According to BNP Paribas and Equirus reports released recently, there have been fall in volume as well in ATBS and in IB.
In ATBS, the volume fall is due to lower crude prices affecting demand of Enhanced oil recovery (EoR) while in IB they have lost one of the large client. BNP says the reason is that the client has switched to another alternative product (which is a concern). Logically EPS of 3Q will reflect the impact due to loss of this client.
The concern further is that if one client is able to find substitute of IB, will other clients also follow suit or it was just one-off case depending upon the nature of industry of the client (particularly when they are adding capacity for IB). Another concern is there is no disclosure in this direction from company.
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