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Prabhudas Lilladher Report
Q1 FY23 operating profit for Indian oil sector is expected to fall by 11% QoQ due to weak oil marketing company performance, given high marketing losses of Rs 15/11/litre for diesel and petrol.
OMCs would report loss of Rs 141.2 billion, despite strong refining margins (gross refining margins up 2.7 times QoQ to $22/barrel of oil) and inventory gains of Rs 140 billion.
Upstream players will benefit from higher crude (up $14/bbl QoQ). Reliance Industries Ltd.'s standalone earnings will grow 85% QoQ, given higher refining profitability and gas realisation (up $4/metric million British thermal unit QoQ).
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