Indian Oil Corporation Ltd

₹ 116 0.43%

05 Dec 11:45 a.m.

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]

Website BSE NSE

Market Cap ₹ 1,64,371 Cr.
Current Price ₹ 116
High / Low ₹ 119 / 72.4
Stock P/E 4.23
Book Value ₹ 118
Dividend Yield 4.32 %
ROCE 8.09 %
ROE 7.17 %
Face Value ₹ 10.0

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Pros

Stock is trading at 1.01 times its book value
Company has been maintaining a healthy dividend payout of 46.4%

Cons

* 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	81,709	101,835	119,874	115,503	133,195	165,335	175,292	223,411	208,757	205,715	203,872	198,551	179,246
	71,512	92,050	105,534	104,004	122,006	154,565	161,019	217,996	205,477	201,411	186,173	174,834	155,917
Operating Profit	10,197	9,786	14,340	11,499	11,189	10,770	14,273	5,415	3,280	4,304	17,699	23,716	23,328
OPM %	12%	10%	12%	10%	8%	7%	8%	2%	2%	2%	9%	12%	13%
	1,285	1,243	1,280	846	1,288	1,477	717	994	1,031	1,731	1,305	954	829
Interest	320	734	1,203	1,383	1,114	1,119	1,806	1,908	1,554	2,122	1,957	1,743	2,135
Depreciation	2,656	2,723	2,949	2,931	3,012	3,112	3,292	3,158	3,283	3,451	3,288	3,476	3,610
Profit before tax	8,506	7,572	11,469	8,030	8,351	8,016	9,891	1,344	-527	462	13,759	19,450	18,413
Tax %	28%	46%	20%	24%	25%	22%	28%	34%	-73%	-93%	21%	24%	26%
	6,165	4,102	9,145	6,141	6,235	6,261	7,089	883	-910	890	10,841	14,735	13,713
EPS in Rs	4.27	3.09	6.39	4.33	4.39	4.35	4.71	-0.20	-0.70	0.55	7.29	10.22	9.29
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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
	408,923	461,780	488,345	449,507	346,045	355,379	421,492	528,158	483,763	363,950	589,321	841,756	787,384
	389,402	447,919	471,123	438,932	324,007	321,230	379,834	492,896	467,710	324,021	541,563	811,010	718,336
Operating Profit	19,521	13,861	17,222	10,575	22,038	34,149	41,658	35,262	16,053	39,929	47,758	30,745	69,048
OPM %	5%	3%	4%	2%	6%	10%	10%	7%	3%	11%	8%	4%	9%
	-4,268	3,499	5,064	5,860	5,219	4,356	4,331	4,097	-7,165	4,696	4,332	5,061	4,819
Interest	5,948	7,164	5,948	4,201	3,487	3,743	3,875	4,925	5,792	2,933	5,454	7,588	7,958
Depreciation	5,309	5,692	6,360	5,219	5,698	6,806	7,664	8,506	10,273	10,941	12,348	13,181	13,826
Profit before tax	3,995	4,504	9,978	7,014	18,072	27,956	34,450	25,927	-7,177	30,751	34,289	15,038	52,084
Tax %	-7%	19%	30%	31%	31%	27%	34%	33%	74%	29%	25%	22%
	4,265	3,627	6,967	4,872	12,413	20,385	22,626	17,274	-1,876	21,762	25,727	11,704	40,180
EPS in Rs	2.90	3.05	4.86	3.37	8.25	13.63	15.23	12.31	-0.63	15.32	17.78	6.93	27.35
Dividend Payout %	30%	36%	30%	33%	28%	45%	90%	49%	-437%	51%	46%	42%

Compounded Sales Growth
10 Years:	6%
5 Years:	15%
3 Years:	20%
TTM:	2%

Compounded Profit Growth
10 Years:	11%
5 Years:	-15%
3 Years:	31%
TTM:	203%

Stock Price CAGR
10 Years:	13%
5 Years:	6%
3 Years:	24%
1 Year:	50%

Return on Equity
10 Years:	14%
5 Years:	13%
3 Years:	16%
Last Year:	7%

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	2,428	2,428	2,428	2,428	2,370	4,739	9,479	9,181	9,181	9,181	9,181	13,772	14,121
Reserves	57,945	60,609	65,485	66,404	87,610	97,357	104,395	103,288	86,217	102,657	124,354	125,949	153,045
	80,015	89,671	94,916	64,893	58,552	63,271	65,650	96,765	129,790	116,649	132,020	148,977	115,418
	79,438	89,170	103,124	100,158	83,184	108,352	116,336	126,128	104,773	126,658	145,327	153,342	175,389
Total Liabilities	219,827	241,878	265,953	233,883	231,715	273,719	295,860	335,363	329,962	355,145	410,882	442,039	457,623
	64,586	66,707	69,724	72,844	95,761	112,031	119,937	127,223	141,594	151,287	154,420	173,665	191,287
CWIP	15,450	27,240	38,061	40,378	26,219	16,778	19,130	28,281	32,845	36,291	47,469	51,133	51,642
Investments	17,588	17,351	15,895	16,069	31,185	43,687	44,806	44,112	35,571	44,717	52,352	52,190	56,664
	122,203	130,580	142,273	104,592	78,551	101,222	111,987	135,746	119,952	122,851	156,641	165,050	158,030
Total Assets	219,827	241,878	265,953	233,883	231,715	273,719	295,860	335,363	329,962	355,145	410,882	442,039	457,623

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
	-763	9,340	24,195	46,092	25,624	28,216	29,115	12,747	7,146	49,650	25,747	29,644
	-13,056	-9,294	-18,594	-10,215	-13,610	-17,684	-17,119	-22,569	-29,101	-22,935	-21,294	-28,030
	13,103	352	-3,116	-38,283	-11,890	-10,937	-12,007	10,436	22,456	-27,369	-4,058	-1,794
Net Cash Flow	-716	398	2,485	-2,406	124	-405	-11	614	502	-653	395	-180

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	10	10	9	6	8	9	9	11	10	14	12	7
Inventory Days	64	59	61	46	54	87	77	64	59	111	84	59
Days Payable	33	30	34	29	31	41	40	34	24	49	37	27
Cash Conversion Cycle	42	39	36	23	31	55	46	41	45	76	59	40
Working Capital Days	39	43	31	5	2	-11	-3	9	7	-2	9	8
ROCE %	14%	8%	9%	6%	14%	20%	22%	16%	5%	15%	16%	8%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%	51.50%
	5.83%	5.81%	6.70%	7.21%	7.94%	8.36%	8.19%	7.22%	7.01%	6.91%	7.56%	7.84%
	13.54%	12.98%	12.37%	4.57%	12.51%	11.32%	11.50%	11.24%	11.54%	11.92%	11.55%	10.70%
	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	19.60%	19.60%	19.60%	19.60%	19.60%
	29.02%	29.60%	29.31%	36.60%	27.94%	28.71%	28.69%	10.42%	10.34%	10.06%	9.77%	10.36%
No. of Shareholders	8,34,815	9,43,030	9,40,651	9,55,410	11,45,473	13,35,443	14,84,847	17,99,117	18,17,775	18,27,303	17,91,349	19,72,340

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	57.34%	56.98%	52.18%	51.50%	51.50%	51.50%	51.50%	51.50%
	5.36%	6.16%	7.04%	7.19%	5.81%	8.36%	6.91%	7.84%
	11.68%	10.33%	13.72%	13.40%	12.98%	11.32%	11.92%	10.70%
	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	19.60%	19.60%
	25.51%	26.43%	26.95%	27.80%	29.60%	28.71%	10.06%	10.36%
No. of Shareholders	2,21,722	3,44,918	4,44,546	5,86,535	9,43,030	13,35,443	18,27,303	19,72,340

* 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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