- 31 Jan 2023
- ICICIdirect
REPORTS NUMBERS LOWER THAN ESTIMATES ON PROFITABILITY FRONT - INDIAN OIL CORP LATEST QUARTERLY RESULT
IOC - 142 Change: 2.25 (1.61 %)Indian Oil Corp - Q3FY23 First Cut
(CMP - Rs 82, MCap - Rs 115511 crore)
Q3FY23 Earnings Summary
IOC’s topline increased 15.7% YoY, flat QoQ to Rs 228168.3 crore (I-direct estimate: Rs 214457 crore). Marketing sales for the quarter were 23.2 MMT, up 10% YoY, 7.5% QoQ (I-direct estimate: 22.2 MMT)
IOC achieved crude throughput of 18.2 MMT in Q3FY23, up ~5% YoY, 13% QoQ in line with I-direct estimate of 18 MMT. Reported GRMs came in at US$ 12.9/bbl marginally higher than I-Direct estimate of US$12/bbl. Forex loss for the quarter stood at Rs1701 crore
The company’s overall marketing losses were higher than estimates as per our understanding. Subsequently, EBITDA at Rs 3593.4 crore, down 64% YoY (up 83% QoQ) was lower than I-direct estimates of Rs5527 crore
The company reported a PAT of Rs 448 crore vs net loss of Rs 272 crore in previous quarter (I-direct estimate: Rs 1576 crore)
Views: IOC’s crude throughput and marketing sales improved QoQ in Q3FY23. On refining front, GRMs are likely to increase in Q4FY23E amid increase in petrol cracks. On the marketing front, passing on higher retail prices of Petrol & Diesel to customers (due to higher crude oil costs) will be important for IOC's performance in the near term.
Impact: Neutral