Hindustan Oil Exploration Company Ltd

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Hindustan Oil Exploration Company Ltd

₹ 199 2.95%
16 Apr - close price
hoec.com BSE: 500186 NSE : HINDOILEXP
About

Hindustan Oil Exploration Company Limited was incorporated in 1983, It is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. The company is India's first private E&P company and its assets are geographically spread across Tamil Nadu, Maharashtra, Gujarat, Assam and Arunachal Pradesh (both offshore and onshore). [1][2][3]

Key Points

Assets
PY-1: PY-1 field is in the offshore part of the Cauvery Basin. The produced gas is evacuated by a 56 km long 14” subsea pipeline and sold to GAIL.
Dirok: The Dirok JV capitalizes on the well-developed ecosystem around the Oil & Gas industry in the areas near Dirok by adopting a local content policy in its project delivery.
Cambay: There are 3 marginal fields at Cambay namely – Asjol, North Balol and CB-ON-7, which together currently produce around 150 boepd. [1]

Website BSE NSE
  • Market Cap ₹ 2,632 Cr.
  • Current Price ₹ 199
  • High / Low ₹ 258 / 132
  • Stock P/E 10.0
  • Book Value ₹ 82.4
  • Dividend Yield 0.00 %
  • ROCE 20.4 %
  • ROE 24.1 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 44.1% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 12.8% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Crude Oil & Natural Gas Industry: Oil Drilling / Allied Services

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
28 29 30 39 44 42 89 125 170 175 168 113 179
15 17 15 22 21 21 39 80 90 40 77 45 108
Operating Profit 13 12 16 17 23 21 51 45 80 135 90 68 71
OPM % 46% 41% 52% 44% 52% 50% 57% 36% 47% 77% 54% 60% 39%
3 16 2 6 3 -33 2 1 -10 4 7 3 10
Interest 1 1 2 2 2 4 7 12 12 7 9 8 7
Depreciation 6 6 5 6 5 11 14 16 22 23 20 18 21
Profit before tax 8 20 11 16 19 -27 33 19 36 110 68 44 51
Tax % -3% -4% 2% -5% -1% -2% 1% 4% -4% 3% 2% 2% 9%
8 21 11 17 19 -27 32 18 37 107 66 43 47
EPS in Rs 0.64 1.60 0.84 1.28 1.45 -2.06 2.45 1.34 2.82 8.06 5.00 3.27 3.52
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
168 128 78 59 48 26 49 265 202 114 156 559 635
80 61 103 68 45 24 18 77 77 59 77 247 270
Operating Profit 88 67 -25 -9 3 1 31 188 125 55 78 312 364
OPM % 52% 52% -32% -16% 6% 5% 63% 71% 62% 48% 50% 56% 57%
25 -564 6 -1,156 20 48 16 15 48 27 -23 -3 23
Interest 11 11 14 15 5 0 1 2 6 6 9 38 32
Depreciation 56 88 103 39 12 10 8 44 29 23 26 74 82
Profit before tax 47 -595 -136 -1,219 6 40 38 157 137 52 20 197 273
Tax % 26% 7% 9% -0% 11% 10% 0% 0% -0% -3% -2% 2%
35 -553 -124 -1,220 5 36 38 157 138 53 20 194 262
EPS in Rs 2.65 -42.35 -9.48 -93.46 0.38 2.76 2.88 12.01 10.40 4.04 1.51 14.67 19.85
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 16%
5 Years: 63%
3 Years: 40%
TTM: 49%
Compounded Profit Growth
10 Years: 27%
5 Years: 44%
3 Years: 24%
TTM: 147%
Stock Price CAGR
10 Years: 15%
5 Years: 10%
3 Years: 27%
1 Year: 47%
Return on Equity
10 Years: 8%
5 Years: 16%
3 Years: 13%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 131 131 131 131 131 131 131 131 132 132 132 132 132
Reserves 1,085 532 405 150 175 211 253 410 547 601 621 815 958
591 886 947 0 0 0 0 12 45 254 357 364 235
197 210 179 154 186 183 160 182 311 198 417 539 516
Total Liabilities 2,003 1,758 1,662 435 491 525 544 734 1,036 1,185 1,527 1,850 1,840
10 9 9 8 8 10 18 28 26 23 214 447 1,285
CWIP 124 339 337 118 130 6 6 26 327 535 782 32 35
Investments 77 30 31 28 74 160 51 137 118 65 19 133 3
1,792 1,379 1,285 281 279 349 470 543 565 563 513 1,239 517
Total Assets 2,003 1,758 1,662 435 491 525 544 734 1,036 1,185 1,527 1,850 1,840

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
64 76 20 12 94 98 -7 167 287 -77 111 219
11 -320 -40 2 -1 -32 -60 -148 -297 -208 -280 -77
-86 242 -53 -24 0 0 0 0 34 206 106 -27
Net Cash Flow -11 -2 -73 -10 93 67 -67 20 24 -79 -63 115

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 47 51 40 34 31 74 124 56 66 100 38 76
Inventory Days 1,367 1,927 1,259 1,238 769
Days Payable 574 742 605 714 291
Cash Conversion Cycle 840 1,237 694 558 508 74 124 56 66 100 38 76
Working Capital Days -102 -299 -1,216 463 395 -384 137 49 -241 82 -254 0
ROCE % 3% -1% -8% -5% 2% 3% 9% 33% 18% 5% 6% 20%

Shareholding Pattern

Numbers in percentages

12 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
0.43% 0.99% 0.96% 0.93% 0.77% 0.78% 0.62% 0.62% 0.74% 0.97% 1.25% 1.31%
4.23% 4.12% 4.08% 3.61% 3.13% 2.87% 2.73% 2.81% 1.45% 4.00% 0.61% 0.69%
0.00% 0.00% 0.00% 0.01% 0.01% 0.02% 0.02% 0.02% 0.02% 0.00% 0.00% 0.00%
95.34% 94.88% 94.96% 95.44% 96.08% 96.33% 96.64% 96.54% 97.77% 95.03% 98.14% 97.99%
No. of Shareholders 69,76866,53069,15571,97174,04878,53278,37877,19072,65784,12087,97898,329

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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