Oil India Q1 Review - Oil, Gas Surge To Drive Strong Growth, Upside: ICICI Securities
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ICICI Securities Report
Oil India Ltd.’s Q1 FY22 recurring standalone earnings per share was in the black versus in the red in Q1 FY21, driven by oil price realisation rise.
Oil India's Q1 consolidated recurring EPS was up 2.8 times YoY with subsidiary Numaligarh Refinery Ltd.’s profit being up 60% YoY.
Given the surge in UK National Balancing Point and U.S. Henry hub gas prices and futures, 45% upside to our FY23E administered pricing mechanism gas price estimates appears likely.
Upside seems likely for subsidiary Numaligarh Refinery’s gross refining margin too as cut in excise duty on auto fuels, which we expected earlier, appears unlikely now.
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