Indian Oil Corp. Ltd - Q1FY22 Result Report - YES Securities

(Rating: BUY, TP: Rs175, Upside: 65%)

- Reported EBITDA and PAT stood at Rs 111.3bn (+102% YoY; -24% QoQ) and Rs 59.4bn (+211% YoY; -32% QoQ). The YoY growth stemmed from weaker base quarter as strict lockdown during Covid-1st wave (Apr-Jun'20) severely impacted sales; the sequential decline however, was an aftermath of Covid -2nd wave

- The 1QFY22 earnings stood below our estimates but well above street estimates. The miss on our estimates stemmed primarily from a) lower than estimated HSD sales and b) lower than estimated inventory gains, even as c) forex losses at Rs (5.9) bn stood above our estimates

- Maintain BUY with a revised Target Price of Rs 175/sh (from Rs 170/sh)

Shares of Indian Oil Corporation Ltd. was last trading in BSE at Rs. 106.15 as compared to the previous close of Rs. 105.5. The total number of shares traded during the day was 573801 in over 4533 trades.

The stock hit an intraday high of Rs. 106.5 and intraday low of 105.4. The net turnover during the day was Rs. 60890433.

Source : Equity Bulls

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