Oil, Gas Q3 Results Preview - Higher Gas Price, Volume, Lower GRM To Impact Earnings: Systematix

Systematix Report

Our gas coverage universe’s Ebitda is expected to report 85% growth YoY (flattish QoQ) led by strong growth recovery in GAIL Ltd., Indraprastha Gas Ltd., Mahanagar Gas Ltd. and Gujarat State Petronet Ltd. while Gujarat Gas and Petronet LNG is expected to report a decline in earnings.

Overall, Brent crude price was largely flattish and averaged at $ 84.3/barrel of oil in Q3 FY24 (versus 86.5/bbl in Q2 FY24). Though, spot LNG price inched up 25% while gross refining margin fell sharply 43% to $5.5/bbl owing to lower crack across product.

Marketing margin on petrol though improved to Rs 8.8/litre from Rs 6.3/litre in Q2 FY24 while diesel marketing margin declined further to a negative Rs 1.5/ltr from a negative Rs 0.6/ltr.

Overall, gas consumption volume has gone up by 3% during the quarter while rupee depreciated 0.6%.

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