ONGC's scrip shines despite of weak Q1FY17

Oil & Natural Gas Corporation(ONGC) has declared its Q1FY17 results on Wednesday after market hours. The company’s revenue has decreased by 21.41 per cent to Rs 17784 crore in Q1FY17 as compared to same period in previous financial year. Its EBITDA has declined by 35.8 per cent to Rs 8430 crore in Q1FY17 on a yearly basis. ONGC’s EBITDA margin has contracted by 1063 basis points to 47.4 per cent in Q1FY17 as compared to same period in previous fiscal.

The company’s net profit has reduced by 21.14 per cent to Rs 4233 crore in Q1FY17 on a yearly basis. Its net profit margin expanded by 8 basis points to 23.8 per cent in Q1FY17 as compared to same period in previous financial year. ONGC has notified of seven new discoveries in Q1FY17 and eight so far in FY17.
The share price of ONGC has increased by 3.92 per cent on bourses in early trades; and is trading at Rs 251.55 on an intraday basis.

ONGC is an oil exploration and production company. Its segments include exploration & production; and refining. The company has made approximately 22 Oil and Gas discoveries in domestic acreages. Out of this, 10 discoveries are located offshore and 12 onshore.