Indian Oil Corporation Ltd. share price target

IOC's Q1FY18 result came above our expectation despite write-back of Rs28.1 bn, owing to higher-than expected sales volume and strong petchem profits. Crude throughput increased 8.8% YoY to 17.5mmt due to higher utilization from Paradip while sales volume increased 5.3% YoY to 22.5mmt. EBITDA/PAT de-grew...

Revenue increased by 5.08% to Rs. 105434.23 Cr in Q1FY18 when compared to the previous quarter. Revenue increased by 5.08% to Rs. 105434.23 Cr in Q1FY18 when compared to the previous quarter.

Revenue increased by 7.77% to Rs. 100337.51 Cr in Q4FY17 when compared to the previous quarter.

EBITDA was below our estimates at | 4408 crore (our estimate: | 7440 crore) due to higher-than0expected employee expense of | 4202 crore (our estimate: | 2139 crore) and entry tax provisions. However, GRMs during the quarter were at ~US$8.9/barrel, higher than our estimated GRMs of US$5/barrel on account of better operational performance and inventory gains of ~US$2/barrel PAT declined 6.9% QoQ to | 3720.6 crore and was largely in line with our estimate of | 3814.2 crore on account of higher other income of...

IOC's Q4FY17 reported EBITDA came below our expectation but adjusting to one-offs, it came above expectation.The company made a provision for Rs50 bn towards prior year entry tax, Rs12.6 bn for gratuity, inventory gains of Rs26.3 bn and forex gains of Rs10 bn. Revenue increased 24.7% YoY to Rs1 tr, EBITDA rose 9% YoY to Rs44 bn whilePAT grew 199% to Rs37 bn. Crude throughput increased 13.8% YoY to 17.1mmt, while sales volume...

Revenue increased by 15.73% to Rs. 92632.89 Cr in Q3FY17 when compared to the previous quarter. Also, it increased by 12.43% when compared with Q3FY16

ICICI Securities Ltd | Retail Equity Research Indian Oil Corporation's (IOC) Q3FY17 results were in line with our estimates on the topline front. Revenues increased 15.3% QoQ to | 115644.9 crore, in line with our estimate of | 116657.1 crore Reported EBITDA was at | 7948.6 crore, marginally below our estimated EBITDA of | 8075.6 crore due to higher-than-expected other expenses (provision made in the matter of entry tax for Uttar Pradesh). However, GRMs came in at US$7.7/bbl, above our estimate...

Higher sales volume and oil price boosted revenue IOC's revenue increase 11.6% YoY to Rs931bn due to higher prices and volume. Crude throughput increased 13.5% to 16.5mmt on the back of higher utilization from Paradip refinery while sales volume grew 8.7% to 21.3mmt. Also, pipeline throughput remained flattish YoY to...

IOCs 3QFY17 EBITDA was Rs 79.5bn. Interest and depreciation costs have increased owing to Paradeep refinery. PAT was Rs 40.0bn. Results are not comparable with previous period owing to inventory and forex impacts. Other expense (above EBITDA) includes Rs 19.7bn for liabilities towards entry tax.

ICICI Securities Ltd | Retail Equity Research Indian Oil Corporation's (IOC) Q2FY17 results were above our estimates on the profitability front. The topline declined 6.5% QoQ to | 100273.94 crore, below our estimate of | 110047.6 crore, primarily due to lower-than-expected market sales Reported EBITDA was at | 5772.2 crore, above our estimated EBITDA...