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Indian Oil Corporation

Sales up 63%, OP up 10%

November 02, 2021 9:20 IST | capital market
Indian Oil Corporation consolidated net sales increased 63.02% to Rs 133202.17 crore in Q2FY22 compared to Q2FY21.  Sales of Petroleum Products segment has gone up 46.70% to Rs 1,63,147.71 crore (accounting for 92.78% of total sales).  Sales of Other Business Activities segment rose 72.75% to Rs 5,390.61 crore (accounting for 3.07% of total sales).  Sales of Petrochemicals segment has gone up 64.60% to Rs 7,308.25 crore (accounting for 4.16% of total sales). 

Operating profit margin has declined from 12.48% to 8.41%, leading to 9.80% rise in operating profit to Rs 11,196.50 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 44.12% to 53.04%.   Purchase of finished goods cost rose from 28.78% to 28.90%.   Employee cost decreased from 3.25% to 2.11%.   Other expenses fell from 11.21% to 7.64%.  

Other income fell 25.50% to Rs 859.12 crore.  PBIDT rose 6.22% to Rs 12055.62 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 3.34% to Rs 8,168.24 crore.  PBIT of Petroleum Products segment fell 16.26% to Rs 6,073.68 crore (accounting for 74.36% of total PBIT).  PBIT of Other Business Activities reported profit of Rs 485.56 crore compared to loss of Rs 328.09 crore.  PBIT of Petrochemicals segment rose 64.31% to Rs 1,609.00 crore (accounting for 19.70% of total PBIT). 

PBIT margin of Petroleum Products segment fell from 6.52% to 3.72%.  PBIT margin of Other Business Activities segment rose from negative 10.51% to 9.01%.  PBIT margin of Petrochemicals segment fell from 22.06% to 22.02%.  Overall PBIT margin fell from 6.65% to 4.65%.

Provision for interest rose 247.94% to Rs 1114.31 crore.  PBDT fell 0.80% to Rs 10941.31 crore.  Provision for depreciation rose 13.40% to Rs 3012.3 crore. 

Profit before tax down 5.31% to Rs 7,929.01 crore.  Share of profit/loss was 218.91% higher at Rs 421.98 crore.  Provision for tax was expense of Rs 2115.6 crore, compared to Rs 2340.93 crore.  Effective tax rate was 25.33% compared to 27.52%.

Minority interest decreased 77.21% to Rs 31.65 crore.  Net profit attributable to owners of the company increased 2.95% to Rs 6,203.74 crore  led by higher refining margin. 

Equity capital stood at Rs 9,181.04 crore as of 30 September 2021 to Rs 9,181.04 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00. 

Promoters stake was 51.50% as of 30 September 2021 compared to 51.50% as of 30 September 2020 . 

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Indian Oil Corporation has increased 74.85% to Rs 248704.68 crore.  Sales of Petroleum Products segment has gone up 58.95% to Rs 3,13,206.14 crore (accounting for 93.26% of total sales).  Sales of Other Business Activities segment rose 80.74% to Rs 9,503.92 crore (accounting for 2.83% of total sales).  Sales of Petrochemicals segment has gone up 80.64% to Rs 13,136.99 crore (accounting for 3.91% of total sales). 

Operating profit margin has declined from 11.57% to 9.13%, leading to 37.89% rise in operating profit to Rs 22,695.42 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 43.74% to 54.90%.   Purchase of finished goods cost fell from 29.05% to 26.46%.   Employee cost decreased from 3.56% to 2.12%.   Other expenses fell from 11.89% to 7.66%.   Provisions writeoffs cost fell from 0.23% to 0.13%.   Other provisions fell from 0.23% to 0.13%.  

Other income fell 25.34% to Rs 1358.34 crore.  PBIDT rose 31.60% to Rs 24053.76 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 46.38% to Rs 16,953.44 crore.  PBIT of Petroleum Products segment rose 25.55% to Rs 12,953.59 crore (accounting for 76.41% of total PBIT).  PBIT of Other Business Activities reported profit of Rs 653.03 crore compared to loss of Rs 209.88 crore.  PBIT of Petrochemicals segment rose 127.00% to Rs 3,346.82 crore (accounting for 19.74% of total PBIT). 

PBIT margin of Petroleum Products segment fell from 5.24% to 4.14%.  PBIT margin of Other Business Activities segment rose from negative 3.99% to 6.87%.  PBIT margin of Petrochemicals segment rose from 20.27% to 25.48%.  Overall PBIT margin fell from 5.53% to 5.05%. 

Provision for interest rose 51.16% to Rs 2497.71 crore. PBDT rose 29.65% to Rs 21556.05 crore.  Provision for depreciation rose 12.79% to Rs 5943.62 crore. 

Profit before tax grew 37.47% to Rs 15,612.43 crore.  Share of profit/loss was 117.56% higher at Rs 768.71 crore.  Provision for tax was expense of Rs 4005.12 crore, compared to Rs 3195.08 crore.  Effective tax rate was 24.45% compared to 27.28%.

Minority interest decreased 76.14% to Rs 62.59 crore.  Net profit attributable to owners of the company increased 49.21% to Rs 12,313.43 crore mainly on account of higher inventory gain and higher refining margins during current period.

Indian Oil Chairman, Mr S M Vaidya, said, ?Indian Oil sold 40.506 million tonnes of products, including exports, during the period April - September 2021. Our refining throughput for first six months of FY 2021-22 was 31.996 million tonnes and the throughput of the Corporations countrywide pipelines network was 39.408 million tonnes during the period. The gross refining margin (GRM) during the period April - September 2021 was US$ 6.57 per bbl as compared to US$ 3.46 per bbl in corresponding period of previous financial year.

For the second quarter of FY 2021-22, Indian Oil`s product sales volumes, including exports, was 20.181 million tonnes. The refining throughput was 15.277 million tonnes and the throughput of the Corporations countrywide pipelines network was 19.533 million tonnes during the quarter.?

Performance for the year ended Mar`21

Net sales (including other operating income) of Indian Oil Corporation has declined 24.86% to Rs 363949.67 crore.  Sales of Petroleum Products segment has gone down 10.43% to Rs 4,96,830.03 crore (accounting for 93.95% of total sales).  Sales of Other Business Activities segment fell 18.50% to Rs 12,841.57 crore (accounting for 2.43% of total sales).  Sales of Petrochemicals segment has gone up 21.89% to Rs 19,169.09 crore (accounting for 3.62% of total sales).  Inter-segment sales came down from Rs 10,159.06 crore to Rs 8,603.85 crore. 

Operating profit margin has jumped from 3.39% to 11.46%, leading to 154.17% rise in operating profit to Rs 41,697.01 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 57.39% to 47.06%.   Purchase of finished goods cost rose from 28.47% to 29.03%.   Employee cost increased from 1.91% to 3.06%.   Other expenses rose from 8.88% to 9.59%.   Cost of Sales fell from 84.76% to 74.42%.   Inventories cost rose from 1.11% to 1.67%.  

Other income rose 25.42% to Rs 3499.54 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 200.64% to Rs 30,494.82 crore.  PBIT of Petroleum Products segment rose 173.61% to Rs 25,570.74 crore (accounting for 83.85% of total PBIT).  PBIT of Other Business Activities segment fell 75.70% to Rs -294.18 crore (accounting for -0.96% of total PBIT).  PBIT of Petrochemicals segment rose 159.83% to Rs 5,218.26 crore (accounting for 17.11% of total PBIT). 

Provision for interest fell 45.44% to Rs 3589.12 crore.  Loan funds declined from Rs 1,25,968.05 crore as of 31 March 2020 to Rs 1,08,514.91 crore as of 31 March 2021.  Inventories rose to Rs 83,427.46 crore as of 31 March 2021 from Rs 67,010.76 crore as of 31 March 2020.  Sundry debtors were higher at Rs 13,800.28 crore as of 31 March 2021 compared to Rs 13,259.48 crore as of 31 March 2020.  Cash and bank balance rose to Rs 2,474.73 crore as of 31 March 2021 from Rs 2,296.01 crore as of 31 March 2020.  Investments rose to Rs 44,716.82 crore as of 31 March 2021 from Rs 35,570.87 crore as of 31 March 2020 . 

Provision for depreciation rose 22.31% to Rs 12053.43 crore.  Fixed assets increased to Rs 1,93,374.29 crore as of 31 March 2021 from Rs 1,79,865.93 crore as of 31 March 2020.  Intangible assets stood at Rs 1.04 crore. 

Profit before tax grew 970.20% to Rs 29,554.00 crore.  Share of profit/loss was 12.40% lower at Rs 1196.73 crore.  Effective tax rate was 29.23% compared to 73.86%.

Promoters stake was 51.50% as of 31 March 2021 compared to 51.50% as of 31 March 2020 . 

Cash flow from operating activities increased to Rs 49,861.73 crore for year ended March 2021 from Rs 7,146.25 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 6,566.16 crore, compared to Rs 12,337.43 crore during the year ended March 2020. 

The Board of Directors of the Corporation in its meeting held on 30th October, 2021 has declared an interim dividend of Rs 5 per equity share. (face value: Rs 10/- per equity share). 

The scrip is currently trading at Rs 131 

 

Indian Oil Corporation : Consolidated Results

Particulars

2109 (03)

2009 (03)

Var.(%)

2109 (06)

2009 (06)

Var.(%)

2103 (12)

2003 (12)

Var.(%)

Net Sales

133202.17

81,708.88

63

248704.7

142240

75

363949.7

484362.3

-25

OPM (%)

8.4

12.5

 

9.1

11.6

 

11.2

3.4

 

OP

11,196.50

10,196.76

10

22,695.42

16,459.12

38

40,585.03

16,404.87

147

Other Inc.

859.12

1,153.15

-26

1,358.34

1,819.39

-25

3,499.54

2,790.29

25

PBIDT

12,055.62

11,349.91

6

24,053.76

18,278.51

32

44,084.57

19,195.16

130

Interest

1,114.31

320.26

248

2,497.71

1,652.36

51

3,589.12

6,578.74

-45

PBDT

10,941.31

11,029.65

-1

21,556.05

16,626.15

30

40,495.45

12,616.42

221

Depreciation

3012.3

2656.34

13

5943.62

5269.46

13

10941.45

9854.88

11

PBT

7,929.01

8,373.31

-5

15612.43

11356.69

37

29554

2761.54

970

Share of Profit/(Loss) from Associates

421.98

132.32

219

768.71

353.34

118

1196.73

1366.09

-12

PBT before EO

8350.99

8505.63

-2

16381.14

11710.03

40

30750.73

4127.63

645

EO Income

0

0

-

0

0

-

0

-11304.64

-

PBT after EO

8350.99

8505.63

-2

16381.14

11710.03

40

30750.73

-7177.01

LP

Taxation

2115.6

2340.93

-10

4005.12

3195.08

25

8988.51

-5300.69

PL

PAT

6235.39

6164.7

1

12376.02

8514.95

45

21762.22

-1876.32

LP

Minority Interest (MI)

31.65

138.89

-77

62.59

262.34

-76

124.01

-983.18

PL

Net profit

6203.74

6025.81

3

12313.43

8252.61

49

21638.21

-893.14

LP

EPS (Rs)*

#

#

 

#

#

 

23.0

3.5

 

Notes

* EPS is on current equity of Rs 9,414.16 crore, Face value of Rs 10, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

 

 

Indian Oil Corporation : Consolidated Segment Results

 

% of (Total)

2109 (03)

2009 (03)

Var.(%)

% of (Total)

2109 (06)

2009 (06)

Var.(%)

% of (Total)

2103 (12)

2003 (12)

Var.(%)

Sales

 

 

 

 

Petroleum Products

93

163147.71

111211.52

47

93

313206.14

197044.20

59

94

496830.03

554665.35

-10

Other Business Activities

3

5390.61

3120.47

73

3

9503.92

5258.33

81

2

12841.57

15756.60

-19

Petrochemicals

4

7308.25

4440.03

65

4

13136.99

7272.31

81

4

19169.09

15726.81

22

Total Reported Sales

100

175846.57

118772.02

48

100

335847.05

209574.84

60

100

528840.69

586148.76

-10

Less: Inter segment revenues

 

4059.38

2054.40

98

 

7540.67

2748.31

174

 

8603.85

10,159.06

 

Net Sales

 

171787.19

116717.62

47

 

328306.38

206826.53

59

 

520236.84

575989.70

-10

PBIT

 

 

 

 

Petroleum Products

74

6,073.68

7,252.91

-16

76

12,953.59

10,317.15

26

84

25,570.74

9,345.54

174

Other Business Activities

6

485.56

-328.09

LP

4

653.03

-209.88

LP

-1

-294.18

-1,210.64

-76

Petrochemicals

20

1,609.00

979.26

64

20

3,346.82

1,474.36

127

17

5,218.26

2,008.35

160

Total PBIT

100

8,168.24

7,904.08

3

100

16,953.44

11,581.63

46

100

30,494.82

10,143.25

201

Less : Interest

 

1,114.31

320.26

248

 

2,497.71

1,652.36

51

 

3,589.12

6,578.74

-45

Add: Other un-allcoable

 

1,297.06

921.81

41

 

1,925.41

1,780.76

8

 

3,845.03

-10,741.52

LP

PBT

 

8,350.99

8,505.63

-2

 

16,381.14

11,710.03

40

 

30,750.73

-7,177.01

LP

 

 

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