IOC Announces Quarterly Results (1QFY21); Net Profit Down 40.8%

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IOC Announces Quarterly Results (1QFY21); Net Profit Down 40.8%
Mon, 3 Aug

IOC has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

IOC Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m1,501,3521,423,719901,060-36.7%-40.0%
Other incomeRs m6,31412,4836,700-46.3%6.1%
TurnoverRs m1,507,6661,436,201907,760-36.8%-39.8%
ExpensesRs m1,417,8521,454,835838,480-42.4%-40.9%
Gross profitRs m83,500-144,16362,580-25.1%
DepreciationRs m20,92926,52526,130-1.5%24.9%
InterestRs m15,09120,32013,320-34.4%-11.7%
Profit before taxRs m53,794-178,52529,830-44.5%
TaxRs m17,833-87,5128,540-52.1%
Profit after taxRs m35,961-91,01321,290-40.8%
Gross profit margin%5.6-10.16.9
Effective tax rate%33.249.028.6
Net profit margin%2.4-6.32.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 40.0% on a year-on-year (YoY) basis. The expenses were down by 40.9% YoY during the same period.
  • The company's operating profit declined by 25.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 6.9% in 1QFY21 as against 5.6% in 1QFY20.
  • Depreciation charges increased by 24.9% and finance costs declined by 11.7% YoY, respectively.
  • Other income increased by 6.1% YoY during the quarter.
  • Net profit for the quarter declined by 40.8% YoY. Net profit margins during the quarter declined from 2.4% in 1QFY20 to 2.3% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 36.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 42.4% QoQ during the same period.
  • The company's operating profit declined by 143.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 6.9% in 1QFY21 as against 10.1% in 4QFY20.
  • Net profit for the quarter increased by 123.4% QoQ, while net profit margins increased from -6.3% in 4QFY20 to 2.3% in 1QFY21.

To see how IOC has performed over the last eight quarters,please visit here.

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IOC Share Price Performance

Over the last one year,IOC share price has moved down from Rs 135.3 to Rs 86.4, registering a Loss of Rs 49.0 or around 36.2%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 13,037.9 (down 1.0%). Over the last one year it has moved down from 13,061.6 to 13,037.9, a loss of 24 points (down 0.2%).

Overall, the S&P BSE SENSEX is down 0.6% over the year.

Current Valuations

At the current price of Rs 86.4, the price to book value (P/BV) ratio of IOC stands at 0.7 times.

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