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