BQ Prime'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 BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Q4 FY23 Ebitda/profit after tax for our oil and gas coverage universe was much stronger than in the preceding quarter. Ebitda grew 22% and profit after tax 29% YoY in Q4 FY23 versus a flat Ebitda and 17% YoY decline in profit after tax in Q3 FY23.
Robust improvement in the results of Reliance Industries Ltd. and the oil marketing companies were primarily responsible for the aggregate earnings jump. This was despite muted results for the gas companies owing to a stronger base and sharp deceleration in GAIL India Ltd.'s earnings momentum.
QoQ trends were uniformly stronger with all sub-segments, barring upstream, reporting QoQ growth in both Ebitda and profit after tax (up 33% and 62% QoQ respectively).
Going forward, with moderate gas prices, crude at less than $75/barrel of oil and improving infra/gas supplies, we expect FY24E earnings per share to trend materially higher than in FY23.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime 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 BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
