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Indian Oil Corporation Q2FY19E Result Expectation

Indian Oil Corporation Q2FY19 Result Expectation

Consensus estimates for Q2FY19E:

Net Revenue: Rs1,39,680cr, up 54% yoy supported by higher realizations and higher throughput.

EBITDA: Rs9,406cr, up 28% yoy.

PAT: Rs4,729cr, up 28% yoy.

Q1FY19 performance highlights:

Revenue: Rs1,29,475cr, up 26% yoy.

EBITDA: Rs12,576cr, up 142% yoy; GRMs averaged at $10.2/bbl (up 136% yoy).

EBITDA margin: 9.7%, expansion of 465bps yoy.

PAT: Rs6,831cr, up 50% yoy driven by inventory gains across Refining and Marketing segments

Remarks:

Expect yoy decline in gross refining margin (GRM) by $0.9/bbl to $7/bbl and stable marketing margin.

Crude throughput is expected to remain higher by ~9% yoy at 17.6mmt.

Guidance on capex and status on Ennore LNG terminal, PP plant at Pradip, and subsidy sharing to be watched out for.

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