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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Indian Oil Corporation Limited    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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Indian Oil profit beats estimates on inventory gains

10/30/2020 | 06:55am EST
A logo of Indian Oil is picture outside a fuel station in New Delhi

BENGALURU (Reuters) - Indian Oil Corp Ltd, the country's top refiner, reported an eleven-fold rise in second-quarter profit on Friday that beat analysts' estimates on higher inventory gains and a jump in refinery margins.

The company, along with subsidiary Chennai Petroleum, controls about a third of the country's 5 million-barrels-per-day (bpd) refining capacity.

Net profit for the state-owned company rose to 62.27 billion rupees ($842.14 million) in the three months ended Sept. 30, from 5.63 billion rupees a year earlier.

Analysts on average had expected a profit of 28.20 billion rupees, according to Refinitiv data.

IOC's inventory gains in the September quarter were at 74 billion rupees against an inventory loss of 18.07 billion rupees a year earlier, Chairman S. M. Vaidya told a news conference.

Refiners buy crude oil and process it after a gap of 45-60 days. An inventory gain is booked when oil prices rise by the time the company refines the crude and sell the fuels.

Brent crude price fell 0.5% during the July-September quarter, after rising 81% in the previous quarter.

Gross refining margin, the difference between the cost of crude procurement and the prices of refined products, during the second quarter averaged $8.62 per barrel from $1.28 per barrel a year ago.

Fuel margins recovered after COVID-19 lockdown hammered fuel demand and squeezed margins in the previous quarter.

Vaidya said IOC is operating its refineries at about 95% capacity and hopes to run them at 100% rate in 2-3 months when the fuel demand is also expected to rise to pre-COVID-19 levels. [O/INDIA1] [O/INDIA2]

IOC, which aims to spend 262.3 billion rupees in 2020-21, also approved 50 billion rupee worth projects, including setting up of a polybutadine rubber project at its Panipat refinery, setting up of a jetty and marginal expansion in its Bongaigaon refinery.

(Reporting by Nallur Sethuraman in Bengaluru and Nidhi Verma in Delhi; Editing by Rashmi Aich)

By Sethuraman N R and Nidhi Verma


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHENNAI PETROLEUM CORPORATION LIMITED 1.59% 86.25 End-of-day quote.-30.36%
INDIAN OIL CORPORATION LIMITED -1.17% 84.6 Delayed Quote.-32.62%
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-26.00%
WTI 1.29% 45.54 Delayed Quote.-25.37%
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Financials
Sales 2021 3 505 B 47 413 M 47 413 M
Net income 2021 115 B 1 558 M 1 558 M
Net Debt 2021 1 167 B 15 787 M 15 787 M
P/E ratio 2021 6,87x
Yield 2021 7,52%
Capitalization 777 B 10 491 M 10 507 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,45x
Nbr of Employees 32 803
Free-Float 24,2%
Chart INDIAN OIL CORPORATION LIMITED
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Technical analysis trends INDIAN OIL CORPORATION LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 30
Average target price 110,41 INR
Last Close Price 84,60 INR
Spread / Highest target 101%
Spread / Average Target 30,5%
Spread / Lowest Target -23,2%
EPS Revisions
Managers
NameTitle
Shrikant Madhav Vaidya Chairman
Sandeep Kumar Gupta Chief Financial Officer & Finance Director
S. S. V. Ramakumar Director & Director-Research & Development
Govind Kottieth Satish Director, Director-Planning & Business Development
Ranjan Kumar Mohapatra Director & Director-Human Resources
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1st jan.Capitalization (M$)
INDIAN OIL CORPORATION LIMITED-31.82%10 648
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