Reuters has buy call on Indian Oil Corporation Ltd. with a target price of Rs 164.0. The current market price of . is Rs 118.75.
Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 112452.13 Crore) operating in Gas & Petroleum sector.
Indian Oil Corporation Ltd. key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Other Services, Sale of services, Scrap and Subsidy for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company has reported a Consolidated Total Income of Rs 175872.72 Crore, up 5.64 % from last quarter Total Income of Rs 166482.22 Crore and up 46.00 % from last year same quarter Total Income of Rs 120460.02 Crore. Company has reported net profit after tax of Rs 6952.67 Crore in latest quarter.
Investment Rationale
IOCL’s reported 4QFY22 numbers were below our estimates, with GRM atUSD18.5/bbl and marketing margin at INR2.3/liter. Refinery throughput was in line, while marketing sales volumes were above our estimate.
Singapore GRM has been at a record high of USD22.6/bbl in May’22 from a loss of USD1.5/bbl in May’20 (during the COVID-19 pandemic). It stood atUSD2.1/USD18.6 per bbl in May’21/Apr’22. However, OMCs are estimated to be generating losses of INR8.8/INR12.9 per liter on petrol/diesel at prevailing benchmark prices.
Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 31-Mar-2022, while FIIs owned 16.77 per cent, DIIs 2.91 per cent.
Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 112452.13 Crore) operating in Gas & Petroleum sector.
Indian Oil Corporation Ltd. key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Other Services, Sale of services, Scrap and Subsidy for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company has reported a Consolidated Total Income of Rs 175872.72 Crore, up 5.64 % from last quarter Total Income of Rs 166482.22 Crore and up 46.00 % from last year same quarter Total Income of Rs 120460.02 Crore. Company has reported net profit after tax of Rs 6952.67 Crore in latest quarter.
Investment Rationale
IOCL’s reported 4QFY22 numbers were below our estimates, with GRM atUSD18.5/bbl and marketing margin at INR2.3/liter. Refinery throughput was in line, while marketing sales volumes were above our estimate.
Singapore GRM has been at a record high of USD22.6/bbl in May’22 from a loss of USD1.5/bbl in May’20 (during the COVID-19 pandemic). It stood atUSD2.1/USD18.6 per bbl in May’21/Apr’22. However, OMCs are estimated to be generating losses of INR8.8/INR12.9 per liter on petrol/diesel at prevailing benchmark prices.
Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 31-Mar-2022, while FIIs owned 16.77 per cent, DIIs 2.91 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
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