NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Chennai Petroleum Corporation Ltd.'s FY24 core performance was weak, with an Ebitda of Rs 7.1 billion; $6.2/ barrel of oil of reported gross refining margin (our estimate $8.5) on narrowing Russian crude discounts.
As per our calculations, there is an inventory gain which could be at $0.3/bbl due to higher quantity of crude sourced in August-23 which was cheaper and had higher discounts.
As per our calculations, the RTP reduction of $2/bbl impacted the core GRMs, otherwise the core GRMs could be at $7.9/ bbl.
We maintain 'Buy' rating, with a revised 12-months target price of Rs 1,030 (Rs 1,040 earlier).
Click on the attachment to read the full report:
Also Read: UltraTech Cement Q3 Results Review - Upside Capped; Valuation Includes Everything: Yes Securities
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-07/4419a6bd-1e70-47d8-ae9a-9e2b2a098764/Solar_energy_solution ny Suzlon Energy Ltd. (Source Company website).jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Suzlon Energy - Strengthening The Core: ICICI Securities
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2022-05/3c56e2c3-fdea-40ff-b2a3-9b4dae3d7742/A_researcher_pouring_chemical_solution_in_a_flask___Photo_Louis_Reed_Source_Unsplash.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Sudarshan Chemical Q1 Results Review - Core Business On Steady Growth Path: Dolat Capital
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2023-02/5290c152-935d-45c5-9bac-4c924469b481/Parachute_oil_manufactured_by_Marico_Ltd___Source_Company_website_.png?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Marico Q1 Results Review - Core Portfolio Tepid, Peaked Out Margins: Prabhudas Lilladher
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2023-07/e5512457-fdf2-4731-bb52-cc5f1f08cf7c/Chennai_Petroleum_Corporation_Ltd___Source_Company_website_.png?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Chennai Petroleum Q1 Results Review - Inline Reported Performance: Yes Securities
![timelogo](/images/amp-time.png)