Indian Oil Corporation Ltd

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

Refineries Capacity
The company owns 11 refineries across India with a total capacity of 81.2 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]

See full details
  • Market Cap 110,381 Cr.
  • Current Price 117
  • High / Low 119 / 73.0
  • Stock P/E 4.33
  • Book Value 119
  • Dividend Yield 10.2 %
  • ROCE 14.8 %
  • ROE 20.9 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.99 times its book value
  • Stock is providing a good dividend yield of 10.23%.

Cons

  • The company has delivered a poor sales growth of 1.01% over past five years.
  • Company has a low return on equity of 13.53% for last 3 years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -5.25%

Peer comparison

Sector: Refineries Industry: Refineries

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
132,357 141,016 126,077 131,298 111,129 123,930 118,007 60,531 81,704 101,969 119,747 115,503
125,120 137,461 114,709 122,725 107,369 116,746 121,119 54,269 71,513 92,176 105,407 104,004
Operating Profit 7,237 3,556 11,368 8,573 3,759 7,184 -3,112 6,262 10,192 9,794 14,340 11,499
OPM % 5% 3% 9% 7% 3% 6% -3% 10% 12% 10% 12% 10%
Other Income 1,094 786 1,371 940 736 696 -9,521 887 1,290 1,235 1,280 846
Interest 1,351 998 1,386 1,650 1,453 1,444 2,032 1,332 320 734 1,203 1,383
Depreciation 2,074 2,137 2,333 2,381 2,360 2,462 2,653 2,613 2,656 2,723 2,949 2,931
Profit before tax 4,905 1,206 9,020 5,482 683 3,975 -17,317 3,204 8,506 7,572 11,469 8,030
Tax % 32% 36% 33% 34% 46% 32% 51% 27% 28% 46% 20% 24%
Net Profit 3,315 965 6,005 3,738 468 2,684 -7,783 2,227 6,026 4,359 9,026 6,110
EPS in Rs 3.41 0.99 6.38 3.97 0.50 2.85 -8.27 2.37 6.40 4.63 9.59 6.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
250,046 309,797 408,923 461,780 488,345 449,507 346,045 355,379 421,492 528,158 483,763 363,950 418,924
236,613 295,154 389,402 447,919 471,123 438,932 324,007 321,230 379,834 492,896 467,710 324,021 373,099
Operating Profit 13,433 14,643 19,521 13,861 17,222 10,575 22,038 34,149 41,658 35,262 16,053 39,929 45,825
OPM % 5% 5% 5% 3% 4% 2% 6% 10% 10% 7% 3% 11% 11%
Other Income 6,948 3,421 -4,268 3,499 5,064 5,860 5,219 4,356 4,331 4,097 -7,165 4,696 4,652
Interest 1,777 3,017 5,948 7,164 5,948 4,201 3,487 3,743 3,875 4,925 5,792 2,933 3,640
Depreciation 3,555 4,933 5,309 5,692 6,360 5,219 5,698 6,806 7,664 8,506 10,273 10,941 11,260
Profit before tax 15,049 10,114 3,995 4,504 9,978 7,014 18,072 27,956 34,450 25,927 -7,177 30,751 35,576
Tax % 27% 20% -7% 19% 30% 31% 31% 27% 34% 33% 74% 29%
Net Profit 10,713 7,831 4,226 4,449 7,086 4,912 12,022 19,849 22,189 17,377 -893 21,638 25,521
EPS in Rs 11.03 8.06 4.35 4.58 7.30 5.06 12.38 20.44 22.85 18.46 -0.95 22.98 27.11
Dividend Payout % 30% 30% 30% 36% 30% 33% 28% 45% 90% 49% -437% 51%
Compounded Sales Growth
10 Years:2%
5 Years:1%
3 Years:-5%
TTM:1%
Compounded Profit Growth
10 Years:11%
5 Years:14%
3 Years:-1%
TTM:224%
Stock Price CAGR
10 Years:4%
5 Years:-5%
3 Years:-9%
1 Year:58%
Return on Equity
10 Years:14%
5 Years:16%
3 Years:14%
Last Year:21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,428 2,428 2,428 2,428 2,428 2,428 2,370 4,739 9,479 9,181 9,181 9,181
Reserves 50,034 55,147 57,945 60,608 65,485 66,404 87,610 97,357 104,395 103,288 86,217 102,657
Borrowings 49,472 57,763 80,015 89,671 94,916 64,893 58,552 63,271 65,650 96,765 129,790 116,653
52,823 69,263 79,438 89,171 103,124 100,158 83,184 108,352 116,336 126,128 104,773 126,654
Total Liabilities 154,758 184,601 219,827 241,878 265,953 233,883 231,715 273,719 295,860 335,363 329,962 355,145
45,458 62,681 64,586 66,707 69,724 72,844 95,761 112,031 119,937 127,223 141,594 151,287
CWIP 22,810 10,866 15,450 27,240 38,061 40,378 26,219 16,778 19,130 28,281 32,845 36,291
Investments 21,430 18,647 17,588 17,351 15,895 16,069 31,185 43,687 44,806 44,112 35,571 44,717
65,061 92,407 122,203 130,580 142,273 104,592 78,551 101,222 111,987 135,746 119,952 122,851
Total Assets 154,758 184,601 219,827 241,878 265,953 233,883 231,715 273,719 295,860 335,363 329,962 355,145

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-1,609 6,819 -763 9,340 24,195 46,092 25,624 28,216 29,115 12,747 7,146 49,862
3,595 -8,090 -13,056 -9,294 -18,594 -10,215 -13,610 -17,684 -17,119 -22,569 -29,101 -24,245
-1,392 1,211 13,103 352 -3,116 -38,283 -11,890 -10,937 -12,007 10,436 22,456 -26,270
Net Cash Flow 593 -61 -716 398 2,485 -2,406 124 -405 -11 614 502 -653

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 8 9 10 10 9 6 8 9 9 11 10 14
Inventory Days 69 74 64 59 61 46 54 87 77 64 59 111
Days Payable 35 39 33 30 34 29 31 41 40 34 24 49
Cash Conversion Cycle 43 43 42 39 36 23 31 55 46 41 45 75
Working Capital Days 26 31 44 42 36 12 12 -7 -0 12 9 -2
ROCE % 18% 12% 14% 8% 9% 6% 14% 20% 22% 16% 5% 15%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
56.75 54.06 52.18 52.18 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50
5.98 5.60 7.04 7.66 7.23 7.64 7.19 6.33 6.07 5.83 5.81 6.70
11.05 13.47 13.72 13.13 14.25 13.79 13.40 13.85 13.37 13.54 12.98 12.37
0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11
26.11 26.76 26.95 26.91 26.91 26.95 27.80 28.20 28.95 29.02 29.60 29.31

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