ONGC · Oil Gas & Consumable Fuels
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.59 lakh cr for July to September 2024, +7.9% on the year and −5.7% on the quarter.
Operating profit (EBITDA) was ₹20,574 cr, a margin of 12.9%, −611 bps on the year and +2 bps on the quarter. Over the last 6 quarters the margin has ranged from 12.2% to 19.0%, averaging 14.9%. Operating costs grew +16.1%, faster than revenue at +7.9%, so operating profit grew less than sales.
Net profit was ₹9,841 cr, −39.1% on the year and +0.7% on the quarter, with earnings per share of ₹8.14. Profit before other income, one-offs and tax fell 52.2%, so 13 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹32.55 over the last four quarters, the stock at ₹222.08 trades at 6.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 33% of profit before tax, against 17% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 12.9%, −611 bps on the year (+2 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.48 lakh cr | ₹1.67 lakh cr | ₹1.72 lakh cr | ₹1.69 lakh cr | ₹1.59 lakh cr | ₹1.67 lakh cr | ₹1.68 lakh cr | ₹1.63 lakh cr | ₹1.58 lakh cr | ₹1.67 lakh cr | ₹1.74 lakh cr | ₹2.05 lakh cr |
| YoY | — | — | — | +3% | +8% | −0% | −3% | −3% | −1% | +0% | +4% | +26% |
| EBITDA margin | 19.0% | 12.2% | 13.5% | 12.9% | 12.9% | 14.6% | 13.0% | 15.8% | 16.8% | 15.1% | 14.6% | 7.6% |
| Other income, % of PBT | 17% | 31% | 23% | 27% | 33% | 18% | 27% | 16% | 20% | 21% | 31% | 55% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 24% | 26% | 22% | 28% | 32% | 26% | 27% | 26% | 27% | 7% |
| Net profit | ₹16,171 cr | ₹10,511 cr | ₹11,096 cr | ₹9,776 cr | ₹9,841 cr | ₹9,747 cr | ₹8,965 cr | ₹11,554 cr | ₹12,615 cr | ₹11,946 cr | ₹13,678 cr | ₹6,554 cr |
| YoY | — | — | — | −45% | −39% | −7% | −19% | +18% | +28% | +23% | +53% | −43% |
| Core profit YoY | — | — | — | −55% | −52% | +15% | −14% | +36% | +63% | +15% | +35% | −76% |
| EPS | ₹10.89 | ₹8.51 | ₹7.97 | ₹7.93 | ₹8.14 | ₹6.82 | ₹5.91 | ₹7.79 | ₹8.57 | ₹7.96 | ₹8.60 | ₹9.46 |
| Flags | · | 1 | · | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Oil & Natural Gas Corporation Ltd. reported revenue of ₹1.59 lakh cr (+7.9% on the year) and net profit of ₹9,841 cr (−39.1% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −52.2% on the year, against −39.1% for reported profit.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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