Motilal Oswal Maintains Neutral Rating on IOCL, Sets Rs 135 Target
Motilal Oswal reported IOCL EBITDA of INR303 billion versus its INR143 billion estimate and INR115 billion consensus. Reported PAT was INR216 billion, compared with its INR68 billion estimate and INR63 billion consensus. The report also said LPG under-recovery of INR64 billion was booked in 2Q, versus INR102 billion in 1Q.
Motilal Oswal's research report on IOCLIOCL’s EBITDA came in at INR303b (vs our estimate of INR143b, consensus est.: INR115b) and reported PAT came in at INR216b (vs. our estimate of INR68b, consensus est.: INR63b). LPG under-recovery of INR64b was booked in 2Q (vs. INR102b in 1Q).
The GRM (includi…