IOC beats street estimates, despite 45 per cent YoY drop in PAT
DSIJ Intelligence / 03 Aug 2017
Indian Oil Corporation Ltd. (IOC) reported its results for the quarter ended June 30, 2017 today.
Indian Oil Corporation Ltd. (IOC) reported its results for the quarter ended June 30, 2017 today.
The company's total sales for Q1FY18 came in at Rs 128,190.5 crore, which represents a 4.83 per cent sequential increase and 19.58 per cent YoY increase.
Its operating profit (EBIT) for the quarter amounted to Rs 6278.2 crore and its EBIT margin stood at 4.9 per cent.
The company reported PAT of Rs 4548.50 crore, which represents a sequential QoQ increase of 22.25 per cent and a YoY decline of 44.99 per cent.
The company has managed to beat the street estimates on all grounds. It beat the revenue estimate of Rs. 94563 crore by 35.6 per cent and net profit of Rs. 3013 crore by 51 per cent. However, its average gross refining margin (GRM) in the quarter fell marginally short of the street estimate of $4.6 per barrel. The company's GRM for the quarter stood at $4.32 per barrel.
Thus, company's stock opened for trading at Rs 371 on the BSE, rose by over 6 per cent after the results were declared and was trading around the Rs 386 intra-day.
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