The marketing segment failed to compensate for the weak showing by the refining business, leading to muted Q4 results. And according to analysts at Kotak Institutional Equities, oil marketing companies are in for a dismal Q1FY25.
Indian Oil s Q4 profit declines sharply to ₹4,838 crore, with revenue at ₹2,19,876 crore. Declares a final dividend of ₹7 per share. Operating margin reduces to 3.05%. LPG cylinders sale loss affects overall profit.
IOC shares, which are up 105 per cent in the past one year, closed at Rs 168.95 on Tuesday, down 4.44 per cent. Nuvama’s target price suggests a 11 per cent downside from this level.
OMC target prices: Emkay Global has a target of Rs 600 for BPCL, Rs 500 for HPCL and Rs 160 for IOC. It has 'Buy' ratings on BPCL and HPCL and 'Add' rating on IOC.
HPCL, which climbed 9.38 per cent in the previous session, tanked 4.49 per cent to hit a low of Rs 399. IOC, on the other hand, declined 3.78 per cent to hit a low of Rs 128.25.