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Indian Oil Corporation: Topline grows by 51%. - Views on News from Equitymaster
 
 
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  • Jun 7, 2000

    Indian Oil Corporation: Topline grows by 51%.

    Indian Oil Corporation has declared a 51% topline growth from Rs 636.6 bn to Rs 958.2 bn. This growth may have been largely fueled by the strong crude prices through out the year. Operating profit has grown by 38%. However, operating profit margin has marginally declined to 5.7% from 6.2% indicating that the expenditure has grown more than proportionately. One reason could be the staff costs which have increased by 65% due to a revision in salaries with retrospective effect.

    (Rs m) FY99 FY00 Change
    Sales 636,621 958,240 50.5%
    Other Income 10,665 5,466 -48.8%
    Expenditure 597,358 903,986 51.3%
    Operating Profit (EBDIT) 39,263 54,254 38.2%
    Operating Profit Margin (%) 6.2% 5.7%  
    Interest 12,028 10,060 -16.4%
    Depreciation 10,575 19,953 88.7%
    Profit before Tax 27,325 29,706 8.7%
    Tax 5,190 5,272 1.6%
    Profit after Tax/(Loss) 22,135 24,434 10.4%
    Net profit margin (%) 3.5% 2.5%  
    Fully Diluted Earnings Per Share 28.4 31.4  

    PAT has grown by 10% while net profit margins has declined to 2.5% from 3.5%. Depreciation has increased substantially on account of the 100% depreciation permitted on LPG cylinders.

    EPS has been fully diluted due a 1:1 bonus declared in FY00. The 3 year average P/E multiple for the stock has been 17 while currently it is trading at a multiple of 4.7 against an EPS growth of 10%.

     

     

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