PL First Cut - IOCL Q2FY24

PL First Cut – IOCL Q2FY24 – Swarnendu Bhushan – Co – Head of Research, Prabhudas Lilladher Pvt Ltd

IOCL Q2FY24 First Cut: Refining margins come in higher than anticipated

• IOCL reported better than expected results with EBITDA/PAT of Rs213.1bn (-4%Q/Q; PLe : Rs 171.8 bn) and Rs 129.7bn (-6%Q/Q; PLe Rs 96.4bn).

• Refining throughput was at 17.8 mmtpa (Q1: 18.8 mmtpa, PLe: 18.3 mmtpa) and GRMs came in at $18.1/bbl (Q1: $8.3/bbl; PLe $12.4).

• Marketing GM as per our calculations came it at Rs 5.4/litre (-36% QoQ; PLe Rs4.4/litre).

• Marketing sales came in at 19.7 mmtpa (down 8% QoQ)

• The company declared an interim dividend of Rs 5/share