Oil & Gas Sector Q3 Earnings Preview - Another Strong Quarter: Prabhudas Lilladher
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Prabhudas Lilladher Report
Q3 FY22 operating profits for India oil sector is expected to grow 14% QoQ in absence of lockdown restrictions alongside higher marketing and refining margins.
Oil marketing companies would report a strong 19% QoQ growth in profit after tax to Rs 131.9 billion on back of healthy marketing margins and improved refining margins (gross refining margins up $2.4/barrel of oil), even though inventory gains are likely to be minimal.
Upstream players will benefit from higher crude (up $6.5/bbl QoQ) and gas prices (up $1.2/metric million British thermal unit QoQ).
Reliance Industries Ltd.’s standalone earnings will grow 7% QoQ, given higher refining profitability and higher gas realisation to $6.81/mmbtu (up $2.8/mmbtu) on net calorific value basis.
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