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Motilal Oswal Report
Oil India Ltd. reported in-line oil sales at 0.76 million metric tonne, with gas sales above our estimate at 0.59 billion cubic meter for Q1 FY23. Strong net oil realisation was in line with our estimate and stood at $112.7/barrel of oil led by high crude prices (up 66% YoY).
Oil India's reported Ebitda was lower than our estimate at Rs 26.3 billion (up 114% YoY) due to higher-than-expected operating cost for the quarter.
Brent remained high amid geopolitical risks and demand concerns while uncertainty over the government's windfall tax would keep realisations under check for the time being.
Oil India has been unable to raise its oil and gas production meaningfully in the recent past. Crude oil production was up by only 4% YoY to 0.78 mmt and its gas production rose 8% YoY to 0.77 bcm.
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