Indian Oil Corporation Ltd. share price target

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%...

Issue Snapshot: Issue Open: Feb 04 Feb 08, 2022 Price Band: Rs. 824 866 *Issue Size: Rs 3149.2 cr (Entirely Offer for sale) Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh Face Value: Rs 1 Book value: Rs 35.45 (Sep 30, 2021) Bid size: - 17 equity shares and in multiples thereof 100% Book built Issue Vedant Fashions Limited - IPO Note

Indian Oil Corporation's quarterly profit rose, missing estimates, amid a jump in revenue and lower tax expenses. Indian Oil Corporation consolidated net sales increased 62.36% to Rs 165339.04 crore in Q3FY22 compared to Q3FY21. Sales of Petroleum Products segment has gone up 34.43% to Rs 1,89,838.08 crore (accounting for 92.99% of total sales). Sales of Other Business Activities...

IOCL reported numbers that were largely in line with our estimates as better than estimated GRM (USD12/bbl) balanced lower than estimated marketing margin (INR3.4/lit); refining throughput and marketing sales volumes were also in line with our estimate. Singapore GRM stood at an average of USD6.0/bbl in Jan'22, as demand continued to outweigh supply. Gross marketing margins stand at INR3.5/5.7/lit for Petrol/Diesel in 2HFY22 YTD due to spurt in Brent prices. However, current prices would result in these suppressing to INR1-2/lit....

For Q3, benchmark HSD and MS margins were higher at USD11.9/bbl (H1: 5.7) and USD16.0/bbl (H1: USD11.2) respectively. We expect GRMs to improve as global economic activity picks up with rising vaccination drive and...

The company reported higher-than-expected other income of | 1433.7 crore. PAT was at | 6360.1 crore, up 7% QoQ (estimate: | 3944.8 crore) What should investors do? IOC's core GRM improved in Q2FY22. We expect it to remain at current levels in coming quarters. Steady marketing margins and further...

IOCL reported a beat on our estimates owing to better than expected reported GRM (USD6.6/bbl) and marketing margin (INR7/liter), although refining throughput and marketing sales volumes were lower than our estimate. Petchem margin for IOCL fell by 23% QoQ, in line with the softening of PE/PP cracks in 2QFY22 (averaging 15-19% lower QoQ). Singapore GRM improved to an average of USD7.5/bbl in Oct'21 as demand continued to outweigh supply. Although gross marketing margin was slightly under pressure (to INR1.8/INR3.7 per liter for petrol/diesel in Oct'21; down...

Marketing segment's performance improved QoQ as higher costs were passed on to customers. Reported GRMs were US$6.6/bbl vs.US$10.6/bbl QoQ as higher inventory gains were reported in Q4FY21. EBITDA was at | 11126.1 crore, down 17.6% QoQ Subsequently, PAT was at | 5941.4 crore, down 32.3% QoQ...

The recent movement in oil prices with Delta variant of COVID and OPEC+ output should boost the performance of the company in the medium-term. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 126 based on SOTP valuation. Topline impacted sequentially with slowness in demand In Q1FY22, IOCL's revenue increased 74.3% YoY to Rs. 155,056cr due to increase in demand for petroleum products and petrochemicals. However, on sequential basis, revenue declined 5.2% on slowness in demand for these products amidst rising COVID...

Indian Oil Corporation consolidated net sales increased 90.82% to Rs 115502.51 crore in Q1FY22 compared to Q1FY21. Sales of Petroleum Products segment has gone up 74.83% to Rs 1,50,058.43 crore (accounting for 93.79% of total sales). Sales of Other Business Activities segment rose 92.40% to Rs 4,113.31 crore (accounting for 2.57% of total sales). Sales of...