IOC Announces Quarterly Results (2QFY20); Net Profit Down 97.2%

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IOC Announces Quarterly Results (2QFY20); Net Profit Down 97.2%
Tue, 5 Nov

IOC has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

IOC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m1,549,6891,501,3521,347,690-10.2%-13.0%
Other incomeRs m7,1826,3144,491-28.9%-37.5%
TurnoverRs m1,556,8711,507,6661,352,181-10.3%-13.1%
ExpensesRs m1,477,3201,417,8521,310,096-7.6%-11.3%
Gross profitRs m72,25483,50037,595-55.0%-48.0%
DepreciationRs m20,74320,92923,60012.8%13.8%
InterestRs m13,51215,09114,528-3.7%7.5%
Profit before taxRs m45,18053,7943,958-92.6%-91.2%
TaxRs m15,78717,8333,122-82.5%-80.2%
Profit after taxRs m29,39335,961836-97.7%-97.2%
Gross profit margin%4.75.62.8
Effective tax rate%34.933.278.9
Net profit margin%1.92.40.1
* 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 13.0% on a year-on-year (YoY) basis. The expenses were down by 11.3% YoY during the same period.
  • The company's operating profit declined by 48.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.8% in 2QFY20 as against 4.7% in 2QFY19.
  • Depreciation charges increased by 13.8% and finance costs increased by 7.5% YoY, respectively.
  • Other income declined by 37.5% YoY during the quarter.
  • Net profit for the quarter declined by 97.2% YoY. Net profit margins during the quarter declined from 1.9% in 2QFY19 to 0.1% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 10.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 7.6% QoQ during the same period.
  • The company's operating profit declined by 55.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.8% in 2QFY20 as against 5.6% in 1QFY19.
  • Net profit for the quarter declined by 97.7% QoQ, while net profit margins declined from 2.4% in 1QFY19 to 0.1% in 2QFY20.

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

Tomorrow at 5pm: Get the details of India's #1 defence stock

IOC Share Price Performance

Over the last one year,IOC share price has moved down from Rs 140.1 to Rs 138.2, registering a Loss of Rs 1.9 or around 1.4%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,666.6 (down 0.0%). Over the last one year it has moved up from 13,473.4 to 15,666.6, a gain of 2,193 points (up 16.3%).

Overall, the S&P BSE SENSEX is up 15.4% over the year.

Current Valuations

At the current price of Rs 138.2, the price to earnings (P/E) ratio of IOC stands at 13.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.2 times.

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