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ICICI Securities Report
Q2 FY25 results for oil and gas companies under our coverage (excluding BPCL, Gulf Oil Lubricants Ltd. shown separately) are likely to show a muted trend YoY with QoQ trends showing marginal improvement.
We expect Ebitda/PAT to decline 17%/31% YoY and improve 4%/7% QoQ with YoY declines being seen across sub-segments. While Ebitda trends for upstream (up 1% YoY) and gas utilities (up 10% YoY) are positive, PAT may decline 12% and 6%, respectively, due to lower other income and higher interest costs.
Reliance may furnish its second successive quarter of soft performance, with Ebitda/PAT down 4%/11% YoY, with a 2% QoQ improvement in Ebitda/PAT.
Gulf Oil is likely to continue with its last couple of quarters' strong YoY performance trend with Ebitda/PAT estimated to grow 16/18% YoY.
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