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. 

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.

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

<ul><li>Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).</li><li>The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).</li><li>Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.</li></ul><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>

Motilal Oswal's research report onIndian Oil Corporation IOCL’s 4QFY24 EBITDA of INR 104b (down 27% YoY) was 26% below our estimate of INR 141b due to weaker-than-estimated reported GRM (USD8.4/ bbl in 4QFY24 vs. our estimate of USD15.0/bbl).The subdued result was also due to the continuing weak performance of the petrochemical division (EBIT loss of INR 4b).Core GRM in 4QFY24 came in at USD10.6/bbl; for FY25-26, we are building in GRMs of USD9/bbl.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.

Iocl - Inventory Loss and Weak Petchem Lead to Earnings Miss