ONGC Q2 net profit seen up 3.2% at Rs 4,962 cr

ONGC is set to announce its second quarter FY10 results. According to CNBC-TV18 estimates, its net profit is expected to go up 3.2% at Rs 4,962 crore as against Rs 4,808.4 crore, on year-on-year basis (YoY). (Subsidy burden haunts again and doesn’t enjoy the crude price rise)

Sales are seen going down 12.5% at Rs 15,240 crore versus Rs 17,407.4 crore and operating profit margin (OPM) is seen improving at 61.6% versus 48.86%.

ONGC Q2 Expectations

* No significant QoQ upside to profitability despite rise in crude due to higher subsidy burden
* Bottomline may be slightly aided by depreciation of the rupee
* ONGC’s Q2 subsidy burden seen at Rs 2,630 crore
* This is 76% of the total auto fuel under recovery of Rs 3,443 crore
* Subsidy Burden in Q1 was significantly lower Rs 429 crore
* Gross realizations likely at $ 69/bbl versus $ 119/bbl YoY
* Q1 gross realizations were at $ 60.6/bbl
* Net Realizations post subsidy burden are seen flat at /bbl versus $ 58.3/bbl

Cairn Q2 net profit seen down 69.8% at Rs 88.7 cr

Cairn India is going to announce its second quarter FY10 results. According to CNBC-TV18 estimates, its net profit is expected to go down 69.8% at Rs 88.7 crore versus Rs 293.3 crore, on year-on-year basis (YoY).

Net sales are seen going down 22.1% at Rs 249.7 crore versus Rs 320.6 crore and operating profit margin (OPM) is seen declining at 55.9% versus 77.4%.

Profit Figure is not comparable

* The July – September quarter in last year had a forex gain of Rs 87.3 crore
* Income from investments in the YoY quarter were at Rs 118.2 crore

CAIRN Q2 Expectations

* Though Cairn has commenced production from Mangala, the first truck was delivered in October
* Estimates don’t have any sales from the Rajasthan block built into them
* Sales decline is primarily due to due to decline in oil prices
* Gross oil & gas production at 60kboepd; Up 1% QoQ and down 8% YoY
* Net working interest production for Cairn is estimated at 16kboepd
* Average realization for the quarter is estimated at /boe versus /boe YoY
* Q1 Average realizations were at /boe

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