3QFY2012 Result Update | Oil & Gas

February 8, 2012

ONGC

ACCUMULATE

Performance Highlights

CMP
Target Price

Y/E March (` cr)

3QFY12

3QFY11

% chg (yoy)

2QFY12

% chg (qoq)

Total Operating Income

18,124

18,586

(2.5)

22,616

(19.9)

EBITDA

11,051

13,532

(18.3)

14,469

(23.6)

61.0

72.8

(1,183)bp

64.0

(300)bp

3,599

7,083

(49.2)

8,642

(58.4)

EBITDA Margin (%)

Adj. PAT

`283
`323

Investment Period

12 Months

Stock Info
Oil & Gas

Sector
Market Cap (` cr)

Source: Company, Angel Research

For 3QFY2012, ONGCs EBITDA and adjusted PAT decreased by 18.3% yoy and
49.2% yoy on account of higher subsidy burden. We recommend Accumulate on
the stock.
Net crude oil realization dips by 30.9% yoy: ONGCs top line decreased by 2.5%
yoy to `18,124cr. The companys crude oil net realization declined by 30.9% yoy
to US$44.8/bbl on account of higher subsidy burden. The company shared a
subsidy burden of `12,536cr in 3QFY2012 vs. `4,222cr of subsidy shared in
3QFY2011 and `5,713cr in 2QFY2012.
Higher depreciation further dents the bottom line: During the quarter,
EBITDA margin slipped by 1,183bp yoy to 61.0% and EBITDA decreased by
18.3% yoy to `11,051cr. Depreciation and amortization expenses increased by
24.5% yoy to `4,532cr due to higher dry well write-offs during the quarter.
The company reported one-time gain of `3,142cr related to royalty reimbursed
by Cairn India. Excluding this one-time gain, adjusted net profit decreased by
49.2% yoy to `3,599cr.
Oil and gas production guidance: ONGC aims to increase its oil and gas
production (including JVs) to 28.8mn tonnes (+4.0% yoy) and 27bcm (+7.0%
yoy), respectively, for FY2013.
Outlook and valuation: We expect robust volume growth from ONGC Videsh
(OVL), which aims to increase its production at a CAGR of 12.4% during
FY2011-13. Also, a concrete subsidy-sharing formula by the government could
make ONGCs cash flows more predictable. The stock is currently trading at 9.4x
and 8.5x FY2012E and FY2013E PE, respectively, compared to its five-year
average forward PE of 10.2x. Considering the anticipated growth in volumes from
OVL, we recommend Accumulate on the stock with an SOTP target price of `323.

242,078

Beta

0.7

52 Week High / Low

326/242

Avg. Daily Volume

362,591

Face Value (`)

BSE Sensex

17,707

Nifty

5,368

Reuters Code

ONGC.BO

Bloomberg Code

ONGC@IN

Shareholding Pattern (%)

Promoters

74.1

MF / Banks / Indian Fls

6.8

FII / NRIs / OCBs

5.3

Indian Public / Others

13.7

Abs. (%)

3m

1yr

3yr

Sensex

0.8

(0.4)

90.4

ONGC

1.8

0.4

66.2

Key financials (Consolidated)

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

FY2010

FY2011

FY2012E

FY2013E

101,755

117,611

124,378

138,709

(2.7)

15.6

5.8

11.5

19,404

22,456

25,801

28,393

% chg

(2.0)

15.7

14.9

10.0

OPM (%)

44.2

41.2

43.0

42.0

EPS (`)

22.7

26.2

30.2

33.2

P/E (x)

12.5

10.8

9.4

8.5

2.4

2.1

1.8

1.6

P/BV (x)
RoE (%)

20.0

20.7

20.8

20.0

RoCE (%)

19.9

19.1

19.6

19.2

EV/Sales (x)

2.2

1.8

1.6

1.3

EV/EBITDA (x)

5.0

4.6

4.0

3.5

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 | 3QFY2012 Result Update

Exhibit 1: 3QFY2012 performance (Standalone)

Y/E March (` cr)

3QFY2012 3QFY2011 % chg (yoy) 2QFY2012 % chg (qoq)

Total Operating Income

18,124

Total operating expenditure

EBITDA
EBITDA Margin (%)
Other Income
Depreciation
Interest
Exceptional items
PBT
PBT Margin (%)
Total Tax
% of PBT

18,586

(2.5)

22,616

(19.9)

7,073

5,055

39.9

8,148

(13.2)

11,051

13,532

(18.3)

14,469

(23.6)

61.0

72.8

64.0

958

664

44.3

1,133

(15.4)

4,532

3,641

24.5

3,337

35.8

(71.5)

(71.5)

3,142

10,617

10,554

58.6

56.8

3,876

3,471

0.6

12,258

11.7

3,616

(13.4)

54.2
7.2

36.5

32.9

PAT

6,741

7,083

(4.8)

8,642

(22.0)

Adj. PAT

3,599

7,083

(49.2)

8,642

(58.4)

19.9

38.1

PAT Margin (%)

29.5

38.2

Source: Company, Angel Research

Exhibit 2: Segmental performance (Standalone)

Y/E March

3QFY2012 3QFY2011 % chg (yoy) 2QFY2012 % chg (qoq)

Net sales (` cr)

Crude oil

122,330

132,630

(7.8)

172,700

37,960
4,800

34,660

9.5

34,700

9.4

5,990

(19.9)

6,850

(29.9)

18,190

14,110

28.9

17,060

6.6

3,420

2,510

36.3

3,410

0.3

Crude oil (US$/bbl)

44.8

64.8

(30.9)

83.7

(46.5)

Natural Gas (`/tcm)

Natural Gas
LPG
Naphtha
C2-C3

(29.2)

Average realization
7,562

6,809

11.0

6,871

10.1

LPG (US$/mt)

351

509

(31.1)

574

(38.9)

Naphtha (US$/mt)

878

786

11.8

939

(6.5)

C2-C3 (US$/mt)

521

532

(2.2)

578

(9.9)

Crude oil (mn tonnes)

5.60

5.90

(5.1)

5.8

(3.4)

Natural Gas (bcm)

5.00

5.10

(2.0)

5.1

(2.0)

LPG (tmt)

269

262

2.7

261

3.1

Naphtha (tmt)

407

400

1.8

397

2.5

C2-C3 (tmt)

129

105

22.9

129

0.0

Sales volume

Source: Company, Angel Research

February 8, 2012

ONGC | 3QFY2012 Result Update

Exhibit 3: 3QFY2012 Actual vs. Estimates

(` cr)

Actual

Estimates

Total operating income

18,124

17,200

5.4

EBITDA

11,051

8,858

24.8

61.0

51.5

947bp

3,599

4,454

(19.2)

EBITDA Margin (%)

PAT

Variation (%)

Source: Company, Angel Research

Net crude oil realization dips by 30.9% yoy: ONGCs top line decreased by 2.5%
yoy at `18,124cr. ONGCs crude oil net realization declined by 30.9% yoy to
US$44.8/bbl on account of higher subsidy burden. The company shared a subsidy
burden of `12,536cr in 3QFY2012 vs. `4,222cr of subsidy shared in 3QFY2011
and `5,713cr in 2QFY2012. Oil sales volumes decreased by 4.0% yoy to 5.6mn
tonnes and gas sales volumes decreased by 1.4% yoy to 5.0bcm during
3QFY2012.

24,000

34.2

21,000
18,000

20.2

(` cr)

15,000

18.5

24.3

12,000
9,000

0.7

6,000
3,000

(2.5)

(8.7)

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

(%)

Exhibit 4: Operating revenue growth trend

1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12

Total operating revenues

Total operating revenues growth (RHS)

Source: Company, Angel Research

EBITDA decreases by 18.3% yoy: The companys EBITDA margin slipped by

1,183bp yoy to 61.0% and EBITDA decreased by 18.3% yoy to `11,051cr on
account of higher subsidy burden.

February 8, 2012

ONGC | 3QFY2012 Result Update

Exhibit 5: Operating performance trend

16,000

75.0

72.8

14,000

72.0
69.0

12,000

(` cr)

8,000

60.0

62.2

58.5

66.0
61.0

63.0
60.0

(%)

64.0

10,000

57.0

6,000

54.0

4,000
49.5

2,000
-

51.0
48.0
45.0

1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12

Operating Profit

Operating Margins (RHS)

Source: Company, Angel Research

Royalty reversal mutes reported PAT decline: Depreciation and amortization

expenses increased by 24.5% yoy to `4,532cr due to higher dry well write-offs
during the quarter. The company reported one-time gain of `3,142cr related to
royalty reimbursed by Cairn India, which was initially paid by ONGC for August
2009-September 2011. Excluding this one-time gain, adjusted net profit decreased
by 49.2% yoy to `3,599cr. Reported net profit decreased by 4.8% yoy to `6,741cr.

Exhibit 6: PAT growth trend

9,000
8,000

(` cr)

7,000
6,000
5,000
4,000
3,000
2,000
1,000
-

160.0
140.0
132.0
120.0
100.0
80.0
60.0
60.4
40.0
11.8
20.0
5.9
(24.5)
(20.0)
(26.1)
(49.2) (40.0)
(60.0)
1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12

(%)

10,000

Adj. PAT

Adj. PAT growth (RHS)

Source: Company, Angel Research

February 8, 2012

ONGC | 3QFY2012 Result Update

Investment argument
Gas volumes expected to boost valuations: 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. The company aims to increase its production to
27bcm in FY2013 from 23bcm in FY2011. As far as oil is concerned, ONGCs
existing oil fields are matured and, thus, production from these fields is declining.
Nevertheless, management expects incremental oil production from marginal
fields (including D1 extension, B193 cluster, B22 clusters, North Tapti, WO series
and B46 cluster), which will help arrest the decline in crude production.
OVLs volume story intact: OVLs production has increased steadily from
8.0mtoe in FY2007 to 9.5mtoe in FY2011. Going forward, we expect OVLs
volumes to grow to 12mtoe by FY2013 with incremental productions from
Myanmar, Sakhalin-1 and Venezuela coming on stream. Moreover, any increase
in crude oil or gas price improves OVLs margins, as it does not share
under-recoveries.

Outlook and valuation

Going forward, we expect robust volume growth from OVL, which aims to increase
its production at a CAGR of 12.4% during FY2011-13. Also, a concrete
subsidy-sharing formula by the government could make ONGCs cash flows more
predictable.
The stock is currently trading at 9.4x and 8.5x FY2012E and FY2013E PE,
compared to its five-year average forward PE of 10.2x. Moreover, considering the
anticipated growth in volumes from OVL, we recommend Accumulate on the stock
with an SOTP target price of `323.

Exhibit 7: SOTP valuation

Particulars (` cr)

`/share

ONGC Standalone(DCF)

183

OVL(Oil- EV/boe $14x Gas Ev/Boe $6x)

64

Investment Value(70% mkt Value)

13

Total EV

260

Net debt

(63)

Equity value (`)

323

Source: Company, Angel Research

Exhibit 8: Key assumptions (Standalone)

Particulars

FY2012E

FY2013E

Sale of crude oil (MMT)

22.8

23.2

Net realisations (US$/bbl)

55.4

56.7

Source: Company, Angel Research

February 8, 2012

ONGC | 3QFY2012 Result Update

Exhibit 9: Angel EPS forecast vs. consensus

Angel Forecast

Bloomberg Consensus

Variation (%)

FY2012E

30

31

(4.0)

FY2013E

33

34

(0.9)

Source: Company, Angel Research

Exhibit 10: Recommendation summary

Company

CMP

TP

(`)

(`)

Reco.

Mcap

Upside

(` cr)

(%)

FY12E

P/E (x)
FY13E

FY12E

P/BV (x)
FY13E

FY12E

EV/EBITDA (x)
FY13E

RoE (%)
FY12E

RoCE (%)

FY13E FY12E FY13E

RIL

858

923

Accum.

280,987

13.4

12.4

1.5

1.3

7.5

7.1

12.9

12.4

9.6

9.8

ONGC

283

323

Accum.

242,078

14

9.4

8.5

1.8

1.6

4.0

3.5

20.8

20.0

19.6

19.2

Cairn India

373

Neutral

70,907

8.5

7.2

1.5

1.2

6.2

4.6

18.8

18.4

18.9

18.7

GAIL

391

440

Accum.

49,579

13

12.6

11.0

2.2

1.9

6.5

5.7

19.0

18.7

23.0

22.9

Source: Angel Research

Exhibit 11: One-year forward P/E

850
750

Share price (`)

650
550
450
350
250
150

5x

10x

15x

20x

Jan-12

Jul-11

Oct-11

Apr-11

Jan-11

Jul-10

Oct-10

Jan-10

Apr-10

Jul-09

Oct-09

Jan-09

Apr-09

Jul-08

Oct-08

Jan-08

Apr-08

Jul-07

Oct-07

Jan-07

Apr-07

Jul-06

Oct-06

Apr-06

50

25x

Source: Company, Angel Research

Exhibit 12: Premium/Discount in ONGC (P/E) v/s Sensex (P/E)

0
(10)

(%)

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

Prem/Disc to Sensex

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

Oct-10

Jul-10

Apr-10

Jan-10

Oct-09

Jul-09

Jan-09

Apr-09

Oct-08

Jul-08

Apr-08

Jan-08

Oct-07

Jul-07

Apr-07

(60)

Historic Avg Disc

Source: Company, Angel Research

February 8, 2012

ONGC | 3QFY2012 Result Update

Profit & Loss Statement (Consolidated)

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

FY09

FY10

FY11

FY12E

FY13E

96,782 104,588 101,755 117,611 124,378 138,709

17.7

8.1

(2.7)

15.6

5.8

11.5

Total Expenditure

55,527

61,364

56,805

69,174

70,864

80,462

Net Raw Materials

25,070

28,975

25,339

31,251

30,414

34,534

Other Mfg costs

18,419

17,678

16,321

19,685

19,157

21,752

1,328

1,162

1,407

1,716

1,933

2,195

Other

10,710

13,549

13,738

16,523

19,359

21,982

EBITDA

41,255

43,225

44,949

48,436

53,513

58,247

14.0

4.8

4.0

7.8

10.5

8.8

Personnel

% chg
(% of Net Sales)

42.6

41.3

44.2

41.2

43.0

42.0

Depreciation& Amortisation

13,888

15,430

18,719

20,628

21,135

22,593

EBIT

27,367

27,794

26,230

27,808

32,378

35,654

% chg

13.0

1.6

(5.6)

6.0

16.4

10.1

(% of Net Sales)

28.3

26.6

25.8

23.6

26.0

25.7

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

19.4

19.4

31,014

31,093

30,401

34,316

39,418

43,379

% chg

8.6

0.3

(2.2)

12.9

14.9

10.0

Adj. related to prior period (Net)

93

(11)

(40)

(66)

PBT (reported)

30,921

31,169

30,441

34,316

39,418

43,379

Tax

10,700

11,009

10,714

11,491

13,200

14,526

34.6

35.3

35.2

33.5

33.5

33.5

20,221

20,160

19,728

22,825

26,219

28,853

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

427

470

PAT after MI (reported)

19,872

19,795

19,404

22,456

25,801

28,393

ADJ. PAT

19,872

19,861

19,404

22,456

25,801

28,393

% chg

February 8, 2012

FY08

8.9

(0.1)

(2.3)

15.7

14.9

10.0

(% of Net Sales)

20.5

19.0

19.1

19.1

20.7

20.5

Basic EPS (`)

23.2

23.1

22.7

26.2

30.2

33.2

Fully Diluted EPS (`)

23.2

23.1

22.7

26.2

30.2

33.2

% chg

11.8

(0.4)

(2.0)

15.7

14.9

10.0

ONGC | 3QFY2012 Result Update

Balance Sheet (Consolidated)

Y/E March (` cr)

FY08

FY09

FY10

FY11

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

92,224 101,407 115,327 132,573 151,554

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

1,145

1,411

99,268 111,049 128,295 147,277

1,643

2,002

2,420

2,880

944

6,559

6,267

6,291

9,427

10,862

8,738

9,223

10,291

11,153

11,153

11,153

12,932

17,145

17,459

19,850

19,850

19,850

101,846 126,562 137,067 154,623 175,422 196,299

APPLICATION OF FUNDS
Gross Block
Less: Acc. Depreciation

93,825 105,955 117,757 132,981 154,116 176,709

Net Block

55,668

63,794

75,543

94,293

98,157 100,564

Capital Work-in-Progress

14,423

24,758

25,616

27,379

28,194

29,283

Goodwill

2,578

11,404

9,539

8,993

8,993

8,993

Investments

4,482

3,480

5,159

3,356

3,356

3,356

Current Assets

47,534

50,715

50,566

59,412

77,512

96,140

Cash

25,056

22,596

22,384

28,688

46,223

64,464

Loans & Advances

7,068

13,264

12,057

11,904

11,904

11,904

Other

15,411

14,855

16,125

18,821

19,385

19,773

Current liabilities

23,513

28,239

30,198

39,605

41,586

42,833

Net Current Assets

24,022

22,476

20,369

19,807

35,926

53,307

674

651

841

796

796

796

Mis. Exp. not written off

Total Assets

February 8, 2012

149,493 169,748 193,300 227,273 252,273 277,273

101,846 126,562 137,067 154,623 175,422 196,299

ONGC | 3QFY2012 Result Update

Cash Flow Statement (Consolidated)

Y/E March (` cr)

FY08

FY09

FY10

FY11

FY12E

FY13E

Profit before tax

31,014

31,093

30,441

34,316

39,418

43,379

9,078

8,779

8,863

11,353

21,135

22,593

(180)

(264)

2,415

2,355

(473)

6,955

1,416

860

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

February 8, 2012

(7,641)

(8,405)

(2,903)

(3,238)

(2,300)

(125)

(10,508) (10,244)
28,915

28,746

(7,748) (10,519) (13,200) (14,526)

28,783

41,980

41,129

43,901

(16,814) (21,639) (21,253) (19,685) (25,815) (26,089)

(1,260)

902

(2,249)

1,951

(1)

(1,951)

532

(96)

7,641

8,405

2,078

3,365

1,868

(6,495)

(15,996) (19,323) (21,102) (24,326) (18,175) (17,684)

166

287

(598)

4,968

(304)

40

3,136

1,435

(7,822)

(8,103)

(8,078) (10,143)

(285)

(8,748)

(8,538) (11,883)

(8,556)

(9,411)

(1,658)

(8,273) (11,760)

(5,420)

(7,976)

109

4,380

(2,460)

(592)

5,894

17,535

18,241

Opening Cash balances

20,676

25,056

22,588

21,997

28,688

46,223

Closing Cash balances

25,056

22,596

21,997

27,890

46,223

64,464

ONGC | 3QFY2012 Result Update

Key Ratios
Y/E March

FY08

FY09

FY10

FY11

FY12E

FY13E

Valuation Ratio (x)

P/E (on FDEPS)

12.2

12.2

12.5

10.8

9.4

8.5

P/CEPS

7.2

6.9

6.4

5.6

5.2

4.7

P/BV

3.1

2.6

2.4

2.1

1.8

1.6

Dividend yield (%)

2.8

2.8

2.9

3.0

3.2

3.5

EV/Sales

2.2

2.1

2.2

1.8

1.6

1.3

EV/EBITDA

5.3

4.9

5.0

4.6

4.0

3.5

EV/Total Assets

2.2

1.7

1.6

1.4

1.2

1.0

EPS (Basic)

23.2

23.1

22.7

26.2

30.2

33.2

EPS (fully diluted)

23.2

23.1

22.7

26.2

30.2

33.2

Cash EPS

Per Share Data (`)

39.5

41.2

44.6

50.4

54.9

59.6

DPS

8.0

8.0

8.3

8.5

9.0

10.0

Book Value

91

108

119

135

155

177

EBIT margin

28.3

26.6

25.8

23.6

26.0

25.7

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

1.1

24.1

19.9

15.5

15.4

16.9

18.2

Cost of Debt (Post Tax)

Leverage (x)

24.1

19.9

15.5

15.4

16.9

18.2

ROCE (Pre-tax)

28.2

24.3

19.9

19.1

19.6

19.2

Angel ROIC (Pre-tax)

44.5

39.3

31.2

29.6

32.4

35.0

ROE

27.4

23.3

20.0

20.7

20.8

20.0

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)

(17)

(28)

(28)

(0.4)

(0.2)

(0.2)

(0.2)

(0.3)

(0.4)

Dupont Analysis (%)

ROIC (Post-tax)

Operating ROE
Returns (%)

Turnover ratios (x)

Solvency ratios (x)

Net debt to equity

February 8, 2012

Net debt to EBITDA

(0.7)

(0.5)

(0.5)

(0.5)

(0.8)

(1.0)

Interest Coverage (EBIT/Interest)

30.6

15.7

23.8

63.6

54.0

52.4

10

ONGC | 3QFY2012 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.
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nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
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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) :

February 8, 2012

Buy (> 15%)

Reduce (-5% to 15%)

Accumulate (5% to 15%)

Sell (< -15%)

Neutral (-5 to 5%)

11