Emkay has buy call on Indian Oil Corporation with a target price of Rs 100. The current market price of Indian Oil Corporation is Rs 87.73.
Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 124549.32 Crore) operating in Gas & Petroleum sector.
Indian Oil Corporation key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Scrap, Sale of services, Other Services and Subsidy for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 205087.53 Crore, down -12.31 % from last quarter Total Income of Rs 233876.46 Crore and up 16.61 % from last year same quarter Total Income of Rs 175872.72 Crore. Company has reported net profit after tax of Rs 10751.72 Crore in latest quarter.
The company’s top management includes Mr.Shrikant Madhav Vaidya, Mr.Krishnan Sadagopan, Mr.Sudipta Kumar Ray, Mr.Prasenjit Biswas, Dr.Dattatreya Rao Sirpurker, Dr.Ashutosh Pant, Mr.Dilip Gogoi Lalung, Mr.Sujoy Choudhury, Ms.Sukla Mistry, Mr.D S Nanaware, Mr.V Satish Kum, Ms.Indrani Kaushal, Mr.Navneet Mohan Kothari, Ms.Lata Usendi, Mr.Sandeep Kumar Gupta, Mr.Ranjan Kumar Mohapatra, Dr.S S V Ramakumar, Mr.G K Satish, Prof. (Dr)Ram Naresh Singh. Company has V Singhi & Associates as its auditors. As on 31-03-2023, the company has a total of 1,412 Crore shares outstanding.
IOCL ended FY23 in black at Rs82.4bn, with $20/bbl GRM and Rs102bn of LPG subsidy, while marketing margin was minus ~Rs2/kg. The brokerage raises FY24E/25E PAT by ~60%/20%, assuming some recouping of FY23under-recoveries. Further, it slightly increases its target multiple to 5.6x EV/EBITDA. IOCL, with its large and superior refining marketing mix, is in a steady position. Capex is a key monitor (FY23: Rs350bn).
Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 31-Mar-2023, while FIIs owned 6.91 per cent, DIIs 11.91 per cent.
Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 124549.32 Crore) operating in Gas & Petroleum sector.
Indian Oil Corporation key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Scrap, Sale of services, Other Services and Subsidy for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 205087.53 Crore, down -12.31 % from last quarter Total Income of Rs 233876.46 Crore and up 16.61 % from last year same quarter Total Income of Rs 175872.72 Crore. Company has reported net profit after tax of Rs 10751.72 Crore in latest quarter.
The company’s top management includes Mr.Shrikant Madhav Vaidya, Mr.Krishnan Sadagopan, Mr.Sudipta Kumar Ray, Mr.Prasenjit Biswas, Dr.Dattatreya Rao Sirpurker, Dr.Ashutosh Pant, Mr.Dilip Gogoi Lalung, Mr.Sujoy Choudhury, Ms.Sukla Mistry, Mr.D S Nanaware, Mr.V Satish Kum, Ms.Indrani Kaushal, Mr.Navneet Mohan Kothari, Ms.Lata Usendi, Mr.Sandeep Kumar Gupta, Mr.Ranjan Kumar Mohapatra, Dr.S S V Ramakumar, Mr.G K Satish, Prof. (Dr)Ram Naresh Singh. Company has V Singhi & Associates as its auditors. As on 31-03-2023, the company has a total of 1,412 Crore shares outstanding.
Investment Rationale
IOCL ended FY23 in black at Rs82.4bn, with $20/bbl GRM and Rs102bn of LPG subsidy, while marketing margin was minus ~Rs2/kg. The brokerage raises FY24E/25E PAT by ~60%/20%, assuming some recouping of FY23under-recoveries. Further, it slightly increases its target multiple to 5.6x EV/EBITDA. IOCL, with its large and superior refining marketing mix, is in a steady position. Capex is a key monitor (FY23: Rs350bn).
Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of 31-Mar-2023, while FIIs owned 6.91 per cent, DIIs 11.91 per cent.
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