The company reported a consolidated net profit of Rs 94.35 billion for the quarter ending March 31 (Q4) on the back of improved performance of its petrochemical and retail businesses. The profit was largely in line with the estimates and represents a 17.3 per cent increase over Rs 80.46 billion reported in the year ago quarter.
Earnings from the refining and market business took a hit, with a 10.9 per cent year-on-year decline in its earnings before interest and taxation (EBIT) for the March 2018 quarter. The company said, the fall was largely on account of reduced crude throughput and adverse move in Brent-Dubai crude oil price differentials.
According to Amar Ambani, head of research at IIFL, "Future outlook for refining and petrochemical segments look upbeat as the company ramps up off gas cracker and commences operations of petcoke gasifiers. We are raising estimates for retail and petrochemicals segment, while we maintain our forecasts for refining segment."
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