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.
Prabhudas Lilladher Report
Recovery in refining profits drove Indian Oil Corp.'s Q2 FY22 earnings.
Expect refining profitability to improve in Q3 as fuel prices soar. See Singapore GRMs at over $7 bbl versus $3.8 in Q2.
IOC’s diversified business well placed to benefit from sector uptick.
We increase IOC's earnings estimate for FY22-24E by 36-39% to factor in higher GRMs led by 1) pickup in global economic activity and 2) gas to oil shift due to high prices and increase in petrochemical margins.
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