Research And Views Archives

Fuel prices: India vis-a-vis the others
(Sector Info)

(Feb 14, 2007)

In the previous article, Petrol: What are we paying for?, we had a look at the different components that make up the domestic petrol prices. It was revealed that basic costs form only 48% of the selling price of the petrol and the remaining 52% was accounted for by taxes.

Refining industry: A complete overview- I
(Sector Info)

(Dec 20, 2006)

Crude oil is a mixture of scores of chemicals and compounds, primarily hydrocarbons. Crude oil must be broken down into its various components by distillation before these chemicals and compounds can be used as fuels or converted to more valuable products. For converting the basic hydrocarbon, crude, into refined consumer products we require refineries. The refined products are then ultimately sold to end-users. Thus on the basis of this, we classify the oil industry into two segments, first ups

Private players in fuel marketing: A serious threat?
(Sector Info)

(Oct 6, 2006)

The marketing of petroleum products was solely with the public sector oil marketing companies (OMCs) prior to dismantling of the APM and deregulation of the downstream oil-marketing segment. IOC, BPCL, HPCL and IBP were the sole downstream players (OMCs) in the oil value chain. However, the sector was deregulated and opened up for the private players at the start of FY03. Reliance (RIL), Essar and Shell were amongst the key players to be granted marketing rights. With the entry of private player

Indian Oil Corporation (IOC): Business model analysis
(Company Info)

(Jul 3, 2006)

After covering a host of standalone refineries, we now shift our focus towards the refining and marketing (R&M) aspect of the energy value-chain. We start with this segment by analyzing the biggest player on the block, IOC.

IBP – IOC: Who got a better deal?
(Company Info)

(Dec 22, 2004)

The press release from Indian Oil Corporation (IOC) reads as “Indian Oil Corporation Ltd has informed BSE that the Board of Directors of Company in their meeting held on December 22, 2004 have approved the Scheme of Amalgamation for merger of IBP Company Ltd (IBP) with the Company. The Board of Directors have also recommended a swap ratio of 125:100 i.e. 125 equity shares of Rs 10/- each of the Company ('the Transferee Company') as fully paid up for every 100 equity shares of Rs 10/- each of IBP

IOC: Paying for the policies…
(Company Info)

(Nov 30, 2004)

Indian Oil Corporation, the country’s largest downstream petroleum sector company, posted a decent growth in the top-line in 2QFY05 with nearly 20% while the bottomline dipped by over 31% as a result of a freeze on pricing by the government in the face of rising input costs. Being a major player in the LPG segment, IOC took the largest hit on the subsidies front as LPG prices zoomed to over US$ 467 per tonne, as retail prices remained relatively unchanged.

IOC: Retail rush
(Company Info)

(Jun 14, 2004)

Indian oil companies have been aggressively announcing plans to ramp up their retail presence in the face of competition from private players. In one such move, Indian Oil Corporation, the largest oil company in the country, has announced plans to set up nearly 1,000 retail outlets in the country in FY05. The company currently has nearly 9,000 retail outlets spread across the country.

IOC v/s Shell: How big is too big???
(Company Info)

(Mar 16, 2004)

As the second of our series on global comparisons of oil companies, we look into the performances of India’s only Fortune 500 representative, Indian Oil Corporation (ranked 191) and the Netherlands based Royal Dutch/Shell. The two major companies follow a similar business model except for the fact that Shell has a presence in the upstream activities of exploration and production (E&P) along with shipping and trading.

Subsidies: A bane for oil companies
(Sector Info)

(Feb 23, 2004)

The announcements by the Finance Minister in the ‘Vote on Account Session’ regarding subsidies on LPG (liquefied petroleum gas) and SKO (superior kerosene oil) shall not go down well with oil companies. The Finance Minister has slashed subsidies from the Budget estimates of Rs 81.1 bn in the current fiscal to Rs 35.6 bn in the next fiscal.

IOC: The economy push
(Company Info)

(Feb 20, 2004)

Indian Oil Corporation Limited (IOC), the flagship PSU, recently announced robust December quarter results. While the topline has shown a healthy growth of 13%, the bottomline has risen by an impressive 210% YoY. Operating margins have improved substantially by 710 basis points. The company’s nine-month performance has also been impressive with the topline registering 9% YoY growth while the bottomline has improved by 32%YoY.

Understanding the refining business
(Sector Focus)

(Sep 27, 2003)

The black crude is fed to the refineries and we get various clean fuels like petrol, diesel, etc. For a layman, it is hard to believe all this but science has gone to such an extent that we can separate the crude oil into various useful products. This is just one thing. The science does not stop here. It can further alter this product mix by other processes to get even more value added products. By this time, you must be wondering what’s an article with scientific connotations doing on a financi

Oil marketing: 1QFY04 review
(Sector Info)

(Sep 1, 2003)

Post APM dismantling, oil refining and marketing companies reported strong results during FY03. Similar performance was reflected in 1QFY04 also. Will this continue for the entire financial year FY04? Let us review the consolidated results of oil marketing companies and try to analyse what is there in store for the full year. First, a review of 1QFY04 results.

IOC: Aiming for integration
(Company Info)

(Aug 7, 2003)

IOC (Indian Oil Corporation), India's largest company in terms of revenues, announced its 1QFY04 results recently. The company reported a topline growth of about 14% on account of higher realisations despite decline in volumes. The bottomline improved by about 51%, significantly higher than the topline growth.

IOC: Integration to benefit
(Company Info)

(Jul 14, 2003)

Indian Oil Corporation (IOC) is the leading player in the oil refining and marketing segment. In FY03, the company reported a significant growth in bottomline (112%). This was primarily on account of deregulation in the sector, which allowed oil PSUs to align prices in line with international crude prices. A sharp increase in petroleum product prices further supplemented oil PSUs to improve the bottomline. Let's take a look at the businesses of IOC.

IOC: Margins led growth
(Company Info)

(Jun 25, 2003)

Oil refining and marketing leader, Indian Oil Corporation (IOC), has recently announced its FY03 results. The company has posted a topline growth of about 7% while its bottomline spurted by over 112%. This was mainly because of increase in refining margins, which almost doubled during the year. Lets analyse the results in detail.

Crude oil: Self reliance needed
(Sector Info)

(Feb 14, 2003)

The US-Iraq stand off has pushed crude price beyond US$ 30/barrel and India which meets over 70% of its crude requirements through imports has been at a receiving end. In a free market regime that we are in and with a consistent fortnightly upward revision of product prices (notably petrol and diesel) since October '02, matters for the man on the street have gone from bad to worse. And more so for the economy.

IOC: Tax blues
(Company Info)

(Jun 19, 2002)

The largest of the three oil public sector units (PSUs), Indian Oil Corporation (IOC) has logged in a marginal 3% decline in FY02 topline. The profit of the company rose by a tame 6% during the year.

Energy: No mood to let up
(Sector Info)

(May 16, 2002)

Oil markets are once again in the news with the natural resource scaling an 8-month high of $27/ barrel before receding on belief that fears of lower inventories, going forward, were exaggerated. Oil prices (Brent blend) are currently trading at $25.9/ barrel.

Energy: Dismantling, not so hot
(Sector Info)

(Mar 22, 2002)

The oil & gas sector, among the stodgiest of old economy industries, till recently, did not arouse excitement within the investment community. In fact, the scrips always featured in a value investors' list. However, that seems to have changed with the Government going ahead with deregulation and disinvestments in the sector.

Energy: Oil firms, FM squirms
(Sector Info)

(Mar 20, 2002)

While the Government can be complemented for getting the ball rolling on second-generation reforms, one could expect more discretion while building forecasts. From the next fiscal starting April 1, 2002, the administered pricing (APM) in the petroleum sector stands dismantled. Also, private sector entry has been permitted in the marketing segment.

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