Write-offs lead to lower than expected performance

Company
11 Mar 2024
5 Min read 
  • ONGC reported lower-than-expected performance due to write-offs in exploratory wells.
  •  The management expects a 5% CAGR in overall production over the next three years.
  •  Gas production from the KG 98/2 asset is expected to ramp up in FY25.
  •  Standalone FY24 EBITDA/EPS estimates have been decreased due to weaker performance in OVL.
  •  The stock is trading at attractive valuations with limited downside and a potential 22% upside.
  •  ONGC has declared a second interim dividend in addition to the dividend declared in November 2023.
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