Oil India shares, which have rallied 70 per cent year-to-date and 144 per cent in the past one year, has received a 'Buy' recommendation from a couple of analysts post the PSU's March quarter resultsKanpur Investment. Standalone Q4 Ebitda for Oil India beat Emkay's estimate on better revenue across segments, partly offset by higher opex. Growth in core production and stable operations at NRL amid the ongoing expansion made Emkay reiterate its positive stance on Oil India shares.
The domestic brokerage has upped its FY25-26E consolidated EPS by 6 per cent each for the upstream exploration and production company, on an increase in revenue and lower provision and write-offsJaipur Wealth Management. It hiked its rolled-over March 2025 target price by 19 per cent to Rs 800 share, as it builds in implied FY26 consolidated target PER of 10 times. Commissioning of NRL expanded capacity would drive FY27 earnings, it said.Jaipur Investment
Antique Stock Broking said it continues to maintain net oil price realisation of $75 per barrel for FY25 and FY26 and weighted average APM price realisation of $6.5 and $6.9 per mmbtu for those yearsChennai Stock. Given the strong production performance and aggressive guidance, it continues to forecast a production growth of 5 per cent and 10 per cent for FY25/ 26 respectively.
The company's upstream business is trading at an undemanding valuation of 2.8 times FY26E EV/Ebitda, Antique said adding that it maintained its 'Buy' on the stock with a target price of Rs 724 and keep our estimates unchanged.
"OIL posted a steady performance in Q4FY24, with SA Ebitda at Rs 2,340 crore – a 2 per cent beat, on better revenue across segments and partly offset by higher opex. PAT came in at Rs 2,030 crore, beating estimate by 53 per cent mainly owing to higher other income on account of dividend from the Singapore subsidiary. Total crude production saw a 1 per cent beat at 0.85mmt (up 6 per cent YoY), with gas output 3 oer cent above estimate at 0.81bcm (up 3 per cent YoY)," Emkay Global said.
The brokerage said NRL’s Ebitda fell 4 per cent YoY to about Rs 1,100 crore, with 108 per cent utilisation and a basic GRM of $13.3 per barrel (up 4 per cent QoQ). "We reiterate our positive stance on OIL, on the back of growth in core production and stable operations at NRL amid the ongoing expansion," it said.Mumbai Wealth Management
The Oil India board recommended a final dividend of Rs 3.75 per share, implying 31 per cent annual payout for FY24. It also recommended a bonus share issue in the ratio of 1:2.
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