ICICI Securities: IOC's Inventory Gains Drive Surge In Q2 Earnings 
An Indian Oil Corporation petrol station is pictured in New Delhi, India. (Photographer: Amit Bhargava/Bloomberg News)

ICICI Securities: IOC's Inventory Gains Drive Surge In Q2 Earnings 

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.

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.

Click on the attachment to read the full report:

ICICI Securities IOC Q2FY21 Results Update.pdf

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