Oil And Gas Q3 Earnings Preview: Healthy Growth Outlook, Says Nirmal Bang
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Nirmal Bang Report
We expect Q3 FY21 to reveal QoQ revival in demand for oil products and natural gas even as the broad trend is down YoY.
Among the oil marketing companies, we see profit after tax growth of 35.9%/27.4% YoY in Hindustan Petroleum Corporation Ltd. and Indian Oil Corporation Ltd. while Bharat Petroleum Corporation Ltd. will see its earnings dip a tad.
Gas stocks will see PAT growth, except Mahanagar Gas Ltd., which will see 16.5% YoY decline in PAT.
We have made changes to our estimates for the OMCs. We have also rolled over our target prices to FY23E for the eight stocks in our coverage universe and kept our ratings unchanged.
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