Higher-than-estimated GRM and marketing margin drive beat

25 Jan 2024
5 Min read 
  • IOCL reported higher-than-expected GRM and marketing margin, driving a beat in results.
  •  FY24E sales estimated at INR 8,497 billion with EBITDA at INR 766 billion.
  •  IOCL is set to commission various projects over the next two years, driving further growth.
  •  The stock trades at 8.6x consolidated FY25E EPS and 1.1x FY25E P/BV.
  •  Reiterate BUY rating with a target price of INR 165.
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