IOCL’s Better Marketing, Petchem Margins Drive Q3 Beat: Motilal Oswal 
Pedestrians walk along a road past storage tanks in a Indian Oil Corp. facility. (Photographer: Dhiraj Singh/Bloomberg)

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).

Click on the attachment to read the full report:

Motilal Oswal IOCL Q3FY21 Result Update.pdf


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