IOCL’s Better Marketing, Petchem Margins Drive Q3 Beat: Motilal Oswal
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Motilal Oswal Report
Indian Oil Corporation Ltd.’s better marketing and petro-chemical margins, along with lower refining opex of $2.5/barrel of oil (versus $3.3–3.5 in Q3 FY20–Q2 FY21), resulted in a beat on Ebitda.
Adjusted (for inventory gains) Ebitda stood at Rs 70 billion (versus our estimate of Rs 60 billion).
Notably, inventory gains were approximately Rs 6.6 billion higher than estimates.
The company declared an interim dividend of ~ Rs 7.5 per share (resulting in dividend yield of ~8% on current market price).
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