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Centrum Broking Report
Indian Oil Corp. posted recurring Ebitda/profit after tax of Rs 106.3/63.6 billion for Q2 FY22 (up 13%/up 2% YoY; down 4%/up 7% QoQ), below our estimate of Rs 123.8/69.5 billion, driven by weak refining throughput and marketing volumes, though gross refining margins were in-line and marketing margins were above estimates.
Reported GRMs were $6.6/barrel of oil (up $2/bbl YoY/flat QoQ; our estimate: $6.7/bbl).
Estimated blended marketing margins were Rs 6,355/tonne ( up 16% YoY; up 30% QoQ) versus our estimate of Rs 6,011/tonne.
IOC's recovery in fuel consumption has picked up pace for gasoline/liquefied petroleum gas in July-August but Diesel and aviation turbine fuel are hampering overall recovery; refining and petchem are showing encouraging trends.
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