1QFY2012 Result Update | Oil & Gas

June 29, 2011

ONGC

BUY

Performance Highlights

CMP
Target Price

Y/E March (` cr)

Total Operating Income

1QFY12

1QFY11

% chg (yoy)

4QFY11

% chg (qoq)

16,199

13,666

18.5

16,108

0.6

9,470

8,193

15.6

7,972

18.8

58.5

60.0

(149)bp

49.5

897bp

4,095

3,661

11.8

2,791

46.7

EBITDA
EBITDA Margin (%)
PAT

Investment Period

Oil & Gas

Sector
Market Cap (` cr)
Beta

For 1QFY2012, ONGCs top line increased by 18.5% yoy despite increased
subsidy burden by 118.4% yoy. EBITDA increased by 15.6% yoy, while PAT
increased by 11.8% yoy. We maintain our Buy rating on the stock.

52 Week High / Low

Outlook and valuation: Going ahead, we expect incremental production from

marginal fields to more than offset any decline in production from the ageing
fields. ONGCs subsidiary, OVL is also expected to report a jump in volumes by
FY2013 to ~12mn tonnes with incremental productions. Although there is an
FPO overhang on the stock in the near term, we believe increased volumes and
net realisation should offset these concerns. We maintain our Buy rating on the
stock with a target price of `326.

12 Months

Stock Info

Source: Company, Angel Research

Operating performance broadly in-line with our expectations: ONGCs top line
for the quarter grew by 18.5% yoy to `16,199cr, in-line with our estimate of
`16,191cr. Despite gross realisation of US$121.3/bbl (US$80.8/bbl), net
realisation stood at US$48.8/bbl (US$48.0/bbl) on account of higher subsidy
burden. The company shared a subsidy burden of `12,046cr in 1QFY2012 vs.
`5,516cr of subsidy shared in 1QFY2011. The companys staff cost during the
quarter increased by 11.1% yoy to `309cr, whereas statutory levies and other
operating expenditure increased by 30.1% yoy and 15.4% yoy to `3,731cr and
`2,813cr, respectively. EBITDA margin contracted by 149bp yoy to 58.5%, while
EBITDA registered a 15.6% yoy increase to `9,470cr. Depreciation, depletion and
amortisation (DD&A) cost was higher by 32.4% yoy to `4,123cr. Other income
increased by 78.5% yoy to `727cr. ONGCs tax rate during the quarter was
slightly lower on a yoy basis at 32.5% (33.2%). Thus, net profit increased by
11.8% yoy to `4,095cr, slightly above our estimate of `3,904cr.

`269
`326

229,843
0.7
368/227

Avg. Daily Volume

342539

Face Value (`)

BSE Sensex

18,197

Nifty

5,482

Reuters Code

ONGC.BO

Bloomberg Code

ONGC@IN

Shareholding Pattern (%)

Promoters

74.1

MF / Banks / Indian Fls

7.4

FII / NRIs / OCBs

4.8

Indian Public / Others

13.7

Abs. (%)

3m

1yr

3yr

Sensex

(5.2)

1.1

31.9

(12.9) (13.4)

9.6

ONGC

Key financials (Consolidated)

Y/E March (` cr)
Net sales
% chg
Net profit

FY2010

FY2011E

FY2012E

FY2013E

101,755

117,611

126,535

140,194

(2.7)

15.6

7.6

10.8

19,404

22,456

27,342

29,414

% chg

(2.0)

15.7

21.8

7.6

OPM (%)

44.2

41.2

44.2

42.7

EPS (`)

22.7

26.2

32.0

34.4

P/E (x)

11.9

10.2

8.4

7.8

2.3

1.9

1.7

1.5

P/BV (x)
RoE (%)

20.0

20.4

21.3

19.9

RoCE (%)

19.9

19.1

21.1

20.0

EV/Sales (x)

2.1

1.7

1.6

1.3

EV/EBITDA (x)

4.8

4.4

3.7

3.3

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

Bhavesh Chauhan
Tel: 022 - 3935 7800 Ext: 6821
bhaveshu.chauhan@angelbroking.com

ONGC | 1QFY2012 Result Update

Exhibit 1: 1QFY2012 performance (standalone)

Y/E March (` cr)

1QFY2012

1QFY2011

% chg (yoy)

4QFY2011

% chg (qoq)

FY2011

FY2010

% chg (yoy)

16,199

13,666

18.5

16,108

0.6

69,177

61,983

11.6

Total operating expenditure

6,729

5,472

23.0

8,136

(17.3)

28,158

24,491

15.0

EBITDA

9,470

8,193

15.6

7,972

18.8

41,019

37,491

9.4

58.5

60.0

59.3

60.5

Total Operating Income

EBITDA Margin (%)

Other Income
Depreciation
Interest

49.5

727

407

78.5

586

24.2

2,568

2,220

15.7

4,122

3,114

32.4

4,788

(13.9)

15,943

14,659

8.8

45.3

16

(74.9)

25

69

(63.4)

6,070

5,483

10.7

3,754

61.7

27,619

24,984

10.5

37.5

40.1

39.9

40.3

Total Tax

1,976

1,822

8,695

8,216

% of PBT

32.5

33.2

31.5

32.9

4,095

3,661

18,924

16,768

4,095

3,661

18,924

16,768

25.3

26.8

27.4

27.1

PBT
PBT Margin (%)

PAT
Exceptional items
Adj. PAT
PAT Margin (%)

23.3
8.4

963

105.1

25.7
11.8

2,791

46.7

11.8

2,791

46.7

17.3

5.8
12.9
12.9

Source: Company, Angel Research

Exhibit 2: Segmental performance

Y/E March (` cr)

1QFY2012

1QFY2011

% chg (yoy)

4QFY2011

% chg (qoq) FY2011 FY2010

% chg (yoy)

Offshore E&P

11,798

10,906

8.2

12,830

(8.0)

52,397

46,865

11.8

Onshore E&P

4,673

2,962

57.8

3,436

36.0

17,090

15,336

11.4

16,471

13,868

18.8

16,267

1.3

69,487

62,201

11.7

4,867

4,836

0.6

4,445

9.5

23,675

19,564

21.0

EBIT (%)

41.2

44.3

45.2

41.7

Onshore E&P

691

320

115.7

(812)

(185.1)

2,468

4,258

EBIT (%)

14.8

10.8

(23.6)

14.4

27.8

5,558

5,157

26,143

23,822

33.7

37.2

37.6

38.3

45.3

25

69

(63.4)

Segment revenue

Unallocated
Total revenue

EBIT
Offshore E&P

Unallocated
Total EBIT
EBIT (%)
Less: Interest payment
Less: Other unallocable exp. net of inc.
PBT before extraordinary items
Extraordinary gain
PBT

34.6

7.8

3,633

53.0

22.3
16

(74.9)

(42.0)

9.7

(517)

(329)

56.9

(137)

277.1

(1,501)

(1,231)

21.9

6,070

5,483

10.7

3,754

61.7

27,619

24,984

10.5

6,070

5,483

27,619

24,984

10.7

3,754

61.7

10.5

Source: Company, Angel Research

July 29, 2011

ONGC | 1QFY2012 Result Update

Exhibit 3: 1QFY2012 Actual vs. Estimates

(` cr)
Total Operating Income
EBITDA
EBITDA Margin (%)
PAT

Actual

Estimates

Variation (%)

16,199

16,191

0.0

9,470

8,646

9.5

58.5

53.4

506bp

4,095

3,904

4.9

Source: Company, Angel Research

Net crude realisation at US$48.8/bbl: ONGCs top line for the quarter grew by 18.5%
yoy to `16,199cr, in-line with our estimate of `16,191cr. Despite gross realisation of
US$121.3/bbl (US$80.8/bbl), net realisation stood at US$48.8/bbl (US$48.0/bbl) because
of higher subsidy burden. ONGC shared a subsidy burden of `12,046cr in 1QFY2012 vs.
`5,516cr of subsidy shared in 1QFY2011. On a standalone basis, crude oil production
stood at 5.9mn tonnes and natural gas production stood at 5.6bcm during 1QFY2012.

Exhibit 4: Operating revenue growth trend

24,000

34.2

21,000
18,000

20.2

12,000

13.2

(%)

(` cr)

15,000
9,000

0.7

6,000

(8.7)

3,000
4QFY10

40.0
35.0
30.0
25.0
18.7 20.0
15.0
10.0
5.0
(5.0)
(10.0)
(15.0)

1QFY11

2QFY11

Total operating revenues

3QFY11

4QFY11

1QFY12

Total operating revenues growth (RHS)

Source: Company, Angel Research

EBITDA increases by 15.6% yoy: The companys staff cost during the quarter
increased by 11.1% yoy to `309cr, whereas statutory levies and other operating
expenditure increased by 30.1% yoy and 15.4% yoy to `3,731cr and `2,813cr,
respectively. EBITDA margin contracted by 149bp yoy to 58.5%, while EBITDA
registered a 15.6% yoy increase to `9,470cr.

July 29, 2011

ONGC | 1QFY2012 Result Update

Exhibit 5: Operating performance trend

69.0

16,000
12,000
(` cr)

10,000

66.0

65.0

63.0

61.4

58.9

59.3

8,000

58.5

60.0
57.0

(%)

14,000

54.0

6,000
49.5

4,000

51.0
48.0

2,000

45.0

4QFY10

1QFY11

2QFY11

Operating Profit

3QFY11

4QFY11

1QFY12

Operating Margins (RHS)

Source: Company, Angel Research

PAT dips by 11.8% yoy: During the quarter, DD&A cost was higher by 32.4% yoy
to `4,123cr. Other income increased by 78.5% yoy to `727cr. ONGCs tax rate
during the quarter was slightly lower on a yoy basis at 32.5% (33.2%). Thus, net
profit increased by 11.8% yoy to `4,095cr, slightly above our estimate of `3,904cr.

Exhibit 6: PAT growth trend

8,000
7,000

120.0
100.0

71.1

80.0

5,000

60.0

(%)

(` cr)

6,000

140.0

132.0

4,000

40.0

3,000
11.8

5.9

2,000
1,000

(26.1)

(24.5)

20.0
(20.0)

(40.0)
4QFY10

1QFY11

2QFY11
PAT

3QFY11

4QFY11

1QFY12

PAT growth (RHS)

Source: Company, Angel Research

July 29, 2011

ONGC | 1QFY2012 Result Update

Investment arguments
Volumes expected to boost valuations: ONGCs extant fields are matured and,
thus, there is a decline in production from these fields. However, management
expects incremental oil production from marginal fields (including D1 extension,
B193 cluster, B22 clusters, North Tapti, WO series, B46 cluster, cluster 7, and
B193 as well as B series), which will help arrest the decline in crude production.
As far as gas is concerned, North Tapti, B193 and 28 cluster, B22 cluster WO
series cluster, B46 cluster, cluster 7 and B series would be adding to the companys
production.

Outlook and valuation

Going ahead, we expect incremental production from marginal fields to more than
offset any decline in production from the ageing fields. ONGCs subsidiary, OVL is
also expected to report a jump in volumes by FY2013 to ~12mn tonnes, with
incremental productions from Myanmar, Sakhalin-1 and Venezuela coming on
stream. Higher gas price from extant fields and mark-to-market prices from
incremental production could accrete earnings further. Significant discoveries in
the high-potential Cambay, KG basin and Mahanadi fields (still under appraisal)
could further boost valuations. Although there is an FPO overhang on the stock in
the near term, we believe increased volumes and net realisation should offset these
concerns. We maintain our Buy view on the stock with a target price of `326.

Exhibit 7: Key assumptions

Particulars

FY2012E

FY2013E

Sale of crude oil (MMT)

23.3

23.5

Standalone net realisations (US$/bbl)

62.0

63.0

Source: Company, Angel Research

Exhibit 8: Angel EPS forecast vs. consensus

Angel Forecast

Bloomberg Consensus

Variation (%)

FY2012E

32.0

32.5

(1.7)

FY2013E

34.4

35.5

(3.2)

Source: Company, Angel Research

Exhibit 9: Recommendation summary

Company

CMP

TP

Reco.

(`)

(`)

RIL

828

1,180

Buy

ONGC

269

326

Buy

Cairn India

308

Neutral

GAIL

462

508

Buy

Mcap

Upside

P/E (x)

P/BV (x)

EV/EBITDA (x)

RoE (%)

(` cr)

(%)

FY12E

FY13E

FY12E

FY13E

FY12E

FY13E

270,959

43

12.2

10.4

1.4

1.3

7.3

5.7

13.6

14.1

11.2

12.7

229,843

21

8.4

7.8

1.7

1.5

3.7

3.3

21.3

19.9

21.1

20.0

58,655

6.7

5.6

1.2

1.0

4.3

3.0

19.6

19.3

23.2

23.6

58,571

10

14.4

13.0

2.6

2.3

8.8

7.7

19.6

18.7

22.3

21.7

FY12E

RoCE (%)

FY13E FY12E FY13E

Source: Angel Research

July 29, 2011

ONGC | 1QFY2012 Result Update

Exhibit 10: One-year forward P/E

700
Share price (`)

600
500
400
300
200
100

Share price

7x

10x

13x

16x

Jul-11

Dec-10

May-10

Oct-09

Mar-09

Aug-08

Jan-08

Jun-07

Nov-06

Apr-06

19x

Source: Company, Angel Research

Exhibit 11: Premium/Discount in ONGC (P/E) v/s Sensex (P/E)

0
(10)

(%)

(20)
(30)
(40)
(50)

Prem/Disc to Sensex

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Apr-09

Jan-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

(60)

Historic Avg Disc

Source: Company, Angel Research

July 29, 2011

ONGC | 1QFY2012 Result Update

Profit & Loss Statement (Consolidated)

Y/E March (` cr)
Total operating income
% chg

FY09

FY10

FY11

FY12E

FY13E

96,782 104,588 101,755 117,611 126,535 140,194

17.7

8.1

(2.7)

15.6

7.6

10.8

Total Expenditure

55,527

61,364

56,805

69,174

70,616

80,308

Net Raw Materials

25,070

28,975

25,339

31,251

30,308

34,467

Other Mfg costs

18,419

17,678

16,321

19,685

19,090

21,710

1,328

1,162

1,407

1,716

1,926

2,191

Other

10,710

13,549

13,738

16,523

19,292

21,939

EBITDA

41,255

43,225

44,949

48,436

55,919

59,886

14.0

4.8

4.0

7.8

15.4

7.1

Personnel

% chg
(% of Net Sales)

42.6

41.3

44.2

41.2

44.2

42.7

Depreciation& Amortisation

13,888

15,430

18,719

20,628

21,185

22,671

EBIT

27,367

27,794

26,230

27,808

34,733

37,215

% chg

13.0

1.6

(5.6)

6.0

24.9

7.1

(% of Net Sales)

28.3

26.6

25.8

23.6

27.4

26.5

894

1,774

1,102

437

600

680

4,541

5,072

5,273

6,946

7,641

8,405

Interest & other Charges

Other Income
(% of PBT)

14.6

16.3

17.3

20.2

18.3

18.7

31,014

31,093

30,401

34,316

41,774

44,940

% chg

8.6

0.3

(2.2)

12.9

21.7

7.6

Adj. related to prior period (Net)

93

(11)

(40)

(66)

PBT (reported)

30,921

31,169

30,441

34,316

41,774

44,940

Tax

10,700

11,009

10,714

11,491

13,988

15,048

34.6

35.3

35.2

33.5

33.5

33.5

20,221

20,160

19,728

22,825

27,786

29,891

2.1

9.9

7.8

3.0

9.5

9.8

Recurring PBT

Extraordinary Expense/(Inc.)

(% of PBT)
PAT (reported)
Add: Share of earnings of asso.
Less: Minority interest (MI)

351

375

332

372

453

487

PAT after MI (reported)

19,872

19,795

19,404

22,456

27,342

29,414

ADJ. PAT

19,872

19,861

19,404

22,456

27,342

29,414

% chg

July 29, 2011

FY08

8.9

(0.1)

(2.3)

15.7

21.8

7.6

(% of Net Sales)

20.5

19.0

19.1

19.1

21.6

21.0

Basic EPS (`)

23.2

23.1

22.7

26.2

32.0

34.4

Fully Diluted EPS (`)

23.2

23.1

22.7

26.2

32.0

34.4

% chg

11.8

(0.4)

(2.0)

15.7

21.8

7.6

ONGC | 1QFY2012 Result Update

Balance Sheet (Consolidated)

Y/E March (` cr)

FY08

FY09

FY10

FY11E

FY12E

FY13E

SOURCES OF FUNDS
Equity Share Capital

2,139

2,139

2,139

4,278

4,278

4,278

Preference Capital

Reserves& Surplus

75,948

90,085

Shareholders Funds

78,087

92,224 101,407 118,729 137,516 157,519

Minority Interest
Total Loans
Deferred Tax Liability
Liability for abandonment cost
Total Liabilities

1,145

1,411

99,268 114,452 133,238 153,241

1,643

2,012

2,456

2,933

944

6,559

6,267

8,371

9,427

10,862

8,738

9,223

10,291

8,152

8,152

8,152

12,932

17,145

17,459

17,459

17,459

17,459

101,846 126,562 137,067 154,724 175,010 196,925

APPLICATION OF FUNDS
Gross Block
Less: Acc. Depreciation

93,825 105,955 117,757 138,386 159,571 182,242

Net Block

55,668

63,794

75,543

83,017

93,832 102,099

Capital Work-in-Progress

14,423

24,758

25,616

27,241

28,194

29,283

Goodwill

2,578

11,404

9,539

9,539

9,539

9,539

Investments

4,482

3,480

5,159

5,159

5,159

5,159

Current Assets

47,534

50,715

50,566

61,540

71,689

85,275

Cash

25,056

22,596

22,384

32,713

42,359

55,600

Loans & Advances

7,068

13,264

12,057

12,057

12,057

12,057

Other

15,411

14,855

16,125

16,770

17,274

17,619

Current liabilities

23,513

28,239

30,198

32,613

34,244

35,271

Net Current Assets

24,022

22,476

20,369

28,926

37,445

50,004

674

651

841

841

841

841

Mis. Exp. not written off

Total Assets

July 29, 2011

149,493 169,748 193,300 221,403 253,403 284,341

101,846 126,562 137,067 154,724 175,010 196,925

ONGC | 1QFY2012 Result Update

Cash Flow Statement (Consolidated)

Y/E March (` cr)

FY08

FY09

FY10

FY11E

FY12E

FY13E

Profit before tax

31,014

31,093

30,441

34,316

41,774

44,940

9,078

8,779

8,863

20,628

21,185

22,671

(180)

(264)

2,415

2,355

(719)

1,771

1,128

682

(2,903)

(3,238)

(2,300)

(6,946)

(7,641)

(8,405)

Depreciation
(Incr)/ Decr in Misc Exp
Change in Working Capital
Less: Other income
Direct taxes paid
Cash Flow from Operations
(Inc.)/ Dec. in Fixed Assets
(Inc.)/ Dec. in Investments
(Inc.)/ Dec. in loans and adv.
Other income
Cash Flow from Investing
Issue of Equity
Inc./(Dec.) in loans
Dividend Paid (Incl. Tax)
Others
Cash Flow from Financing

28,915

28,746

(7,748) (11,491) (13,988) (15,048)

28,272

38,278

42,458

44,839

(16,814) (21,639) (21,253) (29,728) (32,953) (32,027)

(1,260)

902

(2,249)

(1)

(1,951)

532

2,078

3,365

2,673

6,946

7,641

8,405

(15,996) (19,323) (20,297) (22,782) (25,312) (23,622)

166

287

(598)

4,968

(304)

2,104

1,056

1,435

(7,822)

(8,103)

(8,078)

(7,272)

(8,556)

(9,411)

(285)

(8,748)

(92)

(8,538) (11,883)

(8,187)

(5,168)

(7,500)

(7,976)

4,380

(2,460)

(211)

10,329

9,646

13,241

Opening Cash balances

20,676

25,056

22,596

22,384

32,713

42,359

Closing Cash balances

25,056

22,596

22,384

32,713

42,359

55,600

Inc./(Dec.) in Cash

July 29, 2011

(10,508) (10,244)

ONGC | 1QFY2012 Result Update

Key Ratios
Y/E March

FY08

FY09

FY10 FY11E

FY12E

FY13E

Valuation Ratio (x)

P/E (on FDEPS)

11.6

11.6

11.9

10.2

8.4

7.8

P/CEPS

6.8

6.5

6.0

5.3

4.7

4.4

P/BV

2.9

2.5

2.3

1.9

1.7

1.5

Dividend yield (%)

3.0

3.0

3.1

3.2

3.3

3.7

EV/Sales

2.1

2.0

2.1

1.7

1.6

1.3

EV/EBITDA

5.1

4.8

4.8

4.4

3.7

3.3

EV/Total Assets

2.1

1.6

1.6

1.4

1.2

1.0

EPS (Basic)

23.2

23.1

22.7

26.2

32.0

34.4

EPS (fully diluted)

23.2

23.1

22.7

26.2

32.0

34.4

Cash EPS

Per Share Data (`)

39.5

41.2

44.6

50.4

56.7

60.9

DPS

8.0

8.0

8.3

8.5

9.0

10.0

Book Value

91

108

119

139

161

184

EBIT margin

28.3

26.6

25.8

23.6

27.4

26.5

Tax retention ratio

65.4

64.7

64.8

66.5

66.5

66.5

Asset turnover (x)

1.3

1.2

0.9

1.0

1.0

1.0

24.1

19.9

15.5

15.6

18.1

18.1

Cost of Debt (Post Tax)

Leverage (x)

24.1

19.9

15.5

15.6

18.1

18.1

ROCE (Pre-tax)

28.2

24.3

19.9

19.1

21.1

20.0

Angel ROIC (Pre-tax)

44.5

39.3

31.2

30.3

34.9

34.4

ROE

27.4

23.3

20.0

20.4

21.3

19.9

Asset Turnover (Gross Block)

0.7

0.7

0.6

0.6

0.5

0.5

Inventory / Sales (days)

25

24

27

28

29

29

Receivables (days)

22

25

26

27

27

28

Payables (days)

99

109

137

134

131

132

Working capital cycle (ex-cash) (days)

(2)

(2)

(4)

(9)

(13)

(14)

(0.3)

(0.2)

(0.2)

(0.2)

(0.2)

(0.3)

Dupont Analysis (%)

ROIC (Post-tax)

Operating ROE
Returns (%)

Turnover ratios (x)

Solvency ratios (x)

Net debt to equity

July 29, 2011

Net debt to EBITDA

(0.6)

(0.4)

(0.4)

(0.5)

(0.6)

(0.7)

Interest Coverage (EBIT/Interest)

30.6

15.7

23.8

63.6

57.9

54.7

10

ONGC | 1QFY2012 Result Update

Research Team Tel: 022 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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 reliable
sources 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 this
document is for general guidance only. Angel Broking 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 Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking 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 or in
the past.
Neither Angel Broking 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 the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement

ONGC

1. Analyst ownership of the stock

2. Angel and its Group companies ownership of the stock
3. Angel and its Group companies' Directors ownership of the stock
4. Broking relationship with company covered

No
No
No
No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) :

July 29, 2011

Buy (> 15%)

Reduce (-5% to 15%)

Accumulate (5% to 15%)

Sell (< -15%)

Neutral (-5 to 5%)

11