Final quarter results missed estimates
Financial Express Mumbai|May 23, 2022
Marketing losses likely to widen in Q1FY23, though higher GRM could partially offset impact; 'Buy' retained
Final quarter results missed estimates

Ebitda at IOC'S Q4FY22 STANDALONE 116 bn (+18% q-o-q, -14% y-o-y) was 27/3% below our/Bloomberg consensus estimate. Overall marketing sales volume was 2% above our estimates, while blended Ebitda margin at $5/bbl (vs $4.4 in Q3) was below our estimate of $7/bbl, likely on lower inventory gain/marketing margins. But, reduced disclosures on inventory changes for both refining and marketing (since Q4FY21) and segment Ebitda (stopped from Q4FY22) make segmental analysis difficult, given the likely high impact of inventory changes (Brent up $37/bbl q-o-q over the past 42 days). Q4 standalone PAT at ₹60bn (+3% q-o-q, -31% y-o-y) was 12/38% below consensus/our estimate on lower Ebitda, lower other income and higher interest expense (+64% q-o-q).

This story is from the May 23, 2022 edition of Financial Express Mumbai.

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This story is from the May 23, 2022 edition of Financial Express Mumbai.

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