External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>MARI reported an 18% QoQ growth in its earnings to Rs15.69/share in 4QFY25, taking FY25 earnings to Rs54.25/share, down 16%.</li><li>The earnings are higher than industry expectations primarily due to a lower Effective Tax Rate (ETR), which stood at 13% in 4QFY25 compared to 29% in 3QFY25 and 20% in 4QFY24.</li><li>Royalty expense as a % of net sales in 4Q has clocked in at 23% compared to 11% in 4QFY24. The higher royalty expense is attributable to the imposition of an additional 15% royalty on Mari field after its renewal.</li></ul>

MARI reported an 18% QoQ growth in its earnings to Rs15.69/share in 4QFY25, taking FY25 earnings to Rs54.25/share, down 16%.The earnings are higher than industry expectations primarily due to a lower Effective Tax Rate (ETR), which stood at 13% in 4QFY25 compared to 29% in 3QFY25 and 20% in 4QFY24.Royalty expense as a % of net sales in 4Q has clocked in at 23% compared to 11% in 4QFY24. The higher royalty expense is attributable to the imposition of an additional 15% royalty on Mari field after its renewal.

MARI Earnings Up By 18% QoQ To Rs15.69/Share

Mari Petroleum

MARI Earnings Up By 18% QoQ To Rs15.69/Share