Oil India Ltd. share price target

We maintain our FY22-24E earnings. ONGC's Q3 standalone EBIDTA was in line at Rs159.6bn (+21%Q/Q; PLe Rs161.2bn), while PAT of Rs87.6bn (52%Q/Q PLe Rs81.0bn) was led by lower exploration write offs. Consolidated EBIDTA stood at Rs225.8bn (+22%Q/Q) due to higher crude realization. PAT was at Rs116.4bn (-38%Q/Q) due to tax write back in Q2. Global crude oil...

Higher oil and gas realization will drive earnings for OINL. We maintain our FY22-24E estimates, as OINL reported strong operational results in Q3 with consolidated EBIDTA/PAT of Rs21.9bn (-5%Q/Q) and Rs15.2bn (+5%Q/Q). Standalone EBIDTA/PAT was at Rs12.7bn (+39%Q/Q PLe Rs17.0bn) and Rs12.5bn (+144% Q/Q; PLe Rs9.0bn). We believe OINL's...

OINL's earnings will ride on improving crude oil and gas realization, along with expansion of Numaligarh refinery (NRL) by 6MTPA (3MTPA capacity), which will increase consolidated FY25E EBIDTA by ~2.7x to Rs157bn....

stake in Mozambique gas field for USD1bn 2) Stakes in Russian oil fields for USD1.1bn and 3) 43.63% stake increase in NRL for Rs69.9bn (USD937mn). OINL has already recouped 60% of its Russian investment in last four years. While NRL investment will be value accretive given excise benefits and expansion plans. Mozambique asset is one of the world's largest discovery, but has been delayed due to political tension. With spot LNG prices recovering sharply as economies...

We maintain our earnings estimates for FY22/23E. ONGC's Q1 results were in line with standalone EBIDTA/PAT of Rs121.5bn (+20%Q/Q; PLe Rs122.6bn) and Rs43.4bn (+5%Q/Q; PLe Rs50.6bn), while lower PAT was due to lower other income of Rs5.4bn. Global crude oil prices recovered, as OPEC countries managed production in a recovering economy. However, we expect...

The management said majority of the gas production is accruing from the Baghjan field currently as the fire-related issues are resolved. It is targeting ~5mmscmd of gas from this field (up from the current production of 1.61.8mmscmd) over the next 3-5 years. It has started working on three more drilling wells, while one well was completed recently in the Baghjan field. Brent prices have started cooling off from its peak (of USD75/bbl in Jul'21 to ~USD70/bbl). We expect it to return to normal levels of USD60-65/bbl as...

reported higher than expected Q3 results with standalone EBITDA of Rs 96.2bn (+45%YoY; PLe 76.9bn) and PAT of Rs49.2bn (+110%YoY; PLe Rs40.5bn). Higher operating profits were due to and forex gains was at Rs66.2bn; 9MFY21 core EBIDTA was Rs166bn vs...

Oil India (OINL) reported Q2FY21 earnings of Rs 2.4bn, well above our estimates.

We reiterate our BUY rating on the stock given the expected pickup in fuel demand in the upcoming quarters. Also, current capex plans for petrochemical segment should help improve margins. We revise our target price to Rs. 92 based on SOTP. Strong bottom-line performance despite lower revenue IOCL's Q2FY21 revenue came in at Rs. 115,749cr, a fall of 12.6% YoY, due to reduction in demand for petroleum products post pandemic lockdown. Petroleum Products sales reduced 13.1% YoY to Rs. 110,715cr, due to slow growth of gasoline and gas oil in most...

Oil India Limited (Oil India) reported weak Q1FY2021 numbers, clocking a net loss of Rs. 249 crore (as against a net profit of Rs. 625 crore in Q1FY2020) due to: 1) weak oil and gas realisations, declining by 54.1% y-o-y and 29% y-o-y respectively, 2) higher-than-expected operating expenses on account of exploration cost write-off of Rs. 115 crore (versus negative Rs. 1 crore in Q1FY2020) and 3) exceptional expenses of Rs. 93 crore related to control blowout at Baghjan Oilfields and 4) lower-than-expected other income (down 87% q-o-q). Even after adjusting for exceptional expenses, net loss...