Oil & Gas Q3 Results Review: Indian Oil, GAIL To Oil India Among ICICI Securities' Top Bets To Buy— Here's Why

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

Q3 FY25 Ebitda/PAT improved by 17%/12% QoQ and flattish/-8% YoY for our coverage universe (ex-Gulf Oil Lubricants lndia Ltd.). The sequential rise in Ebitda was driven by strong earnings from oil marketing companies, Reliance and ONGC. YoY operational earnings were flattish driven by strong earnings from Reliance, BPCL, HPCL and ONGC, set off by weaker earnings from IOCL, CGDs and utility companies.

Singapore GRM improved by $1.2/bbl QoQ; blended retail fuel margin improved by Rs 2.6/ltr. Cut in APM allocation drove the YoY decline in reported earnings for CGDs.

Upstream broadly delivered in-line volume growth, with improvement in realisation in store for both crude and gas.

We remain positive structurally but note that near-term headwinds on pricing, regulations and margins may keep stocks rangebound in near term.

Click on the attachment to read the full report:

DISCLAIMER

This 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.