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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).
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