Vous êtes sur la page 1sur 9

Indian Oil Corporation

IOCL is Indias Maharatna national oil company with business interests straddling the entire hydrocarbon
value chain from Refining, Pipeline Transportation and Marketing of Petroleum Products to Research &
Development, Exploration & Production, Marketing of Natural Gas and Petrochemicals.

Progress in 2017-18

SHAREHOLDING PATTERN
Only one Promoter is holding 54.06% shares in the company out of total holdings of the company.

INCOME STATEMENT
Sale has increased by 15%.
Expenses have increased by 15% but the operating profit has also increased by 19%.
EPS has increased by 11%.

FINANCIAL RATIOS
ROCE - Increased by 2%.
Dividend Payout - Increased by 49%.
Increase in basic EPS and Diluted EPS by 10%.

Balance Sheet
Increase in equity capital by 50%
Long term borrowings decreased by 10% and short term borrowings increased by 15%
Increase in reserves by 6%.

Pros:
Stock is trading at 1.07 times its book value
Stock is providing a good dividend yield of 15.23%.
Company has good consistent profit growth of 38.01% over 5 years
Company has been maintaining a healthy dividend payout of 54.22%

Cons:
Promoter's stake has decreased
The company has delivered a poor growth of -1.81% over past five years.

ACHIEVEMENTS
During the year 2017-18, IndianOil sold 88.76 million tonnes of products (including Petroleum products, Gas,
Petrochemicals, Explosives and Exports).
Profit and Loss Account (Money Control)

Mar-15 Mar-16 Mar-17 Mar-18

INCOME
Revenue From Operations [Gross] 468,804.89 407,088.86 452,128.07 509,825.14
Less: Excise/Sevice Tax/Other Levies 36,531.93 68,776.37 98,415.73 94,050.07
Revenue From Operations [Net] 432,272.96 338,312.49 353,712.34 415,775.07
Other Operating Revenues 17,235.70 7,732.25 1,666.66 5,716.75
Total Operating Revenues 449,508.66 346,044.74 355,379.00 421,491.82
Other Income 4,203.99 2,186.49 3,862.20 3,419.88
Total Revenue 453,712.65 348,231.23 359,241.20 424,911.70
EXPENSES
Cost Of Materials Consumed 248,449.81 164,178.97 179,874.35 217,228.51
Purchase Of Stock-In Trade 140,817.40 117,266.37 110,377.10 118,116.41
Changes In Inventories Of FG,WIP And Stock-In Trade 9,854.11 3,578.20 -15,092.13 1,501.48
Employee Benefit Expenses 7,662.49 7,501.80 10,262.76 10,680.70
Finance Costs 4,174.64 3,468.99 3,721.26 3,810.51
Depreciation And Amortisation Expenses 5,219.01 5,698.39 6,872.39 7,675.83
Other Expenses 32,174.54 30,076.51 35,909.73 32,359.19
Total Expenses 448,352.00 331,769.23 331,925.46 391,372.63
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 5,360.65 16,462.00 27,315.74 33,539.07
Exceptional Items 1,668.09 1,364.25 0 0
Profit/Loss Before Tax 7,028.74 17,826.25 27,315.74 33,539.07
Tax Expenses-Continued Operations
Current Tax 1,388.18 3,784.21 7,794.77 7,648.32
Less: MAT Credit Entitlement 164.44 0 0 0
Deferred Tax 918.83 1,874.23 -224.37 4,175.55
Total Tax Expenses 2,142.57 5,658.44 7,570.40 11,823.87
Profit/Loss After Tax And Before ExtraOrdinary Items 4,886.17 12,167.81 19,745.34 21,715.20
Prior Period Items -14.39 0 0 0
Profit/Loss From Continuing Operations 4,871.78 12,167.81 19,745.34 21,715.20
Profit/Loss For The Period 4,871.78 12,167.81 19,745.34 21,715.20
Minority Interest 40.24 -390.87 -535.91 -436.9
Share Of Profit/Loss Of Associates 0 245.51 640.06 911.15
Consolidated Profit/Loss After MI And Associates 4,912.02 12,022.45 19,849.49 22,189.45
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 20 25 40 23
Diluted EPS (Rs.) 20 25 40 23
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 1,681.08 2,867.53 10,545.42 9,478.96
Tax On Dividend 342.47 605.01 2,221.04 1,968.37
11.3170312
-4.6418466
14.9269965
70.8460227
15.6854337
-12.933787
15.4550934
#DIV/0!
17.1957907
6.5522733
1105.15025
3.91303941
2.34220616
10.4671417
-10.972277
15.189404
18.5554638
#DIV/0!
18.5554638
#DIV/0!
-1.9147996
#DIV/0!
105.373424
35.9735856
9.07134173
#DIV/0!
9.07134173
9.07134173
-22.661936
29.7525106
10.5453718
#DIV/0!
#DIV/0!
-73.913043
-73.913043
#DIV/0!
-11.250812
-12.836509
Balance Sheet (Money Control)

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 2,427.95 2,427.95 2,369.67 4,739.34 9,478.69


Total Share Capital 2,427.95 2,427.95 2,369.67 4,739.34 9,478.69
Reserves and Surplus 65,485.07 66,404.32 87,609.94 97,356.76 104,395.13
Total Reserves and Surplus 65,485.07 66,404.32 87,609.94 97,356.76 104,395.13
Total Shareholders Funds 67,913.02 68,832.27 89,979.61 102,096.10 113,873.82
Minority Interest 1,170.56 1,073.33 1,426.04 1,904.56 2,151.22
NON-CURRENT LIABILITIES

Long Term Borrowings 35,865.16 36,795.89 27,941.30 25,545.93 23,060.51


Deferred Tax Liabilities [Net] 6,456.70 6,883.52 6,970.70 6,888.66 12,367.85
Other Long Term Liabilities 13,691.59 15,454.30 18,187.79 1,214.34 1,932.17
Long Term Provisions 443.34 475.97 2,634.12 3,225.91 2,422.65
Total Non-Current Liabilities 56,456.79 59,609.68 55,733.91 36,874.84 39,783.18
CURRENT LIABILITIES
Short Term Borrowings 53,067.35 21,358.20 20,207.90 33,284.10 39,080.51
Trade Payables 40,711.17 31,620.98 24,336.64 31,196.50 36,766.69
Other Current Liabilities 20,699.04 23,647.57 30,013.85 49,138.40 49,767.44
Short Term Provisions 26,660.69 27,601.31 9,857.48 19,066.54 14,249.43
Total Current Liabilities 141,138.25 104,228.06 84,415.87 132,685.54 139,864.07
Total Capital And Liabilities 266,678.62 233,743.34 231,555.43 273,561.04 295,672.29
ASSETS
NON-CURRENT ASSETS

Tangible Assets 71,681.14 76,047.21 99,274.49 114,972.98 122,987.42


Intangible Assets 785.42 663.19 757.85 983.77 1,064.54
Capital Work-In-Progress 37,321.72 36,718.04 22,018.75 12,992.67 15,286.08
Intangible Assets Under Development 739.18 3,660.03 4,200.24 3,785.73 3,844.30
Fixed Assets 110,527.46 117,088.47 126,251.33 132,735.15 143,182.34
Non-Current Investments 8,566.00 8,761.11 24,089.05 36,217.83 36,607.27
Deferred Tax Assets [Net] 33.86 47.97 0 0 0
Long Term Loans And Advances 4,944.80 6,487.86 1,133.60 1,099.31 2,158.71
Other Non-Current Assets 1,352.73 201.52 6,345.39 7,190.33 8,048.48
Total Non-Current Assets 125,512.66 132,657.41 157,820.41 177,243.66 189,997.84
CURRENT ASSETS
Current Investments 7,328.98 7,307.57 7,095.74 7,469.41 8,198.78
Inventories 72,339.39 49,917.39 42,256.72 65,724.06 70,567.90
Trade Receivables 12,551.72 7,644.77 7,684.50 8,899.19 10,696.48
Cash And Cash Equivalents 3,704.52 1,221.07 1,050.36 409.75 494.28
Short Term Loans And Advances 42,145.66 32,047.95 755.7 1,765.09 672.08
OtherCurrentAssets 3,095.69 2,947.18 14,892.00 12,049.88 15,044.93
Total Current Assets 141,165.96 101,085.93 73,735.02 96,317.38 105,674.45
Total Assets 266,678.62 233,743.34 231,555.43 273,561.04 295,672.29
OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 30,000.16 44,619.12 23,760.11 33,602.13 33,469.86


BONUS DETAILS
Bonus Equity Share Capital 2,280.27 2,280.27 2,280.27 4,708.22 9,416.44
NON-CURRENT INVESTMENTS

Non-Current Investments Quoted Market Value 23,414.71 22,560.32 0 36,139.84 35,955.77


Non-Current Investments Unquoted Book Value 5,539.84 5,734.95 2,803.16 10,030.63 11,621.03
CURRENT INVESTMENTS

Current Investments Unquoted Book Value 7,328.98 7,307.57 0 274 333.15


-100 50.00005
-100 50.00005
-7.22946 6.742048
-7.22946 6.742048
-11.5359 10.34278
-12.951 11.46605

#DIV/0! #DIV/0!
9.729221 -10.7778
-79.5393 44.30188
-59.1128 37.15149
24.90026 -33.1563
-7.88706 7.310476 179,647.25
#DIV/0! #DIV/0! 295,672.29
-17.415 14.83197
-17.8552 15.1501
-1.28014 1.263959
25.26473 -33.8056
-5.41018 5.132505
-8.08275 7.478296
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
-6.97072 6.516471
-8.21025 7.587315
-17.6516 15.00326
-1.54713 1.523554
-7.8707 7.296424
-1.07527 1.063832
#DIV/0! #DIV/0!
-96.3695 49.07561
-11.9348 10.66226
-7.19585 6.712803
#DIV/0! #DIV/0!
-9.76476 8.89608
-7.36996 6.864084
-20.1961 16.80263
-20.6297 17.10164
61.92375 -162.631
-24.8554 19.90737
-9.71483 8.854619
-8.08275 7.478296

#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
0.393636 -0.39519
#DIV/0! #DIV/0!
-100 50

#DIV/0! #DIV/0!
0.509327 -0.51193
-15.8554 13.68553

#DIV/0! #DIV/0!
-21.5876 17.75477
Ratios

Mar-15 Mar-16 Mar-17 Mar-18


Per Share Ratios
Basic EPS (Rs.) 21.72 23.72 20.16 22.52
Diluted EPS (Rs.) 21.72 23.72 20.16 22.52
Cash EPS (Rs.) 40.37 67.78 53.44 29.98
Book Value [ExclRevalReserve]/Share (Rs.) 279.87 371.93 210.43 116.23
Book Value [InclRevalReserve]/Share (Rs.) 279.87 371.93 210.43 116.23
Dividend / Share(Rs.) 6.6 14 19 21
Revenue from Operations/Share (Rs.) 1,802.04 1,465.08 759.48 447.36
PBDIT/Share (Rs.) 58.89 98.62 75.94 45.45
PBIT/Share (Rs.) 40.24 78.29 62.81 37.99
PBT/Share (Rs.) 32.96 71.01 55.54 34.36
Net Profit/Share (Rs.) 21.72 47.44 40.31 22.52
Profitability Ratios
PBDIT Margin (%) 3.26 6.73 9.99 10.15
PBIT Margin (%) 2.23 5.34 8.26 8.49
PBT Margin (%) 1.82 4.84 7.31 7.67
Net Profit Margin (%) 1.2 3.23 5.3 5.03
Return on Networth / Equity (%) 7.76 12.75 19.15 19.37
Return on Capital Employed (%) 4.28 8 22.73 24.86
Return on Assets (%) 2.39 5.09 7.37 7.6
Total Debt/Equity (X) 0.73 0.48 0.51 0.5
Asset Turnover Ratio (%) 199.01 157.44 138.85 151.04
Liquidity Ratios
Current Ratio (X) 0.99 0.88 0.72 0.76
Quick Ratio (X) 0.52 0.4 0.24 0.28
Inventory Turnover Ratio (X) 9.61 8.96 5.78 6.49
Dividend Payout Ratio (NP) (%) 30.38 25.5 55.19 44.4
Dividend Payout Ratio (CP) (%) 16.34 17.85 41.63 33.36
Earnings Retention Ratio (%) 69.62 74.5 44.81 55.6
Cash Earnings Retention Ratio (%) 83.66 82.15 58.37 66.64
Valuation Ratios
Enterprise Value (Cr.) 139,020.07 135,205.10 233,592.27 222,553.10
EV/Net Operating Revenue (X) 0.32 0.39 0.65 0.52
EV/EBITDA (X) 9.72 5.79 6.49 5.17
MarketCap/Net Operating Revenue (X) 0.2 0.27 0.51 0.39
Retention Ratios (%) 69.61 74.49 44.8 55.59
Price/BV (X) 1.32 1.06 1.84 1.52
Price/Net Operating Revenue 0.2 0.27 0.51 0.39
Earnings Yield 0.06 0.12 0.1 0.13
10.47957
10.47957
-78.25217
-81.0462
-81.0462
9.52381
-69.76931
-67.08471
-65.33298
-61.64144
-78.99645
#DIV/0!
1.576355
2.709069
4.693611
-5.367793
1.135777
8.567981
3.026316
-2
8.07071
#DIV/0!
5.263158
14.28571
10.93991
-24.3018
-24.79017
19.40647
12.40996
#DIV/0!
-4.960241