ICICI Securities: IOC's Inventory Gains Drive Surge In Q2 Earnings
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ICICI Securities Report
Indian Oil Corporation Ltd.’s Q2 FY21 standalone and consolidated earnings per share are up 11-13 times YoY on a very low base driven by large inventory gains and jump in petrochemical Ebitda.
H1 standalone and consolidated recurring EPS are up 118-117% YoY.
Excluding inventory gain/loss, Q2 standalone EPS is down 49% YoY, but H1 is up 36% YoY as surge in marketing Ebitda, driven by margin jump, more than made up for 51% YoY fall in core gross refining margin and 23% YoY fall in sales volume.
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