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Prabhudas Lilladher Report
We attended the analyst meet of Oil India Ltd.
Management guided strong volume growth FY25E to be a watershed year, driven by commissioning of major oil and gas expansion along with Numaligarh Refinery Ltd.'s expansion projects. Some key highlights are -
oil and gas production to increase by 30% and 70% respectively post completion of major projects in Assam,
NRL refinery's expansion to nine million tonnes per annum from current three million tonnes per annum to come on stream by FY25E,
no imposition of windfall taxes after two years of depressed profits and,
no price cap on gas prices.
Oil India is well placed to benefit from rising oil and gas prices and high gross refining margins and FY25E Ebitda can increase to Rs 210 billion (FY22-Rs 105 billion) on higher volumes.
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