Hold Indian Oil Corporation, target price Rs 80: JM Financial

JM Financial has hold call on Indian Oil Corporation with a target price of Rs 80. The current market price of Indian Oil Corporation is Rs 79.24.

Indian Oil Corporation, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 112122.63 Crore) operating in Gas & Petroleum sector.

Indian Oil Corporation key Products/Revenue Segments include Petroleum Refinery Products, Other Operating Revenue, Scrap, Sale of services, Other Services and Subsidy for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 233876.46 Crore, up .03 % from last quarter Total Income of Rs 233800.98 Crore and up 40.48 % from last year same quarter Total Income of Rs 166482.22 Crore. Company has reported net profit after tax of Rs 732.22 Crore in latest quarter.

The company’s top management includes Mr.Shrikant Madhav Vaidya, Mr.Krishnan Sadagopan, Mr.Sudipta Kumar Ray, Mr.Prasenjit Biswas, Dr.Dattatreya Rao Sirpurker, Dr.Ashutosh Pant, Mr.Dilip Gogoi Lalung, Mr.Sujoy Choudhury, Ms.Sukla Mistry, Mr.D S Nanaware, Mr.V Satish Kum, Ms.Indrani Kaushal, Mr.Navneet Mohan Kothari, Ms.Lata Usendi, Mr.Sandeep Kumar Gupta, Mr.Ranjan Kumar Mohapatra, Dr.S S V Ramakumar, Mr.G K Satish, Prof. (Dr)Ram Naresh Singh. Company has K C Mehta & Co as its auditors. As on 31-12-2022, the company has a total of 1,412 Crore shares outstanding.

Investment Rationale
The brokerage maintains Hold rating on IOCL (TP of INR 80) given the company’s continued aggressive capex plans.