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.
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