External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.</li><li>Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).</li><li>Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong quarter expected: We expect RIL to report EBITDA of INR 401bn, (+71% YoY; +28% QoQ), driven by (1) all-time high refining margins, (2) higher oil and gas price realisations, (3) sequential improvement in ARPU for JIO and (4) continued growth in retail business.Oil to chemicals (O2C) segment: In Q1, we estimate O2C EBITDA +88% YoY to INR 224bn, primarily due to higher transportation fuel cracks to grow by and higher crude throughput estimates of 19.4mmt (+2.1% YoY, +0.5% QoQ).Export tax hurting refiners’ net realisation: Over the last 15 days, gasoline cracks declined from the recent peak to USD 10.7/bbl (down by USD33.2/bbl), gasoil cracks declined to USD 35.1/bbl (down by 24/bbl) and ATF declined to USD 29.7/bbl (down by 25.6/bbl), implying negative spreads currently on export of gasoline (net of USD 12/bbl export tax) and significantly reduced realisations on export of diesel and jet kero for Indian refiners.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries - Concerns Overdone; Strong Quarter Expected