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ICICI Direct Report
Indian Oil Corporation Ltd. reported Q1 FY21 results below our estimates on the profitability front.
Revenues fell 36.3% QoQ to Rs 88,936.5 crore, (our estimate Rs 81,101 crore) due to nationwide lockdown.
The quarter saw inventory loss of 6.3 U.S. dollar per barrel of oil leading to reported gross revenue margins at 2 U.S. dollar per barrel of oil (our estimate 5.4 U.S. dollar per barrel of oil) while core gross refining margins were at 4.3 U.S. dollar per barrel of oil.
Weaker than expected refining performance led to Ebitda at Rs 5,512.3 crore versus our estimate of Rs 8,691 crore.
Subsequently, profit after tax was at Rs 1,910.8 crore (our estimate Rs 4,149.9 crore) against net loss of Rs 5,185.3 crore in Q4 FY20.
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