IOC Announces Quarterly Results (3QFY19); Net Profit Down 96.0%

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Markets will remain closed on 21st October 2019, due to Assembly Elections in Maharashtra.

IOC Announces Quarterly Results (3QFY19); Net Profit Down 96.0%
Thu, 31 Jan

IOC has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

IOC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m1,308,6511,549,6891,633,2525.4%24.8%
Other incomeRs m13,5347,1823,336-53.5%-75.4%
TurnoverRs m1,322,1851,556,8711,636,5885.1%23.8%
ExpensesRs m1,175,9641,477,3201,597,6968.1%35.9%
Gross profitRs m132,68772,25435,557-50.8%-73.2%
DepreciationRs m17,15120,74321,3743.0%24.6%
InterestRs m6,54913,5129,981-26.1%52.4%
Profit before taxRs m122,52245,1807,538-83.3%-93.8%
TaxRs m43,69015,7874,386-72.2%-90.0%
Profit after taxRs m78,83229,3933,152-89.3%-96.0%
Gross profit margin%10.14.72.2
Effective tax rate%35.734.958.2
Net profit margin%6.01.90.2
* 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 grew 24.8% on a year-on-year (YoY) basis. The expenses were up by 35.9% YoY during the same period.
  • The company's operating profit declined by 73.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.2% in 3QFY19 as against 10.1% in 3QFY18.
  • Depreciation charges increased by 24.6% and finance costs increased by 52.4% YoY, respectively.
  • Other income declined by 75.4% YoY during the quarter.
  • Net profit for the quarter declined by 96.0% YoY. Net profit margins during the quarter declined from 6.0% in 3QFY18 to 0.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 5.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 8.1% QoQ during the same period.
  • The company's operating profit declined by 50.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.2% in 3QFY19 as against 4.7% in 2QFY18.
  • Net profit for the quarter declined by 89.3% QoQ, while net profit margins declined from 1.9% in 2QFY18 to 0.2% in 3QFY19.

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

IOC Share Price Performance

Over the last one year, IOC share price has moved up from Rs 208.9 to Rs 137.0, registering a Loss of Rs 71.9 or around 34.4%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 13,608.8 (up 1.7%). Over the last one year it has moved down from 16,368.2 to 13,608.8, a gain of 2,759 points (down 16.9%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 137.0, the price to earnings (P/E) ratio of IOC stands at 8.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.2 times.

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