Indian Oil Q4 Review - Inventory Gains Drive Earnings: Prabhudas Lilladher
Indian Oil Corp. tanker trucks sit parked at one of the company’s gas stations in Faridabad, Haryana. (Photographer: Prashanth Vishwanathan/Bloomberg)

Indian Oil Q4 Review - Inventory Gains Drive Earnings: Prabhudas Lilladher

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.

Prabhudas Lilladher Report

We tweak our FY22/23E estimates for Indian Oil Corp., as we incorporate actual FY21 numbers.

In FY21 core standalone Ebitda adjusted for inventory and forex gains was at Rs 224.2 billion (down 20%YoY), due to weak marketing and refining profits.

We believe that increased crude oil supplies from Organization of the Petroleum Exporting Countries and Iran, post lifting of sanctions will likely keep crude oil prices rangebound and support marketing margins in medium term.

Also, gross refining margins will recover with pickup in economic activity.

Click on the attachment to read the full report:

Prabhudas Lilladher IOCL Q4FY21 Result Update.pdf


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