InvestorQ : How did you see the Dec-21 quarter results of IOCL?
indhumathi Sayani made post

How did you see the Dec-21 quarter results of IOCL?

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3 months ago
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Indian Oil Corporation reported 62.4% higher sales for Dec-21 quarter at Rs.165,339 crore. IOCL witnessed domestic product sales of 21.02 MMT and exports of 1.57 MMT; and these numbers were slightly lower yoy. Refinery throughput was lower at 17.404 MMT in Q3. On a yoy basis, the petroleum products vertical sales were up 34.43% yoy while the petchem vertical saw revenues growth by 26.63% on yoy basis.

Indian Oil Corp

Rs in Crore

Dec-21

Dec-20

YOY

Sep-21

QOQ

Total Income (Rs cr)

₹ 1,65,339

₹ 1,01,835

62.36%

₹ 1,33,202

24.13%

EBITDA (Rs cr)

₹ 7,662

₹ 7,062

8.48%

₹ 8,184

-6.39%

Net Profit (Rs cr)

₹ 6,143

₹ 4,359

40.93%

₹ 6,204

-0.98%

Diluted EPS (Rs)

₹ 6.69

₹ 4.75

₹ 6.76

EBITDA Margin

4.63%

6.94%

6.14%

Net Margins

3.72%

4.28%

4.66%

Now for the profitability from core operations. Operating profits were up 8.5% at Rs.7,662 crore on yoy basis. There was 9.2% growth in EBIT of petroleum refining vertical while the EBIT of petchem business fell -55% yoy. Gross refining margins (GRM) for 9 months of FY22 stood at $8.52/bbl a sharp rise over $2.96/bbl in the corresponding period last year. Operating margins fell from 6.94% in Dec-20 quarter to 4.63% in the Dec-21 quarter.

Profit after tax (PAT) for Dec-21 quarter was up 40.9% at Rs.6,143 crore on operating profit gains. However, net profits were marginally lower sequentially. IOCL debt service coverage ratio improved yoy, but interest coverage tapered in the quarter. Inventory turnover ratios and the debtor turnover ratio tapered in the quarter on a yoy basis, showing lower working capital traction for IOCL.

PAT margins fell from 4.28% in the Dec-20 quarter to 3.72% in the Dec-21 quarter on top line impact. The PAT margins were lower on a sequential basis too.

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