IOC falls over 5% post Q4 results, downgrade by CLSA to sell

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26 Aug, 2025 12:21

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Indian Oil Corporation fell over 5 percent intraday on Friday after investors turned cautious on the stock post its Q4 results. A downgrade from CLSA also contributed to the stock’s fall.

The company reported 6.8 percent quarter-on-quarter (QoQ) fall in the net profit to Rs 3,720 crore for the quarter ended March 31 on Thursday which was slightly below CNBC-TV18 poll of Rs3,796 crore.

It reported a net profit of Rs 3,995 crore for the quarter ended December 2016, IOC said in a statement.

Total revenues rose 6.09 percent on a QoQ basis and 24.5 percent on a year-on-year basis to Rs 1.22 lakh crore for the quarter ended March 31 which was above CNBC-TV18 estimates of Rs98,697 crore.

CLSA downgraded the stock to sell as it believes that the company’s valuation discount has shrunk materially. “Moreover, continuous upgrade in consensus net earnings over the last one year possibly leaves limited room for a positive surprise from Paradip,” it said in its report.

Analyzing the results, it said that the beat on Ebitda and higher-than-expected forex gain was more than offset by large one-time charges linked to: (a) an unfavourable court ruling on entry tax liability and interest on the same and (b) salary expense linked to gratuity and outstanding leave balances.

“These drove PBT 36% below our estimate but income tax was positive possibly due to some large tax write-back and boosted PAT,” it said in the report.

The brokerage also said that core refining margins along with large inventory gains boosted reported refining margin to a strong USD 9 per barrel.

At 14:45 hrs, Indian Oil Corporation was quoting at Rs 420.25, down Rs 18.45, or 4.21 percent on the BSE. It touched an intraday high of Rs 433.40 and an intraday low of Rs 416.30.