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 

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.

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

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.