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IOC: Relegated to the old home - Views on News from Equitymaster
 
 
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  • Oct 30, 2000

    IOC: Relegated to the old home

    Indian Oil Corporation (IOC) continues to show strong topline growth. For six months ended September 30, 2000 the company's topline has grown by 42.2%.

    (Rs m) 2QFY00 2QFY01 Change
    Sales 221,470 300,796 35.8%
    Other Income 1,168 1,530 31.0%
    Expenditure 204,668 281,887 37.7%
    Operating Profit (EBDIT) 16,802 18,910 12.5%
    Operating Profit Margin (%) 7.6% 6.3%  
    Interest 2,596 4,113 58.4%
    Depreciation 4,102 5,520 34.6%
    Profit before Tax 11,272 10,807 -4.1%
    Tax 1,394 1,027 -26.3%
    Profit after Tax/(Loss) 9,878 9,780 -1.0%
    Net profit margin (%) 4.5% 3.3%  
    No. of Shares (eoy) 389 779  
    Diluted Earnings per share* 50.7 50.2  
    P/E Ratio   2.4  
    (*annualised)      

    Although IOC's operating profits have increased its OPM is down by 130 basis points. Crude oil prices have remained firm in the international markets without a similar increase in final product prices. This has put pressure on the company's operating margins.

    With dues blocked in the oil pool account IOC has resorted to short term borrowing for meeting its working capital requirements. Consequently, the interest burden has grown significantly resulting in a decline in net profit. However, the decline is marginal.

    Historically, the company has traded on a three year average multiple of 16. At Rs 120 the company is trading on a P/E multiple of 2.4 on 2QFY01 annualised earnings.

     

     

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