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Outlook modest despite robust performance * MRPL delivered a beat on our EBITDA and PAT estimates led by higher-thanestimated reported GRM of USD15.1/bbl in 4QFY23. Refining throughput was at 4.41mmt (v/s our estimate of 4.47mmt and 4.39mmt in 3QFY23). * MRPL achieved its highest ever throughput of 17.14mmt in FY23. The company also added 31 retail outlets during the year. Total retail outlets stood at 63 at end of FY23. * Singapore GRM (SG GRM) has declined sharply to USD3.8/bbl dur...
Neutral MRPL Ltd For Target Rs. 70 - Motilal Oswal
Engineers India is currently trading at Rs. 81.75, up by 2.50 points or 3.15% from its previous closing of Rs. 79.25 on the BSE. The scrip opened at Rs. 79.05 and has touched a high and low of Rs. 82.00 and Rs. 78.15 respectively. So far 496290 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 82.00 on 25-Nov-2022 and a 52 week low of Rs. 55.95 on 20-Jun-2022. Last one week high and low of the scrip stood at Rs. 8...
Engineers India surges on bagging order from MRPL
Ready for a leap of faith? Ongoing concerns over the supply of refined products and switch from costly gas to oil, led to a rise in SG complex GRM to ~USD12/bbl in the past few days. International Energy Agency (IEA) expects the ongoing Russia-Ukraine war to reduce refining throughput by ~1.1mnbopd. This will result in continued high refining margin till supply concerns abate. Standalone refiners like MRPL and MRL (not under our coverage) stand to benefit the most from rising GRMs. H...
Neutral MRPL Ltd For Target Rs. 48.00 - Motilal Oswal
State-run oil and gas explorers ONGC's plan to complete merger of its refining subsidiary MRPL with recently acquired HPCL to align its upstream and downstream operations into two verticals has got delayed. The process is now expected to be completed by FY24 as ONGC's plan to consolidate its refining and petrochemicals business around MRPL first itself is taking a lot of time, government sources privy to the development said. The proposed merger would only follow this consolidati...
Oil and Natural Gas Corporation's plan to merge refining subsidiary MRPL with HPCL gets delayed
MRPL: Wary of operational flip-flops; downgrade to Sell Risks outweigh rewards * MRPL has returned 43% in CY21 on hopes of an improvement in refining margin. However, our research suggests that it continues to suffer from operational challenges, which prevents a consistent performance. * In FY21, it delivered as premium of USD0.2/bbl over Singapore complex GRM of USD0.5/bbl. However, its GRM also includes benefits from the 0.44mmtpa PP plant, which is capable of contributing USD2-3/b...
Sell MRPL Ltd For Target Rs. 43 - Motilal Oswal
Margin continue to disappoint; expect a revival going forward * MRPL reported a miss on EBITDA due to lower than estimate refining margin and higher opex during 3QFY21. * Refining throughput saw a gradual improvement during 3QFY21 (came in better than our estimate), implying a utilization of ~82%. * During the recent commissioning of the Kochi-Mangalore pipeline, MD Mr. M Venkatesh said the refinery is ready to consume ~0.5mmscmd of gas immediately from the pipeline. Modification of...
Neutral MRPL Ltd For Target Rs.38 - Motilal Oswal
State-run oil and gas explorer ONGC`s plan to complete the merger of its refining subsidiary MRPL with recently acquired HPCL to align its upstream and downstream operations into two verticals has got delayed. The process is now expected to be completed by FY24 as ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before pushing for its merger. Sources said that the process of merging ONGC's two oil refining subsidiaries, Hindustan Petroleum...
ONGC`s plan to merge MRPL with HPCL may have to wait till FY24
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