Indian Oil Corporation - Results above estimates ACCUMULATE ::Emkay

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Indian Oil Corporation

Results above estimates

ACCUMULATE

CMP: Rs 326                                       Target Price: Rs 381

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n     IOCL reported results which were above our estimates with EBIDTA loss at Rs.18.6bn and Net loss at Rs.37.1bn, revenue grew by 40.8% to Rs.1012bn

n     Direct market sale grew by 5% to 19.2mmt, while crude throughput increased by 8.3% to 14.3mmt YoY

n     Average gross refining margin for Q1 FY12 was at $4.7/bbl as compared to $3/bbl, growth of 57% YoY. However GRM declined by 39.8% sequentially

n     Valuations look reasonable at 1.1x FY13E ABV, maintain  ACCUMULATE rating with TP of Rs.381