Oil marketing companies’ Q1 margins to take a hit: ICICI Direct

Strong refining margins notwithstanding, Indian Oil Corporation’s Q1 FY23 profit after tax (PAT) is likely to fall by around 68% in the first quarter to Rs 1,937 crore quarter-on-quarter (q-o-q) on marketing losses, brokerage firm ICICI Direct Research estimated.

In a report released Thursday, ICICI Direct said Hindustan Petroleum Corporation (HPCL) may report a Rs 3,721-crore loss and Bharat Petroleum Corporation (BPCL) Rs 1,642 crore in the first quarter of the current fiscal.