IOCL: ACCUMULATE Target Price: Rs 381 ::Emkay

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ACCUMULATE

CMP: Rs 288                                       Target Price: Rs 381

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n     IOCL reported results which were below our estimates with EBIDTA loss at Rs.53.2bn and Net loss at Rs.74.8bn, however revenue grew by 15.3% to Rs.891.8bn

n     The direct market sale grew by 4.6% to 17.7mmt, while crude throughput increased by 7.5% to 13mmt YoY

n     Average gross refining margin for Q2 FY12 was at $-0.03/bbl as compared to $6.6/bbl YoY and $4.7/bbl QoQ

n     Valuations look reasonable at 1x FY13E ABV, maintain  ACCUMULATE rating with TP of Rs.381