Indian Oil - Q4 FY21 Earnings Call Takeaways: ICICI Securities
The Indian Oil Corp. logo is displayed on a petrol pump at a gas station in Mumbai. (Photographer: Vivek Prakash/Bloomberg)

Indian Oil - Q4 FY21 Earnings Call Takeaways: ICICI Securities

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

Based on nine months and FY21 reported and core gross refining margins, we had estimated Indian Oil Corporation Ltd.’s Q4 reported GRM at $12.5/barrel of oil and core GRM at $4.5/barrel of oil.

However, on the earnings call, the company stated that nine months GRM has been restated, hence Q4 core GRM was $2.51/barrel of oil and reported GRM $10.59/barrel of oil.

This implies nine months FY21 core GRM was $2.23/barrel of oil and reported GRM $3.69/barrel of oil.

As per petroleum ministry data, petrol sales volumes were down 3% (up 145% YoY) and diesel down 8.8% (105% YoY) in April 2021 versus levels in April 2019, while Indian Oil has indicated that oil marketing companies’ petrol and diesel sales volumes were down 5-11% versus levels in April-19 (up 140-100% YoY).

Click on the attachment to read the full report:

ICICI Securities Indian Oil Q4 Earnings Call Takeaways.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.