External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>Strong refining margin to partially offset marketing losses - <span style="font-size: var(--content-font-size);">IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.</span></li></ul><div><ul><li>GRMs remain strong; refining throughput inline - <span style="font-size: var(--content-font-size);">Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).</span></li></ul><div><ul><li>Valuation and view - <span style="font-size: var(--content-font-size);">In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong refining margin to partially offset marketing losses - IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.GRMs remain strong; refining throughput inline - Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).Valuation and view - In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Oil Corp

4QFY22 Results Update - IOCL