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Yes Securities Report
Chennai Petroleum Corporation Ltd.'s Q1 FY25 core performance was weaker than our expectations at $ 5.2/barrel of crude oil, with an Ebitda of Rs 6.6 billion; $6.33/bbl of reported GRM (our estimate $6) on narrowing Russian crude discounts.
As per our calculations, there is an inventory loss which could be at $1.13/bbl with no forex impact during the quarter. As per our calculations, the core gross refining margin could be at $5.2/bbl. Spot Russian crude sourcing moved up contributing 40% as it was available cheap compared to other supplies.
We maintain 'Buy' rating, with an unchanged 12-month target price of Rs 1,450.
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