Maintain ADD on Indian Oil Corporation – Inventory losses dent profitability – HDFC Securities

… Analyst, HDFC Securities.
Indian Oil Corporation (Q4FY20): Inventory losses … (-12% YoY).
Refining: Crude throughput in 4Q stood at … 37bn. Lower demand for crude oil and petroleum products impacted … FY21/22E: Standalone crude/marketing throughput is …