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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Indian Oil Corporation Limited    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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IOC posts 47% fall in net profit

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07/31/2020 | 04:15am EDT
An Indian Oil tanker driver waits outside a fuel depot in Mumbai

Indian Oil Corp (IOC), the country's top refiner, reported a 47% decline in its June quarter net profit to 19.11 billion rupees ($255.53 million), as coronavirus lockdowns hammered fuel demand and squeezed margins.

First-quarter revenue fell by about 41% to 889.37 billion rupees.

Lockdowns around the world have knocked energy demand, forcing refiners to reduce crude processing and narrowed their refining margins.

"The company's sales during the month of April 2020 was impacted significantly by the nationwide lockdown and consequently capacity utilisation of the plants was lower," it said in a statement.

Refinery runs, however, returned close to normal levels by June, it added.

The company said its gross refining margin - profit from converting a barrel of oil into refined products - of minus $1.98 per barrel in the three months to June, compared with $4.69 per barrel a year earlier.

Refining margins have fallen globally due to low prices of gasoline, diesel and other petroleum products.

Asia April-June refining margins hit multi-year lows on COVID-19 shock

In the April-June quarter IOC operated its nine directly owned refineries at about 75% capacity.

Its fuel sales including exports fell 27% to 16.50 million tonnes.

IOC, along with its unit Chennai Petroleum, controls about a third of India's five million-barrels-per-day refining capacity.

By Nidhi Verma

Stocks mentioned in the article
ChangeLast1st jan.
CHENNAI PETROLEUM CORPORATION LIMITED -0.81% 79.4 End-of-day quote.-35.89%
INDIAN OIL CORPORATION LIMITED -2.36% 84.8 End-of-day quote.-32.46%
LONDON BRENT OIL -0.91% 44.76 Delayed Quote.-31.35%
WTI -0.99% 41.99 Delayed Quote.-30.68%
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Financials
Sales 2020 4 795 B 64 053 M 64 053 M
Net income 2020 60 352 M 806 M 806 M
Net Debt 2020 1 027 B 13 721 M 13 721 M
P/E ratio 2020 11,8x
Yield 2020 5,83%
Capitalization 777 B 10 382 M 10 374 M
EV / Sales 2020 0,38x
EV / Sales 2021 0,58x
Nbr of Employees 32 803
Free-Float 26,7%
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Technical analysis trends INDIAN OIL CORPORATION LIM
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Mean consensus BUY
Number of Analysts 31
Average target price 118,73 INR
Last Close Price 84,80 INR
Spread / Highest target 130%
Spread / Average Target 40,0%
Spread / Lowest Target -23,3%
EPS Revisions
Managers
NameTitle
Shrikant Madhav Vaidya Chairman
Sandeep Kumar Gupta Chief Financial Officer & Finance Director
S. S. V. Ramakumar Director & Director-Research & Development
Govind Kottieth Satish Director, Director-Planning & Business Development
Vinoo Mathur Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INDIAN OIL CORPORATION LIMITED-32.46%10 633
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