ICICIdirect has come out with its second quarter (July-September) earnings estimates for the oil & gas sector. The brokerage house expects Oil India to report a 16.5 percent degrowth quarter-on-quarter (degrowth of 21.3 percent year-on-year) in net profit at Rs 711.4 crore.
Sales are expected to decrease by 9.8 percent Q-o-Q (down 15.6 percent Y-o-Y) to Rs 2394.1 crore, according to ICICIdirect.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 16.9 percent Q-o-Q (down 28.1 percent Y-o-Y) to Rs 1043.6 crore.
ICICIdirect on Oil India:
Revenues are expected to decrease 15.6 percent Y-o-Y mainly due to lower net realisation. We expect oil production of 0.9 MMT, which is marginal decline of 0.7 percent Y-o-Y and an increase of 7.8 percent Q-o-Q, Net realisation is expected to decrease from USD 52.4/bbl in Q1FY15 to 45.3/bbl in Q2FY15. The expected subsidy burden is USD 56/bbl (Rs 2230.9 crore vs. Rs 1846.6 crore Q-o-Q).
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