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Dolat Capital Report
FY24 turning out to be a blockbuster year for oil marketing companies with strong dividends. After a robust H1, H2 so far has been better than expected for OMCs, except for some inventory losses likely in Q3, if oil prices stabilise at $80-85/barrel of oil, which would, however, mean strong core earnings in Q4.
We estimate Bharat Petroleum Corporation Ltd./Hindustan Petroleum Corporation Ltd./Indian Oil Corporation Ltd. to report Rs 246/Rs 154/Rs 354 billion reported profit after tax in FY24 (building refinery commissioning risk for HPCL), which implies 8%/9%/10% annual dividend yield for FY24 (BPCL and Indian Oil has already declared 5% each in the interim).
Post the general elections, the macro-political environment would improve.
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