IOC Announces Quarterly Results (1QFY22); Net Profit Up 172.1%

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IOC Announces Quarterly Results (1QFY22); Net Profit Up 172.1%
Tue, 3 Aug

IOC has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

IOC Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-20*
3
Mar-21*
3
Jun-21*
QoQ ChangeYoY Change
Net SalesRs m901,0891,656,0701,565,192-5.5%73.7%
Other incomeRs m6,6627,1294,992-30.0%-25.1%
TurnoverRs m907,7521,663,1991,570,184-5.6%73.0%
ExpensesRs m838,4661,512,6661,450,203-4.1%73.0%
Gross profitRs m62,624143,404114,989-19.8%83.6%
DepreciationRs m26,13129,48929,313-0.6%12.2%
InterestRs m13,32112,03113,83415.0%3.9%
Profit before taxRs m29,834109,01376,834-29.5%157.5%
TaxRs m8,54223,23918,895-18.7%121.2%
Profit after taxRs m21,29285,77457,939-32.5%172.1%
Gross profit margin%6.98.77.3
Effective tax rate%28.621.324.6
Net profit margin%2.35.23.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 73.7% on a year-on-year (YoY) basis. The expenses were up by 73.0% YoY during the same period.
  • The company's operating profit increased by 83.6% YoY during the quarter. Consequently, operating profit margins remained same and stood at 7.3% in 1QFY22.
  • Depreciation charges increased by 12.2% and finance costs increased by 3.9% YoY, respectively.
  • Other income declined by 25.1% YoY during the quarter.
  • Net profit for the quarter increased by 172.1% YoY. Net profit margins during the quarter increased from 2.3% in 1QFY21 to 3.7% in 1QFY22.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 5.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 4.1% QoQ during the same period.
  • The company's operating profit declined by 19.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.3% in 1QFY22 as against 8.7% in 4QFY21.
  • Net profit for the quarter declined by 32.5% QoQ, while net profit margins declined from 5.2% in 4QFY21 to 3.7% in 1QFY22.

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 up from Rs 86.2 to Rs 106.1, registering a Gain of Rs 19.9 or around 23.0%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,853.3 (up 0.8%). Over the last one year it has moved up from 12,980.4 to 15,853.3, a gain of 2,873 points (up 22.1%).

Overall, the S&P BSE SENSEX is up 42.6% over the year.

Current Valuations

At the current price of Rs 106.1, the price to earnings (P/E) ratio of IOC stands at 4.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.0 times.

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