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Prabhudas Lilladher Report
We introduce Oil India Ltd.’s FY22/23E consolidated earnings and factor in-
higher oil realisation of $65/70/barrel of oil versus $50/55/bbl earlier,
higher domestic gas prices of $2.5/3.0/metric million British thermal unit and
incorporate stake hike in Numaligarh Refinery Ltd. to 69.63% versus 26% earlier.
We believe Oil India’s earnings will ride on improving crude oil and gas realisation, even as volume growth will be back ended.
FY25E consolidated Ebitda is estimated to increase to Rs 167 billion (~3 times FY21 levels), post commissioning of six million tonne per annum NRL refinery expansion and increase in gas volumes.
Numaligarh Refinery remains a prized acquisition, as company retains 50% of excise duty from sale of petrol and diesel, and is earnings per share accretive.
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