View 24 reports from 9 analysts offering long term price targets
for Indian Oil Corporation Ltd..
Indian Oil Corporation Ltd. has an average target of 75.71. The consensus estimate
represents a downside of -1.68%
from the last price of 77.00.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased share price target.
JSW Energy: Net generation declined 1.7% YoY to 6.7bn in the quarter due to weak merchant market and maintenance shutdown at the Ratnagiri station. However, blended realisation was up 17.8% YoY to INR3.8/unit andit was down 29.9% QoQ. Accordingly, revenue increased 14.4% YoY to INR23.9bn, while PAT was up 35.6% YoY to INR4.6bn. Receivables were down to 66 days vs 81 YoY but were up QoQ (45 days) due to the seasonality factor in hydro business. Committed pipeline of 10GW by FY25 is well on time. Over and above this, the company has ventured into BESS, winning 1GWh in SECI tender. Acquisition of Mytrah Energy is expected to be completed in Q3FY23, which along with the phase wise commissioning of SECI IX-810MW and X-450 MW will take the total operational capacity to 9.1GW by FY24 (65% RE). Further, JSW Energy is also planning to vertically integrate and venture into the polysilicon market with the Utkal Ind-Bharath Project having 700MW capacity, whose resolution plan the NCLT has approved. The company is generating INR24-25bn per annum in cash profit, which is sufficient to fund its pipeline projects and aims to maintain debt/EBITDA level below 4-5x. However, the valuation looks expensive at INR318 (RoE - ~8.9%, FY25 P/E - 28.5x, P/BV - 2.4x); thus, we maintain SELL with a revised SoTP of INR186 (vs INR160 earlier). Bandhan Bank: Bandhan Bank's Q2FY23 earnings missed our estimates with a disappointing performance on asset quality, impairment recognition on the entire restructured portfolio (slippages at 19.2% annualised), and consequent accelerated write-offs (17% annualised)....
DCB Bank: DCB Bank's earnings were significantly ahead of our estimates, driven largely by strong traction in loan growth (+17% YoY) and lower credit costs (50bps - annualised), partially offset by elevated opex intensity. While gross slippages surged to ~8.3%, driven by the gold loans and KCC portfolio (Q4FY22: 5.5%), healthy upgrades/recoveries led to a marginal 10bps sequential improvement in GNPA, to 4.2%. Stress pool continues to remain sticky (NNPA + restructured book at ~8% of loans); however, management reiterated credit costs to remain range-bound (~50-60bps) on the back of improving collection efficiency and a granular and secured loan book (~95%). With stubborn stress pool and elevated opex intensity for driving business throughput, we see limited near-term levers to reflation in return ratios. We trim our FY23/FY24 earnings estimates by 7%/5% to factor in NIM moderation and maintain ADD with a revised TP of INR126 (0.9x Mar-24 ABVPS). Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis--vis FY22 levels. DLF: During Q1FY23, DLF booked robust presales of INR 20.4bn (+101/-25% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn. During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22). In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipeline. New products contributed 75% to sales in Q1FY23 and are expected...
IRB Infra: IRB reported revenue/EBITDA/PAT of INR 14.3/6.4/1.7bn, beat/miss/beat on our estimates. EBITDA margin was 44.8%, missing our estimate on account of preferential allotment issues expenses and cost booked on Panaji Goa claims. Higher inflation, however, benefitted BOT projects with tariff revised upwards by 10%. This will also result in lower losses for private InvIT expected at INR 1.5bn in FY23 (INR 4bn in FY22). In the quarter, Fitch upgraded the long-term rating to BB+ from BB. This will expectedly reduce the overall interest cost by 1.1bn annually. IRB expects more execution from HAM projects in FY23 and, consequently, the EBITDA margin is expected to come down to 24%. IRB expects to transfer projects worth INR 25bn (in equity value) to public InvIT by the start of the next calendar year. The concept paper is expected in coming months. We maintain ADD and reduce SOTP TP to INR 279/sh to account for the lower EBITDA margin, owing to commodity inflation and change in mix towards HAM. Galaxy Surfactants: Our BUY recommendation on GALSURF with a price target of INR 3,295 is premised on (1) stickiness of business, as over 50% of the revenue mix comes from MNCs and (2) stable EBITDA margin, since fluctuations in raw material costs are easily passed on to customers. Q4 EBITDA/APAT were 115/151% higher than our estimates, owing to a 7% rise in the revenue and lower-than-expected raw material cost (courtesy inventory gains), but were offset by lower-than-expected other income and higher-than-expected tax outgo. Multi Commodity Exchange: We maintain BUY on...
Company's standalone revenue for Q3FY22 grew 34.5% YoY to Rs. 197,172cr (+16.1% QoQ). Revenue from sale of Petroleum Products rose 34.3% YoY to Rs. 188,339cr (+16.4% QoQ), Revenue from sale of Petrochemicals also increased 26.6% YoY to Rs. 6,983cr (-4.5% QoQ). Domestic sales volume declined 1.9% YoY to 21.021mmt (+11.0% QoQ), while export sales decreased by 2.4% YoY to 1.57mmt (+26.3% QoQ). Average Gross Refining Margin (GRM) for 9MFY22 was US$ 8.52/bbl compared to US$ 2.96/bbl in 9MFY21. However, normalized Average GRMs stood at US$ 5.4/bbl after adjusting for inventory loss/gain impact....
Reported GRM was US$12/bbl while core GRM was US$8.9/bbl. Marketing profitability was lower than estimates mainly due to impact of excise duty cut as per our understanding. EBITDA was at | 9862.1 crore, down 7.2%...
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