Oil and Natural Gas Corporation (ONGC) is expected to report a profit of Rs 6,000 crore on revenue of Rs 21,000 crore, according to the average of estimates of analysts polled by CNBC-TV18. The state-run oil & gas explorer will announce its earnings on May 28.
Operating profit is likely to be around Rs 11,700 crore for the quarter.
Analysts expect nil subsidy burden during the quarter against Rs 13,600 crore in the year-ago period as entire compensation of Rs 10,700 crore may be paid by the government and oil marketing companies may absorb Rs 2,200 crore of losses.
For FY15, ONGC’s subsidy burden may fall to Rs 36,300 crore from Rs 53,800 crore in previous financial year.
Net realisation for the quarter is expected to be at USD 53.7 a barrel against USD 35.6 a barrel in Q3. Analysts see full benefit of higher gas prices at USD 5.6 mmBtu in Q4.
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