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, led by higher-than-estimated reported gross refining margin ($6.6/barrel of oil), marketing margins (Rs 6.2/litre), and marketing sales volumes (down 6% QoQ – despite the second Covid-19 wave led lockdowns).
Thus, IOCL's Ebitda stood at Rs 111 billion (up 65% estimate, up 102% YoY, down 18% QoQ), with profit after tax at Rs 59 billion (up 211% YoY, down 32% QoQ).
Singapore GRM is averaging higher month-on-month at $2.9/bbl in July (versus $2/bbl in Q1 FY22), the highest ever since the Covid-19 outbreak in February 2020.
Recovery is entirely driven by higher demand for gasoline; while aviation turbine fuel and gasoil margins remain the same month-on-month at $4.3/4.7.
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