Indian Oil Q4 Review - Better Margins Lead Beat; Likely Impact Of Lockdowns In Q1 FY22: Motilal Oswal
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Motilal Oswal Report
Indian Oil Corporation Ltd. reported a beat on Ebitda, driven by better-than-expected reported gross refining margin ($10.6/barrel of oil), marketing margins (Rs 6.1/litre), and petrochemical margins (Ebitda/million tonne of $419).
The company has stopped disclosing segmental inventory gain/loss numbers.
Lockdowns spurred by the second Covid-19 wave in India have impacted demand for petroleum products.
As stated by the company, petroleum product demand in India declined:
- 5%/11% for petrol/diesel in April 2021 (versus 2019)
- 33%/35% for petrol/diesel in May 2021 (versus 2019).
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