New Research Reports

REC reported a satisfactory quarter in terms of margins, credit cost, and asset quality, while growth in Q3 was a tad below expectations on account of higher repayment and resolution of NPAs; however, disbursement remained strong.

NHPC has reported a subdued result in Q3FY25 – standalone revenue slipped 15% YoY to INR 15bn, EBITDA shrunk 14% YoY to INR 4.3bn while reported PAT, at INR 2.7bn, tumbled 50% YoY impacted by two one-offs.

OIL India delivered a relatively muted Q3, with a 4%/23% YoY decline in standalone EBITDA/PAT to INR 22.6/INR 12.2bn, missing I-Sec’s estimates of INR 25.9/INR 16.2bn. Higher forex loss, lower other income and marginally lower gas realisations dragged earnings in Q3. Consol.

Oil India clocked Q3FY25 SA EBITDA of Rs21.3bn – a 5% miss, mainly on the 3% revenue miss due to lower realizations, crude sales. SA PAT of Rs12.2bn missed our estimates by 19% on lower Other Income.

Power Grid has continued its momentum in project wins; it won bids for transmission projects worth INR 190bn in Q3FY25. In 9MFY25/ FY24, it won INR 760bn/ INR 500bn worth of new projects, respectively.

ONGC’s Q3FY25 SA EBITDA came in at Rs170.4bn, a 4% beat to our estimate, mainly led by higher-than-expected revenues. RPAT at Rs82.4bn was a 4% miss on higher DD&A; and lower other income.

ONGC’s 3QFY25 EBITDA was in line with our estimate at INR189.7b, as crude oil/gas sales came in line. Both crude oil and natural gas production trends were flat QoQ.