INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Indian Oil Corporation (IOC) were trading in the negative territory ahead of the announcement of its December quarter
earnings on Wednesday in an otherwise buoyant market.
Brokerages are expecting a negative set of numbers from IOC
"We expect IOC to report negative EBITDA despite strength in underlying margins and forex gains of Rs 1,900 crore, which will be offset by
large adventitious/inventory losses at Rs 12,700 crore across refining and marketing segments," said Kotak Institutional Equities.
The
brokerage expects a flat year-on-year (YoY) sales volumes at 20.9 million tons and higher underlying refining margins at $4.5 per
barrel.
Elara Capital sees an 88.1 per cent drop in YoY EBITDA
Sequentially, it may fall 76.7 per cent
The adjusted net profit, as per the brokerage, may fall as much as 101.2 per cent YoY.
Shares of the company traded 0.22 per cent down at Rs
137.20 around 9:55 am on BSE
