Indian Oil Corporation Ltd

₹ 108 -1.14%
28 Jun - 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 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]

  • Market Cap 101,955 Cr.
  • Current Price 108
  • High / Low 142 / 102
  • Stock P/E 4.06
  • Book Value 142
  • Dividend Yield 7.39 %
  • ROCE 16.1 %
  • ROE 20.5 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.76 times its book value
  • Stock is providing a good dividend yield of 7.39%.
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 10.65% 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
131,298 111,129 123,930 118,007 60,531 81,709 101,835 119,874 115,503 133,202 165,339 175,292
122,725 107,369 116,746 121,119 54,269 71,512 92,050 105,534 104,004 122,006 154,565 161,019
Operating Profit 8,573 3,759 7,184 -3,112 6,262 10,197 9,786 14,340 11,499 11,196 10,774 14,273
OPM % 7% 3% 6% -3% 10% 12% 10% 12% 10% 8% 7% 8%
940 736 696 -9,521 887 1,285 1,243 1,280 846 1,281 1,474 717
Interest 1,650 1,453 1,444 2,032 1,332 320 734 1,203 1,383 1,114 1,119 1,806
Depreciation 2,381 2,360 2,462 2,653 2,613 2,656 2,723 2,949 2,931 3,012 3,112 3,292
Profit before tax 5,482 683 3,975 -17,317 3,204 8,506 7,572 11,469 8,030 8,351 8,016 9,891
Tax % 34% 46% 32% 51% 27% 28% 46% 20% 24% 25% 22% 28%
Net Profit 3,738 468 2,684 -7,783 2,227 6,026 4,359 9,026 6,110 6,204 6,143 6,646
EPS in Rs 3.97 0.50 2.85 -8.27 2.37 6.40 4.63 9.59 6.49 6.59 6.53 7.06

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
309,797 408,923 461,780 488,345 449,507 346,045 355,379 421,492 528,158 483,763 363,950 589,336
295,154 389,402 447,919 471,123 438,932 324,007 321,230 379,834 492,896 467,710 324,021 541,594
Operating Profit 14,643 19,521 13,861 17,222 10,575 22,038 34,149 41,658 35,262 16,053 39,929 47,742
OPM % 5% 5% 3% 4% 2% 6% 10% 10% 7% 3% 11% 8%
3,421 -4,268 3,499 5,064 5,860 5,219 4,356 4,331 4,097 -7,165 4,696 4,318
Interest 3,017 5,948 7,164 5,948 4,201 3,487 3,743 3,875 4,925 5,792 2,933 5,423
Depreciation 4,933 5,309 5,692 6,360 5,219 5,698 6,806 7,664 8,506 10,273 10,941 12,348
Profit before tax 10,114 3,995 4,504 9,978 7,014 18,072 27,956 34,450 25,927 -7,177 30,751 34,289
Tax % 20% -7% 19% 30% 31% 31% 27% 34% 33% 74% 29% 25%
Net Profit 7,831 4,226 4,449 7,086 4,912 12,022 19,849 22,189 17,377 -893 21,638 25,102
EPS in Rs 8.06 4.35 4.58 7.30 5.06 12.38 20.44 22.85 18.46 -0.95 22.98 26.66
Dividend Payout % 30% 30% 36% 30% 33% 28% 45% 90% 49% -437% 51% 47%
Compounded Sales Growth
10 Years: 4%
5 Years: 11%
3 Years: 4%
TTM: 62%
Compounded Profit Growth
10 Years: 9%
5 Years: 5%
3 Years: 13%
TTM: 16%
Stock Price CAGR
10 Years: 5%
5 Years: -11%
3 Years: -11%
1 Year: -2%
Return on Equity
10 Years: 15%
5 Years: 16%
3 Years: 15%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 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
Reserves 55,147 57,945 60,608 65,485 66,404 87,610 97,357 104,395 103,288 86,217 102,657 124,354
57,763 80,015 89,671 94,916 64,893 58,552 63,271 65,650 96,765 129,790 116,653 132,020
69,263 79,438 89,171 103,124 100,158 83,184 108,352 116,336 126,128 104,773 126,654 145,070
Total Liabilities 184,601 219,827 241,878 265,953 233,883 231,715 273,719 295,860 335,363 329,962 355,145 410,625
62,681 64,586 66,707 69,724 72,844 95,761 112,031 119,937 127,223 141,594 151,287 163,934
CWIP 10,866 15,450 27,240 38,061 40,378 26,219 16,778 19,130 28,281 32,845 36,291 44,050
Investments 18,647 17,588 17,351 15,895 16,069 31,185 43,687 44,806 44,112 35,571 44,717 52,352
92,407 122,203 130,580 142,273 104,592 78,551 101,222 111,987 135,746 119,952 122,851 150,289
Total Assets 184,601 219,827 241,878 265,953 233,883 231,715 273,719 295,860 335,363 329,962 355,145 410,625

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
6,819 -763 9,340 24,195 46,092 25,624 28,216 29,115 12,747 7,146 49,862 24,570
-8,090 -13,056 -9,294 -18,594 -10,215 -13,610 -17,684 -17,119 -22,569 -29,101 -24,245 -21,178
1,211 13,103 352 -3,116 -38,283 -11,890 -10,937 -12,007 10,436 22,456 -26,270 -2,997
Net Cash Flow -61 -716 398 2,485 -2,406 124 -405 -11 614 502 -653 395

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 9 10 10 9 6 8 9 9 11 10 14 12
Inventory Days 74 64 59 61 46 54 87 77 64 59 111 84
Days Payable 39 33 30 34 29 31 41 40 34 24 49 37
Cash Conversion Cycle 43 42 39 36 23 31 55 46 41 45 75 59
Working Capital Days 28 39 43 31 5 2 -11 -3 9 7 -10 14
ROCE % 12% 14% 8% 9% 6% 14% 20% 22% 16% 5% 15% 16%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52.18 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50 51.50
7.66 7.23 7.64 7.19 6.33 6.07 5.83 5.81 6.70 7.21 7.94 8.36
13.13 14.25 13.79 13.40 13.85 13.37 13.54 12.98 12.37 4.57 12.51 11.32
0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11
26.91 26.91 26.95 27.80 28.20 28.95 29.02 29.60 29.31 36.60 27.94 28.71

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