MOSL: IOCL: Strong GRM steals the show in 1QFY23

IOCL reported an EBITDA of INR13.6b (-88% YoY) ahead of our estimates of negative INR8.4b. The beat was mainly driven by robust reported GRM at USD31.8/bbl (v/s our estimate of USD25.8/bbl) with core GRM being at USD25.3/bbl. In the refining segment, throughput came in at 18.9mmt (+13% YoY) that was broadly in line with our estimate (of 18mmt) with an all-time high GRM of USD31.8/bbl. High GRM is primarily led by high Singapore GRM, which was at an all-time high of ~USD21/bbl in 1QFY23 (long-...