External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>OGDC reported a 15% QoQ decline in earnings to Rs9.37/share in 4QFY25, taking FY25 earnings to Rs39.5/share, down 19% YoY.</li><li>Earnings are higher than our expectations, primarily due to lower exploration costs and a lower Effective Tax Rate (ETR), which stood at Rs4.1bn and 28% respectively in 4QFY25.</li><li>Exploration costs in 4QFY25 went down by 40% QoQ to Rs4bn. While for FY25, exploration cost was at Rs18.7bn, on account of 3 dry wells, Kandewaro-1, TAY NE-1 and Chak202 besides the ongoing seismic activities in several areas such as Uch D&PL, Murradi and Sehwan.</li></ul>

OGDC reported a 15% QoQ decline in earnings to Rs9.37/share in 4QFY25, taking FY25 earnings to Rs39.5/share, down 19% YoY.Earnings are higher than our expectations, primarily due to lower exploration costs and a lower Effective Tax Rate (ETR), which stood at Rs4.1bn and 28% respectively in 4QFY25.Exploration costs in 4QFY25 went down by 40% QoQ to Rs4bn. While for FY25, exploration cost was at Rs18.7bn, on account of 3 dry wells, Kandewaro-1, TAY NE-1 and Chak202 besides the ongoing seismic activities in several areas such as Uch D&PL, Murradi and Sehwan.

Oil & Gas Development (OGDC): 4QFY25 EPS At Rs9.37, Up 6% YoY And Down 15% QoQ – Higher Than Expectations