ONGC
ONGC’s revenues increased a modest 14% YoY in Q2FY09. Going forward, due to almost a 55% fall in crude oil prices from its peak we feel that the subsidy burden will fall in H2FY09, as the company already shared 58% of its budgeted amount in H1FY09. We have increased our revenue estimates from trading activities for FY09 and FY10 due to continuous rise in trading income.
CAIRN INDIA
The company’s profitability has improved as it recorded a sharp fall in its expenses which led to an expansion of 2,554bps in its EBITDA margin to 68.6%. The company’s average price realisation stood at US$ 87.3/bbl during the quarter against US$ 50.5/bbl in Q3CY07.The company’s development plan for Rajasthan field is on track and the management expects production to begin from H2CY08.
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