Indian Oil Q4 Review – Inventory Gains Boost Profits: Prabhudas Lilladher

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Prabhudas Lilladher Report

We are fine-tuning our FY22 / 23E estimates for Indian Oil Corp., incorporating actual figures from FY21.

In FY21, Basic Autonomous EBITDA adjusted for inventory and foreign exchange gains was Rs 224.2 billion (down 20% year-on-year), due to weak marketing profits and refining.

We believe that increasing crude oil supplies to the Organization of the Petroleum Exporting Countries and Iran, following the lifting of sanctions, will likely keep crude oil prices within range and support trade margins in the medium term. .

In addition, gross refining margins will recover with the resumption of economic activity.

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Prabhudas Lilladher IOCL Q4FY21 Result Update.pdf


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