Indian Oil Q4 Review - Some Clouds On The Horizon: Centrum Broking

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Centrum Broking Report

Indian Oil Corporation Ltd.'s recurring Ebitda/profit after tax came at Rs 146/Rs 97.4 billion (versus 119 million Ebitda loss in Q4 FY20/profit after tax up 6.6 times YoY), well ahead of our estimate Ebitda/profit after tax of Rs 93.5/Rs 56.1 billion, mainly driven by stronger refining margin.

Reported profit after tax of Rs 88 billion impacted by impairment charges of Rs 12 billion in Q4.

Reported gross margins at Rs 268 billion (89% YoY), versus our estimate Rs 214 billion.

Reported gross refining margins of $10.6/barrel of oil, versus our estimate $5.2/ barrel of oil.

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