New Research Reports

Oil India (OINL) reported a loss of Rs 2.5bn for Q1FY21, impacted by one-off expenses to contain a blowout at one of its oilfields in Assam.

Bharat Petroleum Corporation Ltd is one of India's leading oil & gas companies. It operates refineries located in Kochi, Mumbai, Bina and Numaligarh. The company's marketing infrastructure consists of...

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India. The company generates power from coal, gas, liquid fuel, hydro, solar, nuclear, wind and renewable energy...

minority interest de-grew by 6% to Rs 2890 crore in Q1 June 2020 over Q1 June 2019. NTPC reported exceptional cost of Rs 836.76 crore in Q1 June 2020. The PSU enterprise said that in accordance with the announcement of Government, to allow a rebate of 20%-25% on the capacity charges, the company has approved Rs 1510.47 crore for the 2020-21. During the...

Bharat Petroleum Corp. Ltd. reported Sales volume down 32% and operating profits rose 43% to Rs 4259.87 crore, in line with estimates BPCL consolidated net sales fell 50% to Rs 37999.25 crore for the quarter ended June20 compared to corresponding previous year period. This included nil subsidy from the government compared to subsidy of Rs 139.22 crore. Excluding compensation from the...

Segment wise, natural gas transmission revenue stood at Rs 1268.13 crore, down by 14% YoY and accounted for 8% of sales. PBIT from the same was down by 17% to Rs 716.65 crore with PBIT margin at 56.5% as compared to 58.1% for June19 quarter. LPG transmission revenues stood at Rs 153.55 crore up by 14% YoY and accounted for 1% of sales. PBIT from the same rose 32% to Rs 81.48 crore. PBIT margins stood at 53.1% as compared to 45.7% for June19 quarter. Natural gas marketing segment revenue stood at Rs 11635.38 crore down by 38% YoY and accounted for 73% of sales. PBIT from the same was loss of Rs 614.06 crore compared to profit...

BPCL's Q1FY21 EBITDA/PAT was a beat to our estimates at Rs Rs388bn/39.7bn led by stronger marketing margins and lower than expected other expenses. Reported GRM came at US$0.4/bbl owing to inventory loss of Rs4.4 bn while core GRM stood at US$1.9/bbl, in line with our estimates. Demand for petroleum products has now improved to 90% MoM in July 2020 but they continued to operate at ~73% of utilization level as current lower crack spreads of MS and HSD is not profitable. While the management expect long-term marketing margin to remain in the range of Rs 2-2.5/ltr, currently higher marketing margin is to recover capex incurred for BS-VI products. The company expects the deal to be over by...

Maintain NTPC's reported S/A PAT (including the impact of a rebate) was down 5% YoY to INR24.7b (v/s our est. PLF of coal-based plants fell to 58.2%, v/s 73.9% in the previous year, weighed by lower power demand. Interest cost at S/A was also impacted by INR2.1b on account of the The co.s numbers also included an INR2.2b CSR contribution in the current quarter related to COVID-19 care packages NTPC plans to reach ~130GW capacity by 2032. NTPC expects its capitalization run-rate to be at 56GW p.a. for the next three to four years. The balance is to be paid only when DISCOMs withdraw their NTPC has discussed the possibility of a buyback in its previous board meetings Outstanding overdues have reduced to INR145b (currently) from INR164b at June-end. This provides strong With the pickup in capitalization, which was partly hampered due to coal availability issues, we expect a regulated equity CAGR of ~11% over FY2023.

Power Grid recorded standalone revenue of Rs. 8,989cr in Q1FY21 (+2.1% YoY) primarily aided by growth in transmission business. Transmission revenue rose 4.6% YoY to Rs. 9,045cr, which includes Rs. 227cr worth of final tariff orders issued by CERC and Rs. 8,417cr final tariff orders not yet received by CERC for transmission assets....

We maintain our FY21/22 earnings estimates. During Q1FY21, core standalone EBIDTA adjusted for inventory gains and forex loss was healthy at Rs34.0bn (+31%YoY) despite lower refining margins ($0.4/bbl vs $2.8/bbl in Q1FY20). Weak global demand and high inventory levels will likely keep crude oil prices range bound, thereby supporting marketing margins in medium term. Meanwhile GRMs will also recover with pickup in economic...