 83888.93 crore compared to FY'13 while bottomline rose 6% to 22090.81 crore. Subsidy burden increased 14% to 56384 crore. This impacted the PBT by 47756 crore and PAT by 31524 crore. Crude oil net realization was down 14% to USD 40.97 per barrel after giving a discount of USD 65.75 per barrel in FY'14. Crude oil sales fell 1% to 25.99 MMT in FY'14 from 26.13 MMT in FY'13. This includes 22.25 MMT from domestic operations and 3.74 MMT from JVs. ONGC gas production fell 2% at 24.85 BCM in FY'14. This includes 23.28 BCM from domestic operations and 1.57 BCM from JVs. Total Value added production fell 4% to 3.02 MMT in FY'14. ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` ` 1 ® August 20, 2014
  • 2. ® 2 Disclaimer: This report is for the personal information of the authorized recipient and doesn't construe to be any investment, legal or taxation advice to you. It is only for private circulation and use. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. No action is solicited on the basis of the contents of the report. The report should not be reproduced or redistributed to any other person(s)in any form without prior written permission of the SMC. The contents of this material are general and are neither comprehensive nor inclusive. Neither SMC nor any of its affiliates, associates, representatives, directors or employees shall be responsible for any loss or damage that may arise to any person due to any action taken on the basis of this report. It does not constitute personal recommendations or take into account the particular investment objectives, financial situations or needs of an individual client or a corporate/s or any entity/s. All investments involve risk and past performance doesn't guarantee future results. The value of, and income from investments may vary because of the changes in the macro and micro factors given at a certain period of time.The person should use his/her own judgment while taking investment decisions. Please note that we and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance if this material;(a) from time to time, may have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned here in or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or may perform or seek to perform investment banking services for such company(ies) or act as advisor or lender/borrower to such company(ies) or © may have any other potential conflict of interest with respect to any recommendation and related information and opinions.All disputes shall be subject to the exclusive jurisdiction of Delhi High court. Corporate Office: 11/6B, Shanti Chamber, Pusa Road, New Delhi - 110005 Tel: +91-11-30111000 www.smcindiaonline.com Mumbai Office: Dheeraj Sagar, 1st Floor, Opp. Goregaon sports club, link road Malad (West), Mumbai - 400064 Tel: 91-22-67341600, Fax: 91-22-28805606 Kolkata Office: 18, Rabindra Sarani, "Poddar Court", Gate No. 4, 4th Floor, Kolkata - 700001 Tel: 91-33-39847000, Fax: 91-33-39847004 E-mail: researchfeedback@smcindiaonline.com ®