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Prabhudas Lilladher Report
Recovery in refining profits drove Indian Oil Corp.'s Q2 FY22 earnings.
Expect refining profitability to improve in Q3 as fuel prices soar. See Singapore GRMs at over $7 bbl versus $3.8 in Q2.
IOC's diversified business well placed to benefit from sector uptick.
We increase IOC's earnings estimate for FY22-24E by 36-39% to factor in higher GRMs led by 1) pickup in global economic activity and 2) gas to oil shift due to high prices and increase in petrochemical margins.
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