Oil India

NRL is now a subsidiary of OIL

Jun 22, 2021 01:06 IST capital market

Oil India consolidated net sales increased 43.27% to Rs 6504.94 crore in Q4FY21 compared to Q1FY20. Sales of Crude Oil segment has gone up 6.64% to Rs 2,162.77 crore (accounting for 26.63% of total sales). Sales of Natural Gas segment has gone down 38.49% to Rs 275.77 crore (accounting for 3.40% of total sales). Sales of LPG segment rose 3.56% to Rs 36.97 crore (accounting for 0.46% of total sales). Sales of Pipeline Transportation segment has gone up 20.52% to Rs 77.88 crore (accounting for 0.96% of total sales). Sales of Others segment has gone up 46.92% to Rs 6.20 crore (accounting for 0.08% of total sales). Sales of Renewable Energy segment has gone up 5.37% to Rs 27.86 crore (accounting for 0.34% of total sales). Sales of Refinery Product segment has gone up 85.04% to Rs 5,534.23 crore (accounting for 68.14% of total sales). Inter-segment sales rose Rs 1,057.83 crore to Rs 1,616.74 crore.

Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.34% to 15.42%. Purchase of finished goods cost fell from 4.05% to 2.88%. Employee cost decreased from 9.78% to 8.80%. Other expenses fell from 63.07% to 45.05%. Contract job process charges rose from 4.38% to 7.46%. Other direct service cost rose from 23.98% to 29.61%.

Other income fell 12.49% to Rs 688.46 crore. Profit before interest, tax and other Unallocable items (PBIT) has jumped 489.09% to Rs 1,658.77 crore. PBIT of Crude Oil segment rose 114.74% to Rs 661.00 crore (accounting for 39.85% of total PBIT). Losses at Natural Gas segment PBIT rose 52.93% to Rs 267.84 crore (accounting for negative 16.15% of total PBIT). PBIT of LPG segment fell 54.73% to Rs 12.06 crore (accounting for 0.73% of total PBIT). Losses at Pipeline Transportation segment PBIT fell 0.77% to Rs 63.13 crore (accounting for negative 3.81% of total PBIT). PBIT of Others segment rose 29.41% to Rs 0.44 crore (accounting for 0.03% of total PBIT). Losses at Renewable Energy segment PBIT rose 19.92% to Rs 5.72 crore (accounting for negative 0.34% of total PBIT). PBIT of Refinery Product segment rose 594.64% to Rs 1,321.96 crore (accounting for 79.70% of total PBIT).

PBIT margin of Crude Oil segment rose from 15.18% to 30.56%. PBIT margin of LPG segment fell from 74.62% to 32.62%. PBIT margin of Others segment fell from 8.06% to 7.10%. PBIT margin of Refinery Product segment rose from 6.36% to 23.89%. Overall PBIT margin rose from 5.03% to 20.42%.

Provision for interest fell 0.49% to Rs 169.21 crore. Provision for depreciation rose 44.68% to Rs 518.21 crore. Profit before tax grew 667.88% to Rs 1,887.91 crore. Share of profit/loss was 58.32% lower at Rs 196.53 crore.

PBT before EO rose 191% to Rs 2084.44 crore. The comany reported EO expense of Rs 70.1 crore compared to EO expense of Rs 229.52 crore. PBT after EO rose 313% to Rs 2014.34 crore.

Provision for tax was debit of Rs 871.92 crore, compared to credit of Rs 1241.52 crore. Minority interest increased 962.20% to Rs 191.94 crore. Net profit attributable to owners of the company decreased 44.46% to Rs 950.48 crore.

Average crude oil price realisation during Q4FY21 was USD 59.80 per barrel which was higher by 14.61% as compared to crude Oil price realisation of US$ 52.18 per barrel during Q4FY20. Crude Oil production for Q4 2020-21 is 5.28% lower at 0.718 MMT as compared to 0.758 MMT in Q4 2019-20.

Full year results analysis

Net sales of Oil India have increased 9% to Rs 22497.61 crore. Sales of Crude Oil segment has gone down 28.85% to Rs 6,689.21 crore (accounting for 24.60% of total sales). Sales of Natural Gas segment has gone down 38.38% to Rs 1,337.08 crore (accounting for 4.92% of total sales). Sales of LPG segment rose 3.71% to Rs 116.38 crore (accounting for 0.43% of total sales). Sales of Transportation segment has gone up 10.37% to Rs 361.45 crore (accounting for 1.33% of total sales). Sales of Others segment has gone up 31.63% to Rs 23.18 crore (accounting for 0.09% of total sales). Sales of Reneble Energy segment has gone down 10.79% to Rs 123.08 crore (accounting for 0.45% of total sales). Sales of Refinery Product segment has gone up 31.77% to Rs 18,543.58 crore (accounting for 68.19% of total sales). Inter-segment sales came down from Rs 5,599.42 crore to Rs 4,696.35 crore.

Profit before interest, tax and other unallocable items (PBIT) has slumped 8.48% to Rs 4,570.54 crore. PBIT of Crude Oil segment fell 55.82% to Rs 1,445.66 crore (accounting for 31.63% of total PBIT). PBIT of Natural Gas reported loss of Rs 904.05 crore compared to profit of Rs 56.40 crore. PBIT of LPG segment fell 29.82% to Rs 41.57 crore (accounting for 0.91% of total PBIT). PBIT of Transportation segment reported loss of Rs 152.61 crore compared to loss of Rs 166.87 crore. PBIT of Others segment rose 19.31% to Rs 6.24 crore (accounting for 0.14% of total PBIT). PBIT of Renewable Energy segment fell 96.06% to Rs 0.70 crore (accounting for 0.02% of total PBIT). PBIT of Refinery Product segment rose 136.10% to Rs 4,133.03 crore (accounting for 90.43% of total PBIT).

Other income fell 17.28% to Rs 1092.11 crore. PBIT margin of Crude Oil segment fell from 34.80% to 21.61%. PBIT margin of LPG segment fell from 52.78% to 35.72%. PBIT margin of Others segment fell from 29.70% to 26.92%. PBIT margin of Reneble Energy segment fell from 12.89% to 0.57%. PBIT margin of Refinery Product segment rose from 12.44% to 22.29%. Overall PBIT margin fell from 19.03% to 16.81%.

Operating profit margin has slumped from 25.75% to 25.35%, leading to 7.28% rise in operating profit to Rs 5,702.01 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 16.90% to 15.48%. Purchase of finished goods cost fell from 3.37% to 2.42%. Employee cost decreased from 10.42% to 10.08%. Other expenses rose from 44.13% to 46.95%. Contract job process charges rose from 4.24% to 6.26%. Other direct service cost rose from 25.32% to 31.54%.

Provision for interest rose 2.13% to Rs 660.47 crore. Loan funds rose to Rs 19,405.90 crore as of 31 March 2021 from Rs 12,743.28 crore as of 31 March 2020. Inventories rose to Rs 3,221.61 crore as of 31 March 2021 from Rs 3,063.56 crore as of 31 March 2020. Sundry debtors were higher at Rs 1,855.57 crore as of 31 March 2021 compared to Rs 1,501.99 crore as of 31 March 2020. Cash and bank balance declined from Rs 4,230.77 crore as of 31 March 2020 to Rs 1,586.64 crore as of 31 March 2021. Investments declined from Rs 25,718.22 crore as of 31 March 2020 to Rs 25,401.60 crore as of 31 March 2021.

Provision for depreciation rose 3.27% to Rs 1844.13 crore. Fixed assets increased to Rs 18,989.33 crore as of 31 March 2021 from Rs 18,260.77 crore as of 31 March 2020. Intangible assets increased from Rs 62.35 crore to Rs 150.57 crore.

Profit before tax grew 2.06% to Rs 4,289.52 crore. Share of profit/loss was 50.01% lower at Rs 528.15 crore.

PBT before EO fell 8% to Rs 4817.67 crore. The comany reported EO expense of Rs 449.03 crore compared to EO expense of Rs 229.52 crore. PBT after EO fell 13% to Rs 4368.64 crore.

Provision for tax was expense of Rs 222.67 crore, compared to Rs 24.7 crore. Effective tax rate was 5.10% compared to 0.49%.

Minority interest increased 103.19% to Rs 618.13 crore. Net profit attributable to owners of the company decreased 24.96% to Rs 3,527.84 crore.

Promoters stake was 56.66% as of 31 March 2021 compared to 56.66% as of 31 March 2020 .

Cash flow from operating activities decreased to Rs 5,243.72 crore for year ended March 2021 from Rs 6,492.55 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 1,105.79 crore, compared to Rs 1,025.59 crore during the year ended March 2020.

Average Crude Oil price realisation in FY21 is US$ 43.98 per barrel vis-a-vis US$ 60.75 per barrel during FY20, decreased by 27.61% due to demand disruption caused by COVID. Crude Oil production for FY21 is 2.964 MMTwhich is 5.42% lower than the crude oil production of 3.134 MMTduring FY20.

Average natural gas price realisation decreased by US$ 1.37 per MMBTUto US$ 2.09 per MMBTU as compared to US$ 3.46 per MMBTU during FY20. Natural gas production during FY2020-21 is lower at 2642 MMSCM as compared to 2801 MMSCM during.FY2019-20, decrease of 5.68%.

The Board of OIL has recommended a final dividend of Rs 1.50 per share for 2020-21. The company had earlier paid interim dividend of Rs 3.50 per share in February2021.

The company has acquired additional 54.16% ownership interest in M/s Numaligarh Refinery Limited (NRL) on 26th March, 2021 for total cash consideration of Rs 8,676 crore increasing the equity stake in NRL to 80.16% as on 31.03.2021 including 10.53% shares held on behalf of Govt. of Assam. NRL is now a subsidiary of OIL

The scrip is currently trading at Rs 148.55

Oil India : Consolidated Results

 

Particulars 2103 (03) 2003 (03) Var.(%) 2103 (12) 2003 (12) Var.(%)
Net Sales 6,504.94 4,540.44 43 22,497.61 20,639.88 9
OPM (%) 29.0 -0.3 25.4 25.8
OP 1,886.87 -12.68 LP 5,702.01 5,315.14 7
Other Inc. 688.46 786.75 -12 1,092.11 1,320.20 -17
PBIDT 2,575.33 774.07 233 6,794.12 6,635.34 2
Interest 169.21 170.04 0 660.47 646.68 2
PBDT 2,406.12 604.03 298 6,133.65 5,988.66 2
Depreciation 518.21 358.17 45 1844.13 1785.71 3
PBT 1,887.91 245.86 668 4,289.52 4,202.95 2
Share of Profit/(Loss) from Associates 196.53 471.57 -58 528.15 1056.6 -50
PBT before EO 2084.44 717.43 191 4817.67 5259.55 -8
EO Income -70.1 -229.52 69 -449.03 -229.52 -96
PBT after EO 2014.34 487.91 313 4368.64 5030.03 -13
Taxation 871.92 -1241.52 PL 222.67 24.7 802
PAT 1142.42 1729.43 -34 4145.97 5005.33 -17
Minority Interest (MI) 191.94 18.07 962 618.13 304.22 103
Net profit 950.48 1711.36 -44 3527.84 4701.11 -25
EPS (Rs)* # # 35.8 45.3
Notes
* EPS is on current equity of Rs 1,084.41 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

Oil India : Consolidated Segment Results

 

% of (Total) 2103 (03) 2003 (03) Var.(%) % of (Total) 2103 (12) 2003 (12) Var.(%)
Sales
Crude Oil 27 2,162.77 2,028.09 7 25 6,689.21 9,401.53 -29
Natural Gas 3 275.77 448.31 -38 5 1,337.08 2,169.82 -38
LPG 0 36.97 35.7 4 0 116.38 112.22 4
Pipeline Transportation 1 77.88 64.62 21 1 361.45 327.5 10
Others 0 6.2 4.22 47 0 23.18 17.61 32
Renewable Energy 0 27.86 26.44 5 0 123.08 137.96 -11
Refinery Product 68 5,534.23 2,990.89 85 68 18,543.58 14,072.66 32
Total Reported Sales 100 8,121.68 5,598.27 45 100 27,193.96 26,239.30 4
Less: Inter segment revenues 1,616.74 1,057.83 53 4,696.35 5,599.42 -16
Net Sales 6,504.94 4,540.44 43 22,497.61 20,639.88 9
PBIT
Crude Oil 40 661 307.82 115 32 1,445.66 3,271.87 -56
Natural Gas -16 -267.84 -175.14 53 -20 -904.05 56.4 PL
LPG 1 12.06 26.64 -55 1 41.57 59.23 -30
Pipeline Transportation -4 -63.13 -63.62 -1 -3 -152.61 -166.87 -9
Others 0 0.44 0.34 29 0 6.24 5.23 19
Renewable Energy 0 -5.72 -4.77 20 0 0.7 17.78 -96
Refinery Product 80 1,321.96 190.31 595 90 4,133.03 1,750.55 136
Total PBIT 100 1,658.77 281.58 489 100 4,570.54 4,994.19 -8
Less : Interest 169.21 170.04 0 660.47 646.68 2
Add: Other un-allcoable 524.78 376.37 39 458.57 682.52 -33
PBT 2,014.34 487.91 313 4,368.64 5,030.03 -13

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