Low refining margin dents 2Q performance

Company
30 Oct 2024
5 Min read 
  • IOCL 2QFY25 results update in the oil & gas sector.
  •  Weaker performance due to low refining margin and petchem losses.
  •  Earnings expected to pick up sequentially for IOCL and other OMCs.
  •  Reduction in FY25 EBITDA/PAT estimates by 28%/59%.
  •  Reiterate BUY rating with a target price of INR 185.
  •  Refinery projects expected to drive further growth.
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