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ICICI Securities Report
Q4 FY24 results are likely to show all-round improvement both YoY and QoQ, on Ebitda and profit after tax fronts, for oil and gas companies under our coverage (excluding Indian Oil Corporation Ltd. and Bharat Petroleum Corporation Ltd., Gulf Oil Lubricants India Ltd. shown separately).
We expect Ebitda /profit after tax to grow 17/8% YoY and 14/14% QoQ, with sharp improvement in performance by GAIL India Ltd., Petronet LNG Ltd. and Gujarat State Petronet Ltd.
That is not to say other subsegments are weak, with upstream players (ONGC plus Oil India Ltd.) likely to report 8/9% YoY jump and city gas distributions to report 11/7% YoY jump in Ebitda/profit after tax, respectively.
Reliance Industries Ltd. likely to show mixed performance during the quarter, with strong operational improvement (Ebitda up 11% YoY), but net income may dip 5% YoY on higher depreciation/high tax rate.
Gulf Oil continues with its last couple of quarters' strong YoY performance trend with Ebitda/PAT likely to grow 30/33% YoY.
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