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IOC: Profits stagnate

Jan 30, 2001

Although Indian Oil Corporation (IOC) has reported a respectable growth in topline of 22.5% the growth is lower than that registered by its competitors BPCL and HPCL.

(Rs m) 3QFY00 3QFY01 Change
Sales 260,513 319,150 22.5%
Other Income 1,791 2,593 44.8%
Profit after Tax/(Loss) 5,056 5,194 2.7%
Net profit margin (%) 1.9% 1.6%  
No. of Shares (eoy) 389 779  
Diluted Earnings per share* 26.0 26.7  
P/E Ratio   5.9  
(*annualised)      

The OPM of the company seems to have come under pressure. This is due to crude oil prices, which have remained firm in the international markets without a similar increase in final product prices. This could have caused the erosion in margins.

At Rs 158 the company trades on a multiple of 5.9x 3QFY01 annualised earnings.

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