Indian Oil Corporation Ltd. share price target

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...

Q1 earnings reflect a muted refining performance but recovery in marketing margin

oil prices range bound to support marketing margins in medium term. Also, GRMs are expected to recover with pickup in economic activity. We leave our estimates for FY22/23E unchanged....

Indian Oil Corporation net sales has increased 1.47% to Rs 119747.09 crore. Sales of Petroleum Products segment has gone up 16.21% to Rs 1,58,444.19 crore (accounting for 93.72% of total sales). Sales of Other Business Activities segment rose 2.50% to Rs 4,234.64 crore (accounting for 2.50% of total sales). Sales of Petrochemicals segment has gone up 48.75% to Rs 6,382.61...

Indian Oil Corporation (IOC) reported Q4FY21 profits better than our estimates, mainly driven by inventory gains. Revenues increased 11.6% QoQ to | 163605.7 crore (our estimate: | 170485 crore). The quarter saw strong inventory gains of US$8.1/bbl leading to reported GRMs at US$10.6/bbl (our estimate: US$4.5/bbl). EBITDA was at | 13501.8 crore (up 40.3% QoQ), above our estimate of | 7738.4 crore, mainly due to higher profitability in both refining and petchem segments. Subsequently, reported...