Indian Oil Corporation Ltd

₹ 81.0 -1.82%
27 Jan - close price
About

Indian Oil Corporation Ltd is a Maharatna Company controlled by GOI[1] that has business interests straddling the entire hydrocarbon value chain - from Refining, Pipeline transportation and marketing of Petroleum products to R&D, Exploration & production, marketing of natural gas and petrochemicals. It has the leadership position in the Oil refining & petroleum marketing sector of India.[2]

Key Points

Refining Capacity
The Largest Refining Company in India. The company owns 11 refineries across India with a total capacity of 80.60 MMTPA. It possess 32% of total refining capacity of India.[1]
Two of its refineries in Chennai are owned by its subsidiary Chennai Petroleum Corporation Ltd[2] of which the company owns 52% stake.[3]
Market share of more than 32% share in the domestic refining sector as on June 30, 2022[4]

  • Market Cap 114,382 Cr.
  • Current Price 81.0
  • High / Low 90.7 / 65.2
  • Stock P/E 11.9
  • Book Value 86.0
  • Dividend Yield 10.4 %
  • ROCE 15.8 %
  • ROE 20.0 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.94 times its book value
  • Stock is providing a good dividend yield of 10.4%.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 132%

Cons

  • The company has delivered a poor sales growth of 10.7% over past five years.
  • Company might be capitalizing the interest cost

* 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: Refineries Industry: Refineries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
111,691 124,615 117,826 62,399 85,611 106,202 123,841 118,671 135,410 166,788 177,287 224,253 207,485
108,119 117,965 117,609 56,883 76,183 96,589 110,340 107,544 124,790 156,926 165,660 222,894 205,525
Operating Profit 3,572 6,650 216 5,516 9,427 9,614 13,502 11,126 10,621 9,862 11,628 1,359 1,960
OPM % 3% 5% 0% 9% 11% 9% 11% 9% 8% 6% 7% 1% 1%
648 570 -9,587 639 1,537 1,278 1,102 564 1,441 1,375 952 684 2,198
Interest 1,308 1,312 1,850 1,171 221 629 1,073 1,257 986 979 1,607 1,725 1,441
Depreciation 2,098 2,186 2,390 2,355 2,404 2,467 2,579 2,634 2,706 2,779 2,887 2,847 2,962
Profit before tax 814 3,722 -13,610 2,629 8,340 7,796 10,951 7,798 8,370 7,480 8,085 -2,529 -244
Tax % 31% 37% 62% 27% 25% 37% 20% 24% 24% 22% 26% 21% -12%
Net Profit 563 2,339 -5,185 1,911 6,227 4,917 8,781 5,941 6,360 5,861 6,022 -1,993 -272
EPS in Rs 0.40 1.66 -3.67 1.35 4.41 3.48 6.22 4.21 4.50 4.15 4.26 -1.41 -0.19
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
328,092 398,477 447,096 473,210 437,524 347,176 359,942 424,039 527,701 485,660 378,058 598,164 775,813
315,156 380,015 433,289 457,429 427,348 327,478 328,134 384,311 493,844 466,811 339,964 554,888 751,005
Operating Profit 12,937 18,462 13,807 15,781 10,176 19,698 31,809 39,727 33,857 18,850 38,093 43,276 24,809
OPM % 4% 5% 3% 3% 2% 6% 9% 9% 6% 4% 10% 7% 3%
3,408 -4,249 3,521 5,025 5,806 5,053 4,201 3,415 3,129 -7,750 4,551 4,320 5,209
Interest 2,702 5,591 6,479 5,121 3,458 3,106 3,465 3,511 4,344 6,028 3,124 4,857 5,752
Depreciation 4,547 4,868 5,201 5,760 4,529 4,819 6,223 7,067 7,514 8,766 9,804 11,006 11,475
Profit before tax 9,096 3,754 5,648 9,926 7,995 16,827 26,321 32,564 25,127 -3,694 29,716 31,733 12,791
Tax % 18% -5% 11% 29% 34% 33% 27% 34% 33% 136% 27% 24%
Net Profit 7,445 3,955 5,005 7,019 5,273 11,242 19,106 21,346 16,894 1,313 21,836 24,184 9,618
EPS in Rs 5.11 2.71 3.44 4.82 3.62 7.72 13.12 14.65 11.96 0.93 15.46 17.13 6.81
Dividend Payout % 31% 31% 30% 30% 30% 30% 47% 93% 52% 297% 50% 48%
Compounded Sales Growth
10 Years: 4%
5 Years: 11%
3 Years: 4%
TTM: 60%
Compounded Profit Growth
10 Years: 9%
5 Years: 5%
3 Years: 13%
TTM: -63%
Stock Price CAGR
10 Years: 4%
5 Years: -9%
3 Years: 1%
1 Year: -2%
Return on Equity
10 Years: 16%
5 Years: 18%
3 Years: 18%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
2,428 2,428 2,428 2,428 2,428 2,370 4,739 9,479 9,181 9,181 9,181 9,181 13,772
Reserves 52,904 55,449 58,696 63,564 65,542 85,765 94,989 100,692 99,476 84,588 101,319 122,105 107,397
52,718 75,400 80,834 86,218 55,245 52,880 54,820 58,030 86,359 116,545 102,327 119,463 149,171
65,630 76,583 86,195 99,488 96,794 79,623 104,794 112,693 119,334 100,962 121,416 137,804 159,572
Total Liabilities 173,680 209,860 228,153 251,697 220,009 220,638 259,343 280,895 314,583 311,276 334,243 388,553 429,912
58,215 59,847 60,633 62,949 66,251 91,347 107,879 113,927 118,708 133,682 143,400 146,889 156,192
CWIP 9,253 13,688 26,230 33,879 36,324 21,025 10,738 14,348 23,599 29,738 33,052 44,446 43,404
Investments 19,545 18,678 18,671 23,594 23,899 37,181 47,305 47,488 49,940 39,139 48,619 57,787 54,228
86,667 117,647 122,619 131,275 93,534 71,084 93,421 105,131 122,336 108,718 109,172 139,432 176,088
Total Assets 173,680 209,860 228,153 251,697 220,009 220,638 259,343 280,895 314,583 311,276 334,243 388,553 429,912

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
5,684 -2,760 11,611 22,050 44,529 22,944 27,799 26,457 12,422 7,190 48,784 21,177
-7,218 -12,250 -8,338 -17,837 -8,648 -12,417 -14,734 -15,779 -20,771 -26,882 -21,058 -20,097
1,513 14,022 -3,076 -2,108 -38,374 -10,367 -13,275 -10,678 8,334 20,189 -27,948 -684
Net Cash Flow -21 -987 196 2,105 -2,493 160 -209 1 -15 497 -222 396

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 10 9 9 8 6 8 9 9 11 10 13 11
Inventory Days 61 59 54 56 43 49 80 70 59 56 97 75
Days Payable 37 28 27 31 27 28 39 35 31 22 42 31
Cash Conversion Cycle 34 39 36 34 21 29 50 43 39 43 68 55
Working Capital Days 21 37 38 30 6 1 -13 -4 7 6 -4 6
ROCE % 12% 14% 9% 9% 7% 14% 20% 22% 16% 7% 16% 16%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50
7.19 6.33 6.07 5.83 5.81 6.70 7.21 7.94 8.36 8.19 7.22 7.01
13.40 13.85 13.37 13.54 12.98 12.37 4.57 12.51 11.32 11.50 11.24 11.54
0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 19.60 19.60
27.80 28.20 28.95 29.02 29.60 29.31 36.60 27.94 28.71 28.69 10.42 10.34

* 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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