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Yes Securities Report
Reported earnings of oil marketing companies (Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd.) in the Q4 FY21, stood weaker on YoY basis, despite improvement in sales volume and stronger gross refining margins, as weaker marketing margins turned into a drag.
Lack of revision in domestic, retail, petrol and diesel prices for most part of Q4 FY22, while international product prices rose sharply in aftermath of Russia -Ukraine conflict, resulted in significantly weaker marketing margins, partially offset by plausible marketing inventory gains.
While Indian Oil reported an operating profit of Rs 118 billion (down 20% YoY; up 25.6% QoQ), BPCL reported at Rs 42.5 billion (down 16% YoY; up 1% QoQ) and HPCL at Rs 20.9 billion (down 55% YoY; up 12% QoQ).
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