Oil & Gas Sector Q4 Earnings Preview - Unraveling The Numbers Maze: Nirmal Bang

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Nirmal Bang Report

We expect our oil and gas universe (barring GAIL India Ltd., Gujarat State Petronet Ltd.) to report healthy earnings in Q4 FY21, although the growth will be a bit mixed.

Among the oil marketing companies, we see robust adjusted profit after tax growth of 124% YoY for Hindustan Petroleum Corporation Ltd.

For Bharat Petroleum Corporation Ltd., the Q4 FY21 profit after tax compares with a loss (excluding exceptional item) in Q4 FY20.

All the three OMCs will see inventory gains boosting reported gross refining margins YoY and tax payout versus tax write-backs YoY.

But, core GRMs will be down due to lower spreads even as these have improved QoQ.

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