Indian Oil Corporation LTD: Key Financial Indicators
Indian Oil Corporation LTD: Key Financial Indicators
Indian Oil Corporation LTD: Key Financial Indicators
l Website : www.iocl.com
IOCL was incorporated in 1959 as Indian Oil Company. To ensure coordination of refining and marketing activities, Indian Oil Company and Indian Refinery merged in 1964 to form IOCL. The government currently holds around 79% stake in the company.
KEY HIGHLIGHTS
Market leader in domestic products and sales IOCL is Indias largest integrated oil company, having a 46% share of domestic petroleum sales in 2009-10. It is also the countrys largest marketer of auto fuels with a 53% market share. The company has over 18,600 retail outlets, which is over 50% of total industry retail outlets (as of 2009-10). Second largest refiner As of March 2010, IOCL owned and operated 10 of India's 19 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (mtpa).
Movement in crude oil and product prices Governments policy on pricing of petroleum products and subsidy sharing by upstream players
FII 1%
1-m -3 -1
3-m -12 2
12-m 22 18
Promoter 79%
27 12
Feb-10
Jul-10
Dec-09
May-10
Aug-10
Sep-10
Jan-10
Jun-10
Oct-10
Volumes (RHS)
Mar-10
IOC
Nov-10
NIFTY
Apr-10
COMPETITIVE POSITION
Peer Comparison
Revenue (Rs mn) EBITDA ma rgins (%) PAT (Rs mn) PAT ma rgins (%) Gea ring (x) EPS (Rs /s ha re) PE (x) P/BV (x) RoCE (%) RoE (%) EV/EBITDA (x)
n.m: Not meaningful
Indian Oil Bharat Petroleum Hindustan Petroleum Corporation Ltd. Reliance Industries Ltd. Corporation Ltd Corpn. Ltd. Mar-10 Mar-10 Mar-10 Mar-10 2,547,996.5 2,029,412.6 1,220,505.9 1,115,051.0 7.4 15.1 4.2 2.9 109,974.8 243,431.6 17,198.9 14,751.5 4.3 12.0 1.4 1.3 0.9 0.6 1.8 2.0 45.3 81.7 47.6 30.4 8.1 12.9 14.5 13.8 1.7 2.8 1.7 1.2 16.2 16.5 9.4 8.6 22.3 24.4 12.1 12.2 7.3 11.8 10.0 11.8 Key Financial Indicators Units Revenue Rs mi l li on Rs mi l li on Per cent Per cent Per cent Times Per cent Per cent EBITDA ma rgins Per cent PAT PAT ma rgins EBITDA growth PAT growth Gea ring RoCE RoE
FINANCIAL PROFILE
Revenues decline but profitability improves in 2009-10 IOCs revenues declined to Rs 2,548 billion in 2009-10 from Rs 2,893 billion in 200809 as international petroleum product prices contracted. The companys GRMs too declined from $6.0/bbl in 2008-09 to $4.9/bbl in 2009-10 on account of severe pressure in petroleum product prices caused by the global economic slowdown. However, the reduction in gap between international petroleum product prices and domestic retail prices of regulated products such as cooking and auto fuels led to lower under-recoveries for public sector oil marketing companies (OMCs) like IOC which helped it improve profitability in 2009-10 vis--vis the previous year.
Mar-08
6.9 85,496.4 3.7 14.2 21.2 4.5 0.9 17.7 20.7
Mar-09
3.4 22,671.7 0.8 25.4 -38.4 -73.5 1.0 8.5 5.0
Mar-10
7.4 109,974.8 4.3 -11.9 90.2 385.1 0.9 16.2 22.3
INDUSTRY PROFILE
Refining and marketing Petroleum product demand increased at a CAGR of 4.3 per cent from 111.6 million tonnes in 2004-05 to 138 million tonnes in 2009-10, whereas total domestic refinery capacity grew at a CAGR of 7.1 per cent to touch 170 mtpa in 2009-10. This increased capacity has led to increased exports of refined products. Global capacity utilisation rates of refineries have fallen from 88 per cent in 2005 to 83 per cent in 2009, thereby putting pressure on international product prices and hence capping GRMs. Indian GRMs were slightly better than the global GRMs due to strong demand and proportion of more complex refineries. Due to significant fall in crude oil prices in 2009-10, under-recoveries on cooking and auto fuels for PSU oil marketing companies (OMCs) also declined to 460 billion in 2009-10 from 1032 billion in 2008-09. In June 2010, the government deregulated petrol prices, while the domestic retail selling price of SKO, LPG, and HSD are still regulated. The OMCs dominate the retail marketing space and enjoy a near-monopoly status. As on September 2009, of the total 38,314 retail fuel outlets in India, IOC has 18278, BPCL has 8551 and HPCL has 8650, with private players like Reliance, Essar and Shell, making up the remainder.
Mar-08 Mar-09 Mar-10 2,108,740.3 2,478,444.3 2,382,881.7 2,307,651.1 2,893,370.9 2,547,996.5 160,366.3 6.9 30,475.8 19,313.6 14,627.1 124,877.6 85,496.4 3.7 1192.4 71.7 98,753.8 3.4 31,965.9 44,707.9 11,902.7 35,204.4 22,671.7 0.8 1192.4 19.0 187,800.1 7.4 36,362.9 17,208.3 21,534.9 150,474.0 109,974.8 4.3 2428.0 45.3
Balance sheet (Rs million ) Equity share capital Reserves and surplus Tangible net worth Deferred tax liablity:|asset| Long-term debt Short-term-debt Total debt Current liabilities Total provisions Total liabilities Gross block Net fixed assets Investments Current assets Receivables Inventories Cash Total assets Ratio
Mar-08 11,924.3 438,715.4 450,639.7 61,133.8 113,558.3 274,626.9 388,185.2 339,164.2 13,257.9 1,252,380.8 635,114.5 463,532.2 207,731.1 581,117.5 52,564.8 372,210.7 10,602.2 1,252,380.8
Mar-09 12,139.7 445,994.2 458,133.9 59,690.9 177,262.1 295,857.6 473,119.7 332,373.4 26,278.0 1,349,595.9 679,292.7 564,316.5 313,345.2 471,934.2 47,817.3 285,182.0 10,051.8 1,349,595.9
Mar-10 24,279.5 504,997.0 529,276.5 54,170.0 320,134.2 174,513.4 494,647.6 351,736.1 103,332.5 1,533,162.7 780,202.0 668,915.7 214,424.5 649,822.5 56,061.5 410,765.1 15,984.3 1,533,162.7
Mar-08 125,204.0 -38,843.5 30,475.8 -109,435.7 7,400.6 -76,704.6 -14,569.3 -91,273.9 243.6 93,422.1 -8,275.5 -1,682.0 83,708.2 -165.1 10,767.3 10,602.2
Revenue growth (%) EBITDA growth(%) PAT growth(%) EBITDA margins(%) Tax rate (%) PAT margins (%) Dividend payout (%) Return on Equity (%) Return on capital employed (%) Gearing (x) Interest coverage (x) Debt/EBITDA (x) Asset turnover (x) Current ratio (x) Gross current assets (days)
Mar-08 14.2 21.2 4.5 6.9 31.1 3.7 8.0 20.7 17.7 0.9 8.3 2.4 3.7 1.2 90
Mar-09 25.4 -38.4 -73.5 3.4 39.6 0.8 41.1 5.0 8.5 1.0 2.2 4.8 4.4 1.2 58
Mar-10 -11.9 90.2 385.1 7.4 30.6 4.3 28.9 22.3 16.2 0.9 10.9 2.6 3.5 1.3 91
166,835.2 70,568.0 -138,744.1 -142,152.4 -105,614.1 98,920.7 -244,358.2 0.0 84,934.5 -10,918.0 2,956.1 76,972.6 -550.4 10,602.2 10,051.8 -43,231.7 9,710.7 21,527.9 -37,277.7 -15,364.7 -21,403.8 5,932.5 10,051.8 15,984.3
QUARTERLY RESULTS
Profit and loss account (Rs million) No of Months Revenue EBITDA Interes t Depreci a ti on PBT PAT Sep-10 3 781,976.3 77,519.4 5,079.1 11,178.1 61,262.2 52,939.5 100.0 9.9 0.6 1.4 7.8 6.8 % of Rev Sep-09 % of Rev 3 618,178.1 14,619.0 3,477.2 7,805.2 3,336.6 2,843.6 100.0 2.4 0.6 1.3 0.5 0.5 Jun-10 3 728,075.1 (17,826.2) 5,711.7 10,346.0 (33,883.9) (33,883.9) 100.0 (2.4) 0.8 1.4 (4.7) (4.7) % of Rev Sep-10 % of Rev 6 1,510,051.0 59,693.2 10,790.8 21,524.1 27,378.3 19,055.6 100.0 4.0 0.7 1.4 1.8 1.3 Sep-09 6 1,225,018.0 79,652.7 6,817.2 15,403.2 57,432.3 39,671.9 100.0 6.5 0.6 1.3 4.7 3.2 % of Rev
Dec-07
Dec-08
Dec-09
Jun-08
Jun-09
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Jun-10
Sep-08
Sep-09
Dec-07
Dec-08
Dec-09
Mar-08
Mar-09
Sales
Mar-10
Sep-10
Jun-08
Jun-09
Jun-10
EPS
Sep-08
Sep-09
Sep-10
Dec-07
Dec-08
Dec-09
Mar-08
Mar-09
Sep-08
Sep-09
Dec-07
Dec-08
Mar-08
Mar-09
Dec-09
Mar-10
Sep-10
Jun-08
Jun-09
Jun-10
OPM
NPM
Designation Executi ve Cha i rma n, Whol eti me Di rector Di rector Non-Executi ve Di rector Non-Executi ve Di rector Whol eti me Di rector Nomi nee Di rector-Goi Di rector Di rector Whol eti me Di rector Di rector Non-Executi ve Di rector Non-Executi ve Di rector Non-Executi ve Di rector Non-Executi ve Di rector Nomi nee Di rector, Non-Executi ve Di rector
Shareholding Pattern (Per cent) Dec 2009 Mar 2010 Promoter 78.9 78.9 FII 0.8 0.7 DII 5.3 5.3 Others 15.0 15.1
Board of Directors Director Name Bri j Mohan Ba ns a l (Mr.) Ba s avara j Ni nga ppa Banka pur (Mr.) Gauta m Barua (Prof.(Dr.)) Mi cha el John Bas ti an (Mr.) Sudhi r Bha l l a (Mr.) Sudhi r Bha rga va (Mr.) Gya n Cha nd Da ga (Mr.) Ki ra n Kuma r Jha (Mr.) Ra vi nder Kumar Ma l hotra (Dr.) Sera ngul a m Va rada raja n Nara s imhan (Mr.) Anees Yus uf Noora ni (Mr.) Indi ra Ji tendra Pa ri kh (Dr.(Ms .)) Ni rma l Kuma r Podda r (Mr.) Indu Ra nji t Sha hani (Dr.(Ms .)) Pra deep Kuma r Si nha (Mr.)
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