However, crude prices are looking bearish, while product margins may be sustained. Hence, the second half (H2) of FY25 could be better. Relatively lower crude price volatility could mean a lower inventory impact even as raw material prices fall. The possibility of partial LPG compensation coming through by end-FY25 is also reasonable.
H1FY25 saw OMCs' aggregate earnings before interest, taxes, depreciation, and amortization (EBITDA) fall sharply, with profit after tax (PAT) plummeting 86 percent year-on-year (Y-o-Y).
Benchmark Singapore GRMs (SGRMs) slumped to a multi-month low in Q2FY25 to $3.7 per barrel (bbl). There were inventory losses of $1.8-$5 per bbl due to the sharp fall in crude and product prices. Marketing earnings also shrank due to inventory losses and accumulated under-recovery on LPG sales where product prices have fallen below the realized prices.
この記事は Business Standard の December 14, 2024 版に掲載されています。
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この記事は Business Standard の December 14, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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