Indian Oil Corporation Results above estimates ACCUMULATE :Emkay

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Indian Oil Corporation

Results above estimates

ACCUMULATE

CMP: Rs 320                                       Target Price: Rs 381

---

n     IOCL reported results which were above our estimates with Revenue at Rs.987bn and PAT at Rs.86.4bn

n     Crude throughput increased by 7.1% to 14.23mmt, while market sales has grown by 8.7% to 19.3mmt 

n     Average gross refining margin for FY11 was at $5.95/bbl as compared to $4.47/bbl (growth of 33.1% YoY)

n     Valuations look reasonable at 1.2x FY13E ABV, maintain  ACCUMULATE rating with revised TP of Rs.381