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7/28/2019 ONGC 4Q FY 2013
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Please refer to important disclosures at the end of this report 1
Quarterly highlights (Standalone)
Particulars (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq)
Net sales 21,389 18,819 13.7 20,987 1.9
EBITDA 10,734 11,577 (7.3) 11,342 (5.4)
EBITDA margin 50.2 61.5 (1133)bp 54.0 (386)bp
Adj. PAT 5,239 5,646 (7.2) 5,563 (5.8)
Source: Company, Angel Research
For 4QFY2013, Oil and Natural Gas Corporation (ONGC)’s top-line and
profitability were higher than our estimates. We maintain our Buy rating on the stock.
Top-line rises due to higher crude realizations: ONGC’s top-line increased by
13.7% yoy to ` 21,389cr (above our expectation of ` 19,938cr). Its crude oil net
realization increased by 14.7% yoy to US$50.8/bbl whereas gas realizations
increased 7.0% yoy to 8.4/scm. Crude oil’s sales volume however was flat yoy at
5.9mn tonne and the subsidy burden stood at ` 12,312cr.
EBITDA decreases on higher operating costs: The company reported an EBITDA
decline of 7.3% due to higher employee costs and higher other expenses. EBITDA
margin also contracted by 1,133bp yoy to 50.2%.
Higher depreciation drags PAT: ONGC’s depreciation and write-off expenses
increased by 45.2% yoy to 7,126cr due to higher dry wells write-off. The
company reported an exceptional item relating to one-time contribution ofdifference towards employers contribution to superannuation fund amounting to
` 1,850cr which was allocated to different business expenses including employee
costs. Hence, the adjusted PAT declined by 7.2% yoy to ` 5,239cr.
Outlook and valuation: We remain positive on ONGC from a long-term
perspective due to potential reserve accretion from its large exploration and
production (E&P) acreage. Further, we expect the government to progressively raise
diesel prices during CY2013 and CY2014, which is expected to result in lower
subsidy burden for ONGC. Also, a concrete subsidy-sharing formula by the
government could make ONGC’s cash flows more predictable. The stock is currently
trading at an inexpensive PE valuation of 9.2x FY2014E and 8.3x FY2015E. Hence,
we recommend a Buy rating on the stock with a SOTP target price of `372.
Key financials (Consolidated)
Y/E March (` cr) FY2012 FY2013E FY2014E FY2015E
Net sales 147,286 162,386 170,063 193,024
% chg 25.2 10.3 4.7 13.5
Net profit 28,143 24,221 29,660 32,733
% chg 25.3 (13.9) 22.5 10.4
OPM (%) 32.9 27.0 36.2 36.9
EPS (`) 32.9 28.3 34.7 38.3
P/E (x) 9.7 11.2 9.2 8.3
P/BV (x) 2.0 1.8 1.6 1.4
RoE (%) 24.9 16.8 18.3 17.9
RoCE (%) 20.2 16.1 19.0 19.2
EV/Sales (x) 1.7 1.5 1.3 1.0
EV/EBITDA (x) 5.2 5.9 3.9 3.1
Source: Company, Angel Research
BUYCMP ` 318
Target Price ` 372
Investment Period 12 Months
Stock Info
Sector
Net debt ( ` cr) 749
Bloomberg Code
Shareholding Pattern (%)
Promoters 69.2
MF / Banks / Indian Fls 10.8
FII / NRIs / OCBs 6.3 Indian Public / Others 13.6
Abs. (%) 3m 1yr 3yr
Sensex 3.5 22.2 14.2
ONGC 2.1 25.3 7.0
Oil & Gas
Avg. Daily Volume
Market Cap ( ` cr)
Beta
52 Week High / Low
Face Value ( ` )
BSE Sensex
Nifty
Reuters Code
5
19,546
5,919
ONGC.BO
ONGC@IN
272,364
0.9
354/249
365,481
Bhavesh Chauhan
Tel: 022 - 3935 7800 Ext: 6821
bhaveshu.chauhan@angelbroking.com
Vinay Rachh
Tel: 022- 39357600 Ext: 6841
vinay.rachh@angelbroking.com
ONGC
Performance Highlights
4QFY2013 Result Update | Oil & Gas
June 4, 2013
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ONGC | 4QFY2013 Result Update
June 4, 2013 2
Exhibit 1: 4QFY2013 performance (Standalone)
Particulars (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq) FY2013 FY2012 % chg (yoy)
Net sales 21,389 18,819 13.7 20,987 1.9 162,386 147,286 10.3
Total operating expenditure 10,655 7,242 47.1 9,645 10.5 118,576 98,848 20.0EBITDA 10,734 11,577 (7.3) 11,342 (5.4) 43,810 48,438 (9.6)
EBITDA Margin (%) 50.2 61.5 54.0 27.0 32.9
Other Income 1,245 993 25.4 1,281 (2.8) 5,518 4,824 14.4
Depreciation 7,126 4,906 45.2 4,411 61.5 12,100 13,165 (8.1)
Interest - 22 - 1 (95.9) 485 435 11.5
Exceptional items - (2) - - (3,141)
PBT 4,853 7,640 (36.5) 8,210 (40.9) 36,743 42,803 (14.2)
PBT Margin (%) 22.7 40.6 39.1 22.6 29.1
Total Tax 1,464 1,995 (26.6) 2,648 (44.7) 12,752 14,375 (11.3)
% of PBT 30.2 26.1 32.2 34.7 33.6
PAT 3,389 5,644 (40.0) 5,563 (39.1) 24,221 28,143 (13.9)
Adj. PAT 5,239 5,646 (7.2) 5,563 (5.8) 24,221 31,284 (22.6)
PAT Margin (%) 24.5 30.0 26.5 14.9 21.2
Source: Company, Angel Research
Exhibit 2: 4QFY2013 Actual vs Estimates
(` cr) Actual Estimates Variation (%)
Total operating income 21,389 19,938 7.3
EBITDA 10,734 8,394 27.9
EBITDA Margin (%) 50.2 42.1 808bp
Adj.PAT 5,239 4,172 25.6
Source: Company, Angel Research
Top-line rises due to higher crude realizations: ONGC’s top-line increased by
13.7% yoy to ` 21,389cr (above our expectation of ` 19,938cr). Its crude oil net
realization increased by 14.7% yoy to US$50.8/bbl whereas gas realizations
increased 7.0% yoy to 8.4/scm due to INR depreciation against the USD. Crude oil
sales volume however was flat yoy at 5.9mn tonne while gas sales volumes
declined 5.2% yoy to 5bcm. The company shared a subsidy burden of ` 12,312cr
in 4QFY2013.
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ONGC | 4QFY2013 Result Update
June 4, 2013 3
Exhibit 3: Operating revenue growth trend
Source: Company, Angel Research
EBITDA decreases on higher operating costs: The company reported an EBITDA
decline of 7.3% due to higher employee costs, which included a one-time item of
contribution to superannuation fund and higher other expenses. The EBITDA
margin also contracted by 1,133bp yoy to 50.2%.
Exhibit 4: Operating performance trend
Source: Company, Angel Research
Higher depreciation drags PAT: The company’s depreciation and write-off
expenses increased by 45.2% yoy to ` 7,126cr due to higher dry wells write-off. The
company reported an exceptional item relating to one-time contribution of
difference towards employers contribution to superannuation fund amounting to
` 1,850cr which was allocated to different business expenses including employee
costs. Hence the adjusted PAT declined by 7.2% yoy to ` 5,239cr. Reported PAT
however stood at ` 3,389cr, a decline of 40.0% yoy.
24.3
(2.5)
16.8
24.0
(12.5)
15.8
13.7
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
25.0
30.0
-
3,000
6,000
9,000
12,000
15,000
18,000
21,000
24,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
( % )
( `
c r )
Operating revenues Operating revenues growth (RHS)
64.0
61.061.5
55.4 52.4
54.0
50.2
45.0
48.0
51.0
54.0
57.0
60.0
63.0
66.0
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
( % )
( `
c r )
Operating Profit Operating Margins (RHS)
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ONGC | 4QFY2013 Result Update
June 4, 2013 4
Exhibit 5: PAT growth trend
Source: Company, Angel Research
60.4
(49.2)
102.3
48.4
(31.8)
54.6
(7.2)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
100.0
120.0
-
1,000
2,000
3,000
4,000
5,000
6,000
7,0008,000
9,000
10,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
( % )
( `
c r )
Adj. PAT Adj. PAT growth (RHS)
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ONGC | 4QFY2013 Result Update
June 4, 2013 5
Investment arguments
Gas volumes expected to boost valuation: ONGC aims to increase gas production
from North Tapti, B193 and 28 cluster, B22 cluster WO series cluster, B46 cluster,
cluster 7 and B series. As far as oil is concerned, ONGC’s existing oil fields have
matured. Thus, production from these fields is declining. Nevertheless, the
Management expects incremental oil production from marginal fields (including
D1 extension), which will help arrest the decline in crude production.
OVL’s volume story intact: We expect a robust volume growth from ONGC Videsh
(OVL), which aims to increase its production at a CAGR of 7.0% over FY2013-15
with incremental productions from Myanmar, Sakhalin-1 and Venezuela coming
on stream. Moreover, any increase in crude oil or gas price would improve OV L’s
margins, as it does not share under-recoveries.
Diesel price hike could re-rate the stock: The government has recently indicated astaggered diesel price hike during CY2013-14 in order to lower under-recoveries.
We expect oil marketing companies to undertake small price hikes
( ` 0.40-0.50/litre) progressively over the coming two years which is expected to
lower under-recoveries significantly by FY2015. Further diesel price hikes could
re-rate the stock gradually in our view.
Outlook and valuation
We remain positive on ONGC from a long-term perspective due to potential
reserve accretion from its large exploration and production (E&P) acreage. Further,
we expect the government to progressively raise diesel prices during CY2013 andCY2014, which is expected to result in lower subsidy burden for ONGC. Also, a
concrete subsidy-sharing formula by the government could make ONGC’s cash
flows more predictable. The stock is currently trading at an inexpensive valuation
of 9.2x FY2014E and 8.3x FY2015E PE. Hence, we recommend an Accumulate
rating on the stock with a SOTP target price of `372.
Exhibit 6: SOTP valuation
Particulars (` cr) `/share
ONGC Standalone(DCF) 273
OVL(Oil- EV/boe $14x Gas Ev/Boe $5x) 52
Investment Value(80% mkt Value) 17
Total EV 342
Net debt (30)
Equity value (`) 372
Source: Company, Angel Research
Exhibit 7: Key assumptions (Standalone)
Particulars FY2014E FY2015E
Sale of crude oil (MMT) 24.0 24.0
Net realisations (US$/bbl) 52 54
Source: Company, Angel Research
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ONGC | 4QFY2013 Result Update
June 4, 2013 6
Exhibit 8: Angel EPS forecast vs consensus (Consolidated)
Angel Forecast Bloomberg Consensus Variation (%)
FY2014E 34.7 34.3 1.1
FY2015E 38.3 38.7 (1.1)
Source: Company, Angel Research
Exhibit 12: Recommendation summary
Company CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)
(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
ONGC 318 372 Buy 272,364 17 9.2 8.3 1.6 1.4 3.9 3.1 18.3 17.9 19.0 19.2
RIL 781 - Neutral 257,939 - 11.3 10.0 1.1 1.0 6.7 5.3 11.5 11.7 8.5 9.4
GAIL 311 - Neutral 40,134 - 9.1 8.7 1.4 1.3 4.1 3.6 16.4 15.2 17.4 16.2
CAIRN 289 345 Buy 55,111 19 5.4 5.8 0.8 0.8 2.8 2.4 16.5 13.6 16.0 13.3
Source: Angel Research
Exhibit 13: One-year forward P/E
Source: Company, Angel Research
50100
150
200
250
300
350
400
450
500
O c t - 0 6
J a n - 0
7
A p r - 0 7
J u l - 0 7
O c t - 0 7
J a n - 0
8
A p r - 0 8
J u l - 0 8
O c t - 0 8
J a n - 0
9
A p r - 0 9
J u l - 0 9
O c t - 0 9
J a n - 1
0
A p r - 1 0
J u l - 1 0
O c t - 1 0
J a n - 1
1
A p r - 1 1
J u l - 1 1
O c t - 1 1
J a n - 1
2
A p r - 1 2
J u l - 1 2
O c t - 1 2
J a n - 1
3
A p r - 1 3
S h a r e p r i c e ( ` )
4.0 6.0 8.0 10.0 12.0
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ONGC | 4QFY2013 Result Update
June 4, 2013 7
Company background
ONGC is the third largest oil and gas exploration and production company in the
world and ranks 23rd among leading global energy majors. Its primary business
includes exploration, development and production of crude oil, natural gas, LPG
and other value-added petroleum products. ONGC has 2P reserves of 1,025mtoe
of hydrocarbon reserves, indicating a reserve life of 17 years. The company has
also set up a subsidiary, OVL, for overseas oil exploration and production. OVL
has 2P reserves of 199mtoe indicating a reserve life of 21 years.
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ONGC | 4QFY2013 Result Update
June 4, 2013 8
Profit & Loss Statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E
Total operating income 101,755 117,611 147,286 162,386 170,063 193,024
% chg (2.7) 15.6 25.2 10.3 4.7 13.5Total Expenditure 56,805 69,174 98,848 118,576 108,419 121,813
Net Raw Materials 25,339 31,251 46,314 60,609 55,418 50,671
Other Mfg costs 16,321 19,685 33,646 36,780 33,629 30,749
Personnel 1,407 1,716 1,696 2,459 2,248 2,055
Other 13,738 16,523 17,192 18,728 17,124 38,339
EBITDA 44,949 48,436 48,438 43,810 61,644 71,210
% chg 4.0 7.8 0.0 (9.6) 40.7 15.5
(% of Net Sales) 44.2 41.2 32.9 27.0 36.2 36.9
Depreciation& Amortization 18,719 20,628 13,165 12,100 21,452 26,452
EBIT 26,230 27,808 35,273 31,710 40,191 44,759
% chg (5.6) 6.0 26.8 (10.1) 26.7 11.4
(% of Net Sales) 25.8 23.6 23.9 19.5 23.6 23.2
Interest & other Charges 1,102 437 435 485 682 681
Other Income 5,273 6,946 4,824 5,518 5,687 5,801
(% of PBT) 17.3 20.2 12.2 15.0 12.6 11.6
Recurring PBT 30,401 34,316 39,662 36,743 45,196 49,878
% chg (2.2) 12.9 15.6 (7.4) 23.0 10.4
Adj. related to prior period (40) - - - - -
Extraordinary Expense/(Inc.) - - (3,141) - - -
PBT (reported) 30,441 34,316 42,803 36,743 45,196 49,878
Tax 10,714 11,491 14,375 12,752 15,686 17,310
(% of PBT) 35.2 33.5 33.6 34.7 34.7 34.7
PAT (reported) 19,728 22,825 28,428 23,991 29,511 32,568
Add: Share from asso. 7.8 3.0 (1.1) 3.7 10.8 11.5
Less: Minority interest (MI) 332 372 284 (226) (139) (153)
PAT after MI (reported) 19,404 22,456 28,143 24,221 29,660 32,733
ADJ. PAT 19,404 22,456 31,284 24,221 29,660 32,733
% chg (2.3) 15.7 39.3 (22.6) 22.5 10.4
(% of Net Sales) 19.1 19.1 21.2 14.9 17.4 17.0
Basic EPS (`) 22.7 26.2 32.9 28.3 34.7 38.3
Fully Diluted EPS (`) 22.7 26.2 32.9 28.3 34.7 38.3% chg (2.0) 15.7 25.3 (13.9) 22.5 10.4
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ONGC | 4QFY2013 Result Update
June 4, 2013 9
Balance Sheet (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E
SOURCES OF FUNDS
Equity Share Capital 2,139 4,278 4,278 4,278 4,278 4,278Preference Capital - - - - - -
Reserves& Surplus 99,268 111,049 132,161 147,441 167,691 189,301
Shareholders’ Funds 101,407 115,327 136,439 151,719 171,968 193,579
Minority Interest 1,643 1,989 2,208 1,979 1,830 1,665
Total Loans 6,267 6,061 15,223 10,862 10,862 10,862
Deferred Tax Liability 10,291 11,176 12,204 12,204 12,204 12,204
Other Long Term Liabilities - 973 1,080 1,080 1,080 1,080
Long Term Provisions - 23,185 24,149 24,149 24,149 24,149
Total Liabilities 137,067 158,713 191,303 201,993 222,092 243,538
APPLICATION OF FUNDS
Gross Block 193,300 166,132 180,674 205,674 217,674 230,674
Less: Acc. Depreciation 117,757 82,077 89,129 101,230 122,682 149,134
Net Block 75,543 84,055 91,545 104,444 94,992 81,540
Capital Work-in-Progress 25,616 34,760 49,698 39,283 49,283 59,283
Goodwill 9,539 8,993 7,798 7,798 7,798 7,798
Investments 5,159 3,100 2,921 2,921 2,921 2,921
Defered tax assets - 24 19 19 19 19
Long term loans and adv. - 8,688 8,103 8,103 8,103 8,103
Site Restoration find deposit - 8,126 9,475 9,475 9,475 9,475
Other non-current assets - 1,130 2,920 2,920 2,920 2,920
Current Assets 50,566 44,193 59,190 68,606 89,405 115,586
Cash 22,384 20,816 27,890 36,778 57,039 82,671
Loans & Advances 12,057 4,012 4,931 4,931 4,931 4,931
Other 16,125 19,365 26,370 26,897 27,435 27,984
Current liabilities 30,198 34,356 40,347 41,558 42,804 44,088
Net Current Assets 20,369 9,837 18,843 27,048 46,601 71,498
Mis. Exp. not written off 841 - - - - -
Total Assets 137,067 158,713 191,303 201,993 222,092 243,538
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ONGC | 4QFY2013 Result Update
June 4, 2013 10
Cash Flow Statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E
Profit before tax 30,441 34,313 42,804 36,743 45,196 49,878
Depreciation 8,863 11,353 12,919 12,100 21,452 26,452(Incr)/ Decr in Misc Exp (264) - - - - -
Change in Working Capital (473) (14,168) (7,050) 683 709 735
Less: Other income - (2,593) (7,072) (5,518) (5,687) (5,801)
Others (2,300) 30,696 17,034 - - -
Direct taxes paid (7,748) (10,517) (11,881) (12,752) (15,686) (17,310)
Cash Flow from Operations 28,783 49,085 46,754 31,256 45,985 53,954
(Inc.)/ Dec. in Fixed Assets (21,253) (19,704) (39,176) (14,585) (22,000) (23,000)
(Inc.)/ Dec. in Investments (2,249) (4,347) 179 - - -
(Inc.)/ Dec. in loans and adv. 532 (798) (15) - - -
Other income - - - 5,518 5,687 5,801
Others 1,868 (7,360) 10 - - -
Cash Flow from Investing (21,102) (32,209) (39,002) (9,066) (16,313) (17,199)
Issue of Equity 287 - - - - -
Inc./(Dec.) in loans (304) 40 3,191 (4,361) - -
Dividend Paid (Incl. Tax) (8,078) (11,789) (8,521) (8,941) (9,411) (11,122)
Others 109 80 5,432 - - -
Cash Flow from Financing (8,273) (11,670) 102 (13,302) (9,411) (11,122)
Inc./(Dec.) in Cash (592) 5,206 7,854 8,906 20,261 25,633
Opening Cash balances 22,588 14,722 20,017 27,872 36,778 57,039
Closing Cash balances 21,997 20,017 27,872 36,778 57,039 82,671
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ONGC | 4QFY2013 Result Update
June 4, 2013 11
Key Ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E
Valuation Ratio (x)
P/E (on FDEPS) 14.0 12.1 9.7 11.2 9.2 8.3P/CEPS 7.1 6.3 6.6 7.5 5.3 4.6
P/BV 2.7 2.4 2.0 1.8 1.6 1.4
Dividend yield (%) 2.6 2.7 2.8 3.0 3.5 4.1
EV/Sales 2.5 2.2 1.7 1.5 1.3 1.0
EV/EBITDA 5.6 5.2 5.2 5.9 3.9 3.1
EV/Total Assets 1.8 1.6 1.3 1.3 1.1 0.9
Per Share Data (`)EPS (Basic) 22.7 26.2 32.9 28.3 34.7 38.3
EPS (fully diluted) 22.7 26.2 32.9 28.3 34.7 38.3
Cash EPS 44.6 50.4 48.3 42.5 59.7 69.2
DPS 8.3 8.5 9.0 9.5 11.0 13.0
Book Value 119 135 159 177 201 226
Dupont Analysis (%)
EBIT margin 25.8 23.6 23.9 19.5 23.6 23.2
Tax retention ratio 64.8 66.5 66.4 65.3 65.3 65.3
Asset turnover (x) 0.9 0.9 1.0 1.0 1.0 1.2
ROIC (Post-tax) 15.5 14.6 15.6 12.6 15.9 17.9
Operating ROE 15.5 14.6 15.6 12.6 15.9 17.9
Returns (%)
ROCE (Pre-tax) 19.9 18.8 20.2 16.1 19.0 19.2
Angel ROIC (Pre-tax) 31.2 28.9 32.5 26.5 33.3 41.2
ROE 20.0 20.7 24.9 16.8 18.3 17.9
Turnover ratios (x)
Asset Turnover (Gross Block) 0.6 0.7 0.8 0.8 0.8 0.9
Inventory / Sales (days) 27 28 29 29 29 29
Receivables (days) 26 27 27 28 28 28
Payables (days) 137 134 131 132 132 132
WC cycle (ex-cash) (days) (4) (20) (25) (21) (22) (20)
Solvency ratios (x)
Net debt to equity (0.2) (0.2) (0.1) (0.2) (0.3) (0.4)
Net debt to EBITDA (0.5) (0.4) (0.3) (0.7) (0.8) (1.0)Interest Coverage (EBIT/Int.) 23.8 63.6 81.1 65.4 58.9 65.7
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ONGC | 4QFY2013 Result Update
June 4 2013 12
Research Team Tel: 022 – 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.
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Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report orin the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.
Disclosure of Interest Statement ONGC
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Recommended