Maintain ADD on Indian Oil Corporation - In-line performance - HDFC Securities
Posted On: 2021-02-03 09:57:56 (Time Zone: Arizona, USA)
Mr. Harshad Katkar, Institutional Research Analyst, HDFC Securities & Mr. Nilesh Ghuge, Institutional Research Analyst, HDFC Securities
We maintain ADD on IOC with a target price of INR 107, owing to an expected recovery in demand for petroleum products and, subsequently, refining margins in FY22/23. Reported EBITDA/APAT were 18/8% above our estimates, owing to higher GRM of USD 1.26/bbl (HSIE: USD 0.8/bbl), higher- than-expected throughputs, a higher-than-expected other income, offset by higher-than-expected tax outgo and finance cost. Refining and marketing business inventory gains were INR 9.2bn and INR 17.1bn. Adjusting for inventory gains and forex gain, core EBITDA comes to INR 66bn.
Indian Oil to set up Rs 29,000 crore refinery at Nagapattinam in Tamil Nadu
The new refinery will be established by Indian Oil s subsidiary, Chennai Petroleum Corporation Limited, in which both will hold 25 per cent stake each
BusinessToday.In | January 31, 2021 | Updated 22:34 IST
IOC and CPCL to hold 25 per cent stake each in Nagapattinam refinery in Tamil Nadu
State-owned oil refiner Indian Oil Corporation (IOC) has received its board s approval for setting up a new refinery in Nagapattinam in Tamil Nadu at an estimated cost of Rs 29,361 crore. The plant will be established by IOC s subsidiary, Chennai Petroleum Corporation Limited (CPCL), to meet the demand of petroleum products in southern India. The new refinery will have an annual refining capacity of 9 million metric tonnes.