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ICICI Securities Report
Oil India Ltd.’s Q4 FY21 recurring standalone earnings per share was in the black versus in the red in Q4 FY20, driven by oil price and dividend rise.
Q4 consolidated recurring earnings was up 77% YoY due to jump in share of profit in Numaligarh Refinery Ltd. on increase in stake.
We have raised FY22-FY23E brent estimate by 13-8% to $67.5-65/barrel of oil and administered pricing mechanism gas price estimate by 4-37% to $2.6-4.25/metric million British thermal unit to factor the rise in underlying gas prices.
Factoring oil and gas price based on futures and higher gross refining margin for Numaligarh Refinery would mean further upside to FY22-FY23E earnings per share of 14-5% and to future of 8%.
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