- Marketing segment of the company continues to do well with marketing margin at INR4.8/litre in 3QFY20.

- IOC provides a more diversified earnings mix, with its EBITDA share of refining shrinking from 40-50% in FY18 to ~24% in FY19. Simultaneously, share of marketing EBITDA increased from ~20% in FY18 to ~43% in FY19.

- Capacity utilization of crude pipeline at 95.0% and product pipeline at 81.9% in 3QFY20.

- Refining throughput declined due to planned shut downs for BS-VI upgradations. More refineries shutdown expected in 4Q

- Total capex was at Rs.178b for 9MFY20 and is expected to reach Rs.250b

- IOC has cumulative FCFF of Rs.24/share over FY20-22 and trades at a 35% discount to average since FY15'

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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