ONGC is set to announce its results for the June quarter on August 5.

What Happened: The oil major in an exchange filing said its board will meet on August 5, Monday to approve the financial results for the quarter that ended on June 30, 2024.

Most of the analysts estimate a weak quarter for the company due to lower oil production and net realization. Kotak Institutional Equities expects revenue to grow 3.2% year-on-year to ₹34,896.7 crore. Net profit is expected to fall 40% to ₹6,013 crore while EBITDA is expected to fall 15.4% to ₹16,452.8 crore.

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According to Emkay Global, the company’s revenue is likely to come at ₹34,906 crore gaining by 3.2% year on year, and net profit to fall 18.7% to ₹8,139.8 crore while EBITDA will decrease to 15,409.7 crore.

Elara Capital expects revenue to gain 3.1% to ₹34,846.1 crore. Net profit is likely to come at ₹8,288.8 crore falling by 17.2% and EBITDA to fall 20.5% to ₹15,472.9 crore.

Despite this, analysts are bullish on the long-term prospects of the stock due to demand for oil. Motilal Oswal gave a buy rating and target price of ₹330 on the back of the revaluation of its subsidiary HPCL and other investments which will boost growth. ICICI Securities also gave a bullish call, betting on an increase in oil demand.

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