Q1 results preview: OMCs report weak quarter on lower margins; GAIL, Petronet LNG lead oil & gas pack

Q1FY25 Result Preview: Most oil and gas companies may underperform in the first quarter of the current financial year (Q1FY25) due to poor margins, except gas majors GAIL and Petronet LNG, which may be at the forefront of this. According to analysts, the growing lack of administered price mechanism (APM) and the full impact of price cuts will impact the gross margins of city gas distributors (CGDs).

According to domestic brokerage firm Kotak Institutional Equities, operating margins of oil marketing companies (OMCs) may decline by around 35-43 per cent in the June quarter due to weak gross refining margins (GRMs) and contraction in auto-fuel marketing margins.

India's three major state-owned oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – together posted a net profit. In the previous fiscal, the turnover was Rs 81,336 crore till the end of March quarter (FY24). Of the three, HPCL remains the first choice by most brokerages.

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