Brokerage radar: Nuvama on IOCL

Q3FY24 EBITDA grew 4x YoY & beat consensus forecast 
It was led by strong retail margins, partially offset by weak refining
Expect near-term weak GRMs on expected weak demand but maintain long-term Golden refining era thesis
Following a 75% YoY stock performance, believe high valuations now bake-in strong earnings growth of past few quarters
Less favourable risk-reward at current valuation
Downgrade IOCL to 'HOLD' rating, hike target price to Rs.151