BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Indian Oil Corporation Ltd. reported a beat on our estimates owing to better than expected reported gross refining margin ($6.6/barrel of oil) and marketing margin (Rs 7/liter), although refining throughput and marketing sales volumes were lower than our estimate.
Petchem margin for Indian Oil fell by 23% QoQ, in line with the softening of PE/PP cracks in Q2 FY22.
Singapore GRM improved to an average of $7.5/bbl in October 2021 as demand continued to outweigh supply. Although gross marketing margin was slightly under pressure due to a spurt in Brent prices, we expect the same to normalise to its long term average over the next couple of months.
Petchem margin improved by 12%/7%/40% QoQ in Oct-21 till date for PE/PP/PVC on the back of a spike in product prices owing to power rationing measures in China.
This would enable IOCL to improve margin in Q3 FY22.
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