Q1FY25 Results Preview: Most oil and gas companies will likely report a weak first quarter in the current fiscal year (Q1FY25) due to poor margins, apart from gas majors GAIL and Petronet LNG, which could lead the pack. The rising administrative price mechanism (APM) shortfall and full impact of price cuts would impact gross margins for city gas distributers (CGDs), as per analysts.
According to domestic brokerage Kotak Institutional Equities, the operating margin of oil marketing companies (OMCs) could decline nearly 35- 43 per cent in the June quarter due to weaker gross refining margins (GRMs) and lower auto-fuel marketing margins.
India’s three major state-owned OMCs– Indian Oil Corporation (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL) posted a combined net profit of ₹81,336 crore in the previous financial year till the end of the March quarter (FY24). Out of the three, HPCL has remained a top pick by most brokerages.
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