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Prabhudas Lilladher Report
Q2 FY22 earnings for India oil sector is expected to grow 13% QoQ in the absence of lockdown restrictions alongside higher marketing and refining margins.
Oil marketing companies would report strong 2% QoQ growth in profit after tax on back of higher marketing margins and improved refining margins (gross refining margins up $1.6/ barrel of oil) even though inventory gains are likely to be minimal.
Upstream players will benefit from higher crude prices (up $4.4/bbl QoQ).
Reliance Industries Ltd.’s standalone earnings will grow 19% QoQ given the higher refining profitability.
However, city gas distribution earnings may take a hit from lower Gujarat Gas Ltd.'s profits even though Indraprastha Gas Ltd. and Mahanagar Gas Ltd. are expected to benefit from lack of lockdown restrictions.
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