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Motilal Oswal Report
Indian Oil Corporation Ltd. reported an Ebitda of Rs 19.6 billion (down 82% YoY) ahead of our estimate of an operating loss of Rs 90 billion. The beat in Ebitda was fueled by strong reported gross refining margin at $19.2/ barrel of oil (versus our estimate of $8.9/ bbl and $31.8/bbl in Q1 FY23).
In the refining segment, throughput came in at 16.1 metric million tonne (up 5% YoY), broadly in line with our estimate (of 17 mmt).
In the marketing segment, IOLC's domestic sales volumes stood at 19.9 mmt (in line with our estimate of 19.1 mmt; versus 21.3 mmt/17.1 mmt in Q1 FY23/Q2 FY22).
However, oil marketing companies are estimated to have generated losses of Rs 1.2/Rs 12.4 per liter on petrol/diesel, respectively, in Q2 FY23.
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