Oil And Gas Q1 Results Review - A Mixed Bag; Prospects Remain Strong For Rest Of FY25E: ICICI Securities

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..ICICI Securities Report.Q1 FY25 Ebitda/profit after tax declined by 5%/15% YoY and 5/18% QoQ for our coverage universe (ex-Gulf Oil). We note sequential decline is driven by weak earnings from Reliance Industries, oil marketing companies (HPCL), Oil India, Gujarat State Petronet and Gujarat Gas. YoY operational earnings decline was due to fall in earnings of OMCs (HPCL), GSPL, ONGC and Mahanagar Gas. Weaker refining segment impacted Reliance’s performance with Singapore gross refining margin declining by $4/barrel of oil QoQ, while OMCs profitability was impacted by both weak refining and marketing segments. Lower spot prices boosted volumes for city gas distributions and utilities. Upstream broadly delivered in line volume growth. Brent crude at $80-85/bbl and spot LNG prices at $11-13/metric million British thermal unit create a strong earnings environment for the sector, which may continue over FY25E, underpinning our broadly positive stance on the sector over the next 12 months..Click on the attachment to read the full report:.Banking Q1 Results Review - Seasonally Weak Quarter; Margins To Remain Under Pressure: DRChoksey.DISCLAIMERThis 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.

Oil And Gas Q1 Results Review - A Mixed Bag; Prospects Remain Strong For Rest Of FY25E: ICICI Securities

Going forward, the brokerage sees slightly slower momentum in Reliance Industries’ earnings, owing to softer oil-to-chemical margin and upstream peaking out in FY24.

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Oil And Gas Q1 Results Review - A Mixed Bag; Prospects Remain Strong For Rest Of FY25E: ICICI Securities

Going forward, the brokerage sees slightly slower momentum in Reliance Industries’ earnings, owing to softer oil-to-chemical margin and upstream peaking out in FY24.

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