OIL INDIA 2018-19 Annual Report Analysis

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OIL INDIA 2018-19 Annual Report Analysis
Fri, 18 Oct

OIL INDIA has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

OIL INDIA Income Statement Analysis

  • Operating income during the year rose 28.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 42.3% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 40.6% in FY19 as against 36.7% in FY18.
  • Depreciation charges increased by 16.1% and finance costs increased by 12.6% YoY, respectively.
  • Other income grew by 11.6% YoY.
  • Net profit for the year grew by 18.4% YoY.
  • Net profit margins during the year declined from 23.4% in FY18 to 21.7% in FY19.

OIL INDIA Income Statement 2018-19

No. of Mths Year Ending12 Mar-18*12 Mar-19*% Change
Net SalesRs m106,978137,80528.8%
Other incomeRs m10,10111,26911.6%
Total RevenuesRs m117,078149,07327.3%
Gross profitRs m39,27555,90542.3%
DepreciationRs m13,26615,40716.1%
InterestRs m5,5376,23512.6%
Profit before taxRs m30,57345,53148.9%
TaxRs m11,24514,39428.0%
Profit after taxRs m27,34632,37818.4%
Gross profit margin%36.740.6
Effective tax rate%36.831.6
Net profit margin%23.421.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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OIL INDIA Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 82 billion as compared to Rs 44 billion in FY18, thereby witnessing an increase of 86.8%.
  • Long-term debt stood at Rs 108 billion as compared to Rs 107 billion during FY18, a growth of 0.6%.
  • Current assets rose 39% and stood at Rs 119 billion, while fixed assets rose 3% and stood at Rs 137 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 524 billion as against Rs 486 billion during FY18, thereby witnessing a growth of 8%.

OIL INDIA Balance Sheet as on March 2019

No. of Mths Year Ending12 Mar-18*12 Mar-19*% Change
NetworthRs m290,300296,9452.3
 
Current LiabilitiesRs m43,76281,74686.8
Long-term DebtRs m106,898107,5530.6
Total LiabilitiesRs m486,345524,3247.8
 
Current assetsRs m85,084118,54939.3
Fixed AssetsRs m 133,085137,3843.2
Total AssetsRs m486,345524,3247.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



OIL INDIA Cash Flow Statement Analysis

  • OIL INDIA's cash flow from operating activities (CFO) during FY19 stood at Rs 62 billion, an improvement of 57.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -17 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -9 billion, an improvement of 84% on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 35 billion from the Rs 124 million net cash flows seen during FY18.

OIL INDIA Cash Flow Statement 2018-19

ParticularsNo. of months1212% Change
Year EndingMar-18Mar-19
Cash Flow from Operating ActivitiesRs m39,33161,73957.0%
Cash Flow from Investing ActivitiesRs m14,584-17,353-
Cash Flow from Financing ActivitiesRs m-56,983-9,402-
Net Cash FlowRs m12435,04528,230.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for OIL INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 29.9, an decline from the EPS of Rs 36.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 168.0, stands at 7.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.8 times, while the price to sales ratio stands at 1.6 times.
  • The company's price to cash flow (P/CF) ratio stood at 3.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-18*12 Mar-19*
Sales per share (Unadj.)Rs141.4127.1
TTM Earnings per shareRs36.129.9
Diluted earnings per shareRs25.229.9
Price to Cash Flow x3.93.9
TTM P/E ratiox5.17.3
Price / Book Value ratiox0.80.8
Market CapRs m127,071182,126
Dividends per share (Unadj.)Rs14.010.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for OIL INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.5x during FY19, from 1.9x during FY18. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 8.3x during FY19, from 6.5x during FY18. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 10.9% during FY19, from 9.4% during FY19. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 13.1% during FY19, from 11.1% during FY18. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 7.4% during FY19, from 6.8% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-18*12 Mar-19*
Current ratiox1.91.5
Debtors’ DaysDays4835
Interest coveragex6.58.3
Debt to equity ratiox0.40.4
Return on assets%6.87.4
Return on equity%9.410.9
Return on capital employed%11.113.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how OIL INDIA has performed over the last 5 years, please visit here.

OIL INDIA Share Price Performance

Over the last one year, OIL INDIA share price has moved down from Rs 201.9 to Rs 168.0, registering a loss of Rs 33.9 or around 16.8%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,291.7 (up 0.8%). Over the last one year it has moved up from 13,248.0 to 15,291.7, a gain of 2,044 points (up 15.4%).

Overall, the S&P BSE SENSEX is up 12.8% over the year.

(To know more, check out historical annual results for OIL INDIA and quarterly results for OIL INDIA)

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