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
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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