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Prabhudas Lilladher Report
We maintain our FY22-24E estimates, as Oil India Ltd. reported strong operational results in Q2 with consolidated Ebitda/profit after tax of Rs 23.1 billion (up 7% QoQ) and Rs 14.5 billion (up 20% QoQ).
Standalone performance was hit by dry well write off provisions (Rs 5.9 billion versus Rs 273 million in Q1) and Ebitda/profit after tax was at Rs 9.1 billion (down 26% QoQ our estimate Rs 12.4 billion) and Rs 5.1 billion (flat QoQ; our estimate Rs 5.6 billion).
We believe Oil India's earnings will ride on improving crude oil and gas realisation, along with expansion of Numaligarh Refinery Ltd. by six million tonnes per annum, which will increase consolidated FY25E Ebitda by ~2.7 times to Rs 157 billion.
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