ICICIdirect has come out with its second quarter (July-September) earnings estimates for the oil & gas sector. The brokerage house expects Cairn India to report a 132.5 percent growth quarter-on-quarter (degrowth of 24.9 percent year-on-year) in net profit at Rs 2540.6 crore.
Revenues are expected to decrease by 4.8 percent Q-o-Q (down 8.2 percent Y-o-Y) to Rs 4268.1 crore, according to ICICIdirect.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 4.6 percent Q-o-Q (down 16.3 percent Y-o-Y) to Rs 2913.3 crore.
ICICIdirect on Cairn India:Revenues are expected to decrease 8.2 percent Y-o-Y due to decline in crude oil prices. Net oil & gas production is expected to increase marginally by 1.9 percent Y-o-Y to 1,35,445 boepd while oil realization is expected to decrease 6.1 percent Y-o-Y to USD 91.6/bbl. We expect gross production from Rajasthan fields to increase 2.7 percent Y-o-Y. However it is expected to decline 1.5 percent Q-o-Q from 1,83,164 barrels/day to 1,80,333 barrels/day. PAT is expected to increase sharply Q-o-Q due to exceptional item in the last quarter.
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