IOCL Q3 Results Review - Lower-Than-Expected GRM, Marketing Margin Lead To Miss: Motilal Oswal

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.Indian Oil Corporation Ltd. reported an Ebitda of Rs 52.9 billion (down 46% YoY), below our estimate of Rs 118 billion, led by weaker-than-expected gross refining margin at $12.9/ barrel of oil (versus our estimate of $15.1/bbl and $19.2/bbl in Q2 FY23). In the refining segment, throughput came in at 18.2 million metric tonne (up 5% YoY), in line with our estimate (of 18 mmt). Singapore gross refining margin remained steady and has been at $10.2/bbl in Jan-23-year-to-date; it touched a record high of $21.7/bbl in Q1 FY23. It stood at $6.2/bbl in Q3 and $7.1/bbl in Q2 FY23.In the marketing segment, Indian Oil's domestic sales volumes stood at 21.6 mmt (our estimate of 20.5 mmt; versus 19.9 mmt/19.2 mmt in Q2 FY23/Q3 FY22, respectively). Marketing gross margin stood at Rs 0.7/litre in Q3 FY23. However, oil marketing companies are estimated to be generating gross margins of Rs 11.2/Rs 2.3 on petrol/diesel, respectively, in Q4 FY23-year-to-date..Click on the attachment to read the full report:.IOCL Q3 Results: Profit Hit By High Forex Loss, Operating Expenses.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

IOCL Q3 Results Review - Lower-Than-Expected GRM, Marketing Margin Lead To Miss: Motilal Oswal

In the marketing segment, Indian Oil's domestic sales volumes stood at 21.6 mmt.

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IOCL Q3 Results Review - Lower-Than-Expected GRM, Marketing Margin Lead To Miss: Motilal Oswal

In the marketing segment, Indian Oil's domestic sales volumes stood at 21.6 mmt.

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