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IOC: Rescue act… - Views on News from Equitymaster

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IOC: Rescue act…

Jan 29, 2007

Indian Oil Corporation (IOC) announced its 3QFY07 and 9mFY07 results late on Monday. Topline for 3QFY07 and 9mFY07 registered growth of 17% YoY and 23% YoY respectively. On the back of higher crude oil prices on a YoY basis, the company recorded loss at the operating level during 3QFY07. However, it was the issuance of the oil bonds to the tune of Rs 25 bn (forming part of other income) that helped the company to register a positive bottomline during 3QFY07, against a loss in 3QFY06. For 9mFY07, oil bonds to the tune of Rs 97 bn forming part of other income along with extraordinary income from the sale of stake in ONGC helped company to register improved profitability.

Financial snapshot…
(Rs m) 3QFY06 3QFY07 Change 9mFY06 9mFY07 Change
Net sales 442,936 519,048 17.2% 1,229,623 1,511,917 23.0%
Expenditure 441,328 526,465 19.3% 1,208,509 1,559,100 29.0%
Operating profit (EBDITA) 1,608 (7,418) - 21,114 (47,184) -
EBDITA margin (%) 0.4% -1.4%   1.7% -3.1%  
Other income 5,796 33,137 471.7% 13,932 114,146 719.3%
Interest 3,225 3,831 18.8% 7,406 10,794 45.8%
Depreciation 5,549 6,770 22.0% 16,203 19,170 18.3%
Profit before tax (1,369) 15,117 - 11,438 36,997 223.5%
Extraordinary income - - - - 32,248 -
Tax (1,310) 4,527 - 2,543 10,348 307.0%
Profit after tax/(loss) (58) 10,590 - 8,896 58,897 562.1%
Net profit margin (%) 0.0% 2.0%   0.7% 3.9%  
No. of shares (m) 1,168.0 1,168.0   1,168.0 1,168.0  
Diluted earnings per share (Rs)   30.4  
P/E (times)*         16.3  

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