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Yes Securities Report
Chennai Petroleum Corporation Ltd.’s Q2 FY25 core performance was a disappointment, Ebitda loss was at Rs 6.7 billion; negative $1.6/barrel of oil of reported gross refining margin (our estimate of positive $2.9) on shutdown and inventory losses.
As per our calculations, there is an inventory loss which could be at $1.8/bbl with no forex impact during the quarter. As per our calculations, the core GRMs could be at $0.20/bbl which is much lower than the benchmark of $3.6/bbl.
We maintain Buy rating, with a revised 12-month target price of Rs 1,100.
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