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Motilal Oswal Report
Indian Oil Corporation Ltd. reported a beat on our estimates owing to better than expected reported gross refining margin ($6.6/barrel of oil) and marketing margin (Rs 7/liter), although refining throughput and marketing sales volumes were lower than our estimate.
Petchem margin for Indian Oil fell by 23% QoQ, in line with the softening of PE/PP cracks in Q2 FY22.
Singapore GRM improved to an average of $7.5/bbl in October 2021 as demand continued to outweigh supply. Although gross marketing margin was slightly under pressure due to a spurt in Brent prices, we expect the same to normalise to its long term average over the next couple of months.
Petchem margin improved by 12%/7%/40% QoQ in Oct-21 till date for PE/PP/PVC on the back of a spike in product prices owing to power rationing measures in China.
This would enable IOCL to improve margin in Q3 FY22.
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