Buy Indian Oil Corporation; target of Rs 114: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Indian Oil Corporation

We maintain our FY21/22 earnings estimates. In Q1FY21, core standalone EBIDTA adjusted for inventory and forex loss was healthy at Rs86.2bn (+35%YoY) despite lower refining margins (-$1.98/bbl vs $4.7/bbl in Q1FY20). Weak global demand and high inventory levels to likely keep crude oil prices range bound, which will support marketing margins in medium term. GRMs will recover with pickup in economic activity, and lower operating cost (due to soft spot LNG prices) will support refining earnings.

Outlook

Maintain BUY with a PT of Rs114.

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