Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 100731.50 Crore) operating in Gas & Petroleum sector.
Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 120460.02 Crore, down -19.03 % from last quarter Total Income of Rs 148769.23 Crore and up 1.01 % from last year same quarter Total Income of Rs 119255.60 Crore. Company reported net profit after tax of Rs 8577.37 Crore in latest quarter.
Investment Rationale
The brokerage are optimistic about future hikes given the government’s track record. IOC’s GRM is weak in FY22-TD and recovery in diesel cracks is key to GRM rising to FY22 estimate of US$3/bbl. It downgrades IOC to HOLD from ADD as it awaits GRM and marketing margin recovery.
Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of March 31, 2021, while FIIs held 5.8 per cent, DIIs 13 per cent and public and others 29.7 per cent.
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