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Beat on our estimates led by better refining and marketing margin

* Reported GRM came in higher than estimate at USD6.6/bbl (est. USD3 and USD6.6 in 1QFY22), with refining throughput 5% below our expectation at 15.3mmt (-9% QoQ).

* Marketing margin (including investment) was also higher at INR6.8/liter (est. INR5.5; up 15% YoY and 9% QoQ), with sales volume in line at 17.7mmt (+3% QoQ).

* EBITDA stood at INR106b (up 13% YoY, but down 4% QoQ), with PAT at INR63.6b, translating into an EPS of INR6.9 (est. INR4.2).

* EBITDA was up 46% YoY to INR218b, with adjusted PAT at INR123b (+51% YoY) in 1HFY22.

* Refining throughput was up 19% YoY at 32mmt, with marketing volumes rose 15% YoY to 35mmt.

* Reported GRM stood at USD6.6/bbl (v/s USD3.3 in 1HFY21), with marketing margin at INR6.5/liter (v/s INR7.2 in 1HFY21).

* Net debt profile at the end of 1HFY22: Standalone/consolidated net debt decreased to INR838b/INR993b (from INR927b/INR1,065b) at the end of FY21.

* IOCL declared an interim dividend of INR5/share.

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