Oil & Gas Sector Q4 Earnings Preview - Unraveling The Numbers Maze: Nirmal Bang
Gas flares burn from pipes aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran. (Photographer: Ali Mohammadi/Bloomberg)

Oil & Gas Sector Q4 Earnings Preview - Unraveling The Numbers Maze: Nirmal Bang

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Nirmal Bang Report

We expect our oil and gas universe (barring GAIL India Ltd., Gujarat State Petronet Ltd.) to report healthy earnings in Q4 FY21, although the growth will be a bit mixed.

Among the oil marketing companies, we see robust adjusted profit after tax growth of 124% YoY for Hindustan Petroleum Corporation Ltd.

For Bharat Petroleum Corporation Ltd., the Q4 FY21 profit after tax compares with a loss (excluding exceptional item) in Q4 FY20.

All the three OMCs will see inventory gains boosting reported gross refining margins YoY and tax payout versus tax write-backs YoY.

But, core GRMs will be down due to lower spreads even as these have improved QoQ.

Click on the attachment to read the full report:

Nirmal Bang Oil and Gas Sector Q4FY21 Result Preview -9 April 2021.pdf

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