IOC Q4 Review - Inventory Gains Drive Profits; Demand Recovery Key: ICICI Direct
Pedestrians walk along a road past storage tanks in a Indian Oil Corp. facility near Jawaharlal Nehru Port, Navi Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

IOC Q4 Review - Inventory Gains Drive Profits; Demand Recovery Key: ICICI Direct

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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.

Indian Oil Corporation Ltd.'s reported Q4 FY21 profit better than our estimates, mainly driven by inventory gains.

Revenue increased 11.6% QoQ to Rs 1,63,605.7 crore (our estimate: Rs 1,70,485 crore).

The quarter saw strong inventory gains of $8.1/barrel of oil leading to reported gross refining margins at $10.6/bbl (our estimate: $4.5/bbl).

Ebitda was at Rs 13,501.8 crore (up 40.3% QoQ), above our estimate of Rs 7,738.4 crore, mainly due to higher profitability in both refining and petrochemical segments.

Subsequently, reported profit after tax was at Rs 8,781.3 crore, up 78.6% QoQ (our estimate: Rs 3,908.9 crore).

Click on the attachment to read the full report:

ICICI Direct IOC Q4FY21 Result Update.pdf

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