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Motilal Oswal Report
Indian Oil Corporation Ltd. reported numbers that were largely in-line with our estimates as better than estimated gross refining margin ($12/barrel of oil) balanced lower than estimated marketing margin (Rs 3.4/litre); refining throughput and marketing sales volumes were also in line with our estimate.
Singapore GRM stood at an average of $6.0/bbl in January 2022, as demand continued to outweigh supply. Gross marketing margins stand at Rs 3.5/5.7/litre for petrol/diesel in H2 FY22 year-to-date due to spurt in brent prices.
However, current prices would result in these suppressing to Rs 1-2/litre.
Petchem margins improved 13%/1%/31% QoQ in Jan-22 for polyethylene/polypropylene/polyvinyl chloride, respectively, backed by a spike in product prices. This would aid IOCL clock improved margins in the coming quarter.
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