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Yes Securities Report
Chennai Petroleum Corporation Ltd. Q4 FY24 core performance was weaker than our expectations, with an Ebitda of Rs 10.4 billion; $ 7.7/barrel of oil of reported gross refining margins our estimate. $ 11.4 on narrowing Russian crude discounts.
As per our calculations, there is an inventory loss which could be at $ 0.6/bbl. As per our calculations, the core GRMs could be at $ 8.3/bbl.
We maintain 'Buy' rating, with a revised 12-month target price of Rs 1,450 Rs 1,498 earlier.
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