Weaker benchmark GRM (gross refining margin) and lower marketing margins are likely to take a toll on Indian Oil Corporation’s (IOCL) March quarter results, which is scheduled to be released today. Edelweiss Securities estimates the company’s loss at Rs 1,609.4 crore for the quarter under review.
Marketing margins, according to analysts at ICICI Securities, are expected to show a quantum increase as the company did not fully pass on lower costs to customers and also due to inventory gains.
ICICI Securities expects revenue to decline 14.7 per cent on quarter-on-quarter (QoQ) basis to Rs 1,36,598.2 crore due to lower average crude oil prices. On year-on-year (YOY) basis, the numbers are expected to remain unchanged. The brokerage projects net profit or PAT (profit after tax) to come in at Rs 4,185.3 crore, down 19.8 per cent YoY.
