Oil & Gas Sector Q3 Preview - Earnings Gain For GAIL, Indian Oil; Pain For Others: Nirmal Bang
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Nirmal Bang Report
We see earnings of gas giant GAIL IndiaLtd. and oil marketing company behemoth Indian Oil Corporation Ltd. surging by 82%/46.2% YoY while the remaining seven companies will see marginal to material decline in earnings in Q3 FY22E.
All companies will see material topline growth based on a significant spike in underlying oil/gas prices YoY.
Q3 FY22 average Brent crude oil price is up 76.3% YoY at $78.5/barrel of oil while the price of domestic gas/Japan Korea Marker liquefied natural gas one million futures is up - 62%/3.3 times in Q3 FY22 YoY. The JKM gas benchmark average is also up 95% QoQ.
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