Tag: Indian Oil Corporation (IOC)

IOC Q3 Results: Revenue up 35% QoQ to Rs 1.99 lakh crore; net profit up 0.4% to Rs 6,261 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corporation (IOC) today reported a consolidated net profit of Rs Rs 6,261.6 crore for the quarter ended December 31, 2021. This was a modest 0.4 percent quarter-on-quarter increase, but a significant 51.53 percent increase from the corresponding quarter in the 2020-21 financial year. 

In its quarterly earnings report, the company reported a consolidated revenue from operations of Rs 1.99 lakh crore, up 35 percent QoQ and 36.3 percent increase year-on-year.

The company reported earnings before interest, taxation, depreciation and amortisation ( EBITDA) At Rs 10,773 crore, a margin of 6.5 percent.

Also read: TATA Motors Q3 Results: Net loss at Rs 1,516 crore, revenue at Rs 72,229 crore

The company in the report said its board of directors, during a meeting on Monday, approved an interim dividend of Rs 4 per equity share (face value of Rs 10 per equity share), in addition to the interim dividend of Rs 5 per equity share paid during this period. The company reported earnings per share of Rs 6.69 crore, and a paid-up equity share capital of Rs 9,414.16 crore. 

In the report, the company said, “Due to outbreak of COVID-19 pandemic and consequent national lockdown, the operations of the Holding Company during April-December 2020 were considerably affected. However, since then, the impact has significantly reduced as is evident from the physical performance during April- December 2021.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian Oil Corporation reports net profit of Rs 8,781 cr in Q4

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corporation (IOC), India’s biggest oil firm, on Wednesday, reported a net profit of Rs 8,781.30 crore for the January-March quarter, helped by higher refining margins.

Standalone net profit in January-March at Rs 8,781.30 crore, or Rs 9.56 a share, compared with a loss of Rs 5,185.32 crore in the same period a year back, the company said in a regulatory filing.

Revenue from operation jumped to Rs 1.63 lakh crore from Rs 1.39 lakh crore last year. The company sold more petroleum products in the fourth quarter of 2020-21 fiscal at 21.2 million tonnes as opposed to 20.69 million tonnes in the previous year.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian Oil Corp buys its first Johan Sverdrup crude cargoes: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-run refiner Indian Oil Corporation (IOC) has bought 4 million barrels of Norway’s Johan Sverdrup crude for the first time via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.

IOC will take delivery of 2 million barrels each of the North Sea crude in May and June, one of the sources said. Further details on the trades were not yet clear.

The move followed the Indian government’s call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world’s third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Positive on BPCL, PSU banks, says Elixir’s Dipan Mehta

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elixir Equities is positive on Bharat Petroleum Corporation Ltd (BPCL), said Dipan Mehta, Director at the investment firm.

“It is definitely an investment theme that investors can look out for in the current year,” Mehta told CNBC-TV18 while adding, “The privatisation of BPCL is gradually making progress and valuations were pretty good. Government is serious this time around so we should have a high probability that BPCL does get privatised and then the effect it has on the other public sector undertaking (PSU) oil companies would be quite decent.”

He believes the P/E multiple of Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) will move up after BPCL’s privatisation.

“We could look at buying IOC and HPCL,” he stated.

Apart from this, there is a fire in PSU banks given that their credit costs are going to decline sharply over the next few quarters or so.

“That should lead to a spike in their net profit. They are available at extremely attractive valuations. The next couple of years looks decent for PSU banks. So that is the second pocket that investors could focus on.”

On banks, Mehta said, “There may be a few uncertainties as far as non-performing assets are concerned in the likes of Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank but they are trading at a huge discount to State Bank of India (SBI). So if you want a nice, safe bank after HDFC Bank, Kotak Mahindra Bank, you could look at SBI at this point of time.”

BoB, PNB, Canara Bank can give good returns, he said.

“However, if you have a type of a traders type of an approach to the stock market then BoB, PNB, Canara Bank could easily give you 30-40 percent type of a return in a good market. If you want to play it really safe, buy a basket of three-four PSU stocks and that could isolate you or at least reduce the risk of any major negative news flow in any of the PSU counters,” he pointed out.

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Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Elixir’s Dipan Mehta: Positive on RIL; prefer PI Industries over UPL

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dipan Mehta, Director at Elixir Equities is positive on Reliance Industries Ltd (RIL) and said that the oil-to-telecom-to-retail conglomerate will start outperforming the markets.

“This stock will start to outperform the markets. Underlying fundamentals are improving, it benefits from rising crude oil prices and commodity price increases are going to benefit the oil-to-chemical (O2C) business. Positive on RIL and such corrections are good opportunities for investors who are underweight in RIL to get equal weight considering its massive weightage in the Sensex and Nifty.”

Within the agrochemical space, Mehta prefers PI Industries, a more focused business model that benefits from many cycles that are underway, over United Phosphorous Ltd (UPL).

“I would give UPL a pass. Within the agrochemical space, the best pick remains PI Industries. I would go with PI Industries rather than UPL.”

In terms of metal stocks, he said, “I would like to be a bit cautious as far as metals are concerned. You need to buy them when there is distress in the sector not when the sector is booming the way it is.”

The oil marketing companies (OMCs) like Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation (IOC) are due for a trading rally.

“Any positive news flow on BPCL privatisation will have beneficial effects on the P/E multiples of IOC and HPCL. These are highly cyclical businesses and they are becoming more like utilities, the end of the day there is hardly any growth as far as OMCs are concerned because of the kind of growth in end product volume. So you could make a trading bet on it but certainly not great long-term portfolio stocks,” Mehta said.

Within non-banking financial companies (NBFCs), Bajaj Finance is a nice stable stock, he said.

“It is a good time to buy midcap stocks and microfinance companies and gold loan companies could outperform the overall NBFC basket,” Mehta added.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IOC profit doubles in Q3 on inventory gains

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corporation (IOC) on Friday reported a near doubling of December quarter net profit as rising oil prices yielded inventory gains and a rise in petrochemical margins. Net profit in October-December at Rs 4,916.59 crore was 97 per cent higher than Rs 2,339.02 crore earning in the same period a year back.

”Net profit increased because of inventory gains and higher petrochemical margin,” IOC Chairman Shrikant Madhav Vaidya told reporters here. With international oil prices rising above the rate at which the company had contracted crude oil, IOC logged Rs 2,630 crore of inventory gains in the quarter.

He said the company’s refineries earned USD 2.19 on turning every barrel of crude oil into fuel in the third quarter as compared a gross refining margin of USD 4.09 a barrel in the same period last year. With fuel demand witnessing a month-on-month increase for four consecutive months, refinery runs have returned to full capacity, he said.

Refinery runs had been cut to half when the lockdown was imposed to curb the spread of coronavirus. ”Economy is looking up after the vaccine became available,” he said. ”Fuel demand was just 1 per cent below normal in the third quarter (October-December) and is likely to return to normal in the fourth quarter (January-March). Next year we will see growth in fuel consumption.” Barring jet fuel (ATF), all other fuel consumptions are near normal now.

The revenue from operations was Rs 1,46,599 crore in the quarter under review as compared to Rs 1,44,835 crore in the year-ago period. The Board of Directors of IOC in its meeting held on Friday declared an interim dividend of Rs 7.50 per equity share.

Vaidya said domestic sales were 21.425 million tonnes in the third quarter as compared to 21.864 million tonnes a year back. Refinery throughput or turnover was higher at 17.86 million tonnes when compared with 17.496 million tonnes in the third quarter of the previous year.

Pipeline throughput too was higher at 21.8 million tonnes. ”Our refining throughput for the first nine months of FY 2020-21 was 44.759 million tonnes compared to 52.31 million tonnes last year,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IOC buys its first cargo of Iraqi Basra Medium oil-data: Source

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corp (IOC), the country’s top refiner, has loaded its first cargo of Iraq’s new Basra Medium crude grade which was introduced this year, according to ship-tracking data from Refinitiv Eikon and a source with knowledge of the matter.

IOC loaded the cargo onto Minerva Kalypso, a suezmax-sized vessel, which left Iraq’s southern port of Basra on Jan. 4, the data showed. The ship is expected to arrive at Chennai port in southeastern India around Jan. 14.

Iraq has increased Basra crude exports by introducing this new grade after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to raise output by 500,000 barrels per day (bpd) in January.

”From this year IOC will get all three grades – Basra Light, Basra Medium and Basra Heavy – depending on the availability with the supplier,” the source said, adding that the 1 million barrels of Basra Medium crude would go to IOC’s subsidiary Chennai Petroleum Corp.

Chennai Petroleum and Indian Oil Corp did not immediately respond to requests for comments. Along with Chennai Petroleum, IOC controls about a third of the 5 million bpd of refining capacity in India.

Iraq’s state oil marketing company (SOMO) launched the new sour crude grade in January by splitting the existing Basra Light production into two grades to provide better quality stability.

”Basrah Medium helps fill the gap of a shortage of heavy oil globally due to sanctions on Iran and Venezuela, declining production in Colombia and Mexico and OPEC+ quotas,” analytics firm Kpler said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Unified gas pipeline tariff beneficial for those far from entry point

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gas regulator Petroleum and Natural Gas Regulatory Board (PNGRB) recently released a unified tariff structure for more than a dozen pipelines in a bid to boost gas consumption in the country. The new structure puts a fixed tariff for the first 300 km from the source of gas and another tariff for beyond on the same integrated pipelie network.

Speaking about this to CNBC-TV18, Sandeep Kumar Gupta, Director Finance, Indian Oil Corporation (IOC), said that “Unified tariff will be beneficial for those customers who are far from the entry point and it will be little costlier for those customers who are near to the entry point.”

He also added that IOC is operating at almost 100 percent capacity now.

“It is a sign of the demand firming up at the national level. So we believe that the cash spreads will also move upwards going forward,” he said.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IOC net jumps 10-fold to Rs 6,227 cr in Q2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s top oil firm Indian Oil Corporation (IOC) on Friday reported a 10-fold jump in its September quarter on the back of inventory gains and better margins. The company reported a standalone net profit of Rs 6,227.31 crore, or Rs 6.78 per share, in the July-September quarter, as compared to Rs 563.42 crore net profit in the same period a year back, IOC said in a stock exchange filing.

Fuel sales at 17.7 million tonnes was 16 percent higher than the preceding quarter but was 12 percent lower than 20.17 million tonnes of products sold in July-September 2019. IOC’s refineries processed almost 14 million tonnes of crude oil in Q2, up from about 13 million tonnes in April-June, but lower than 17.5 million tonnes a year ago.

Revenue from operations was lower at Rs 1.15 lakh crore in July-September as compared to Rs 1.32 lakh crore a year ago.

“The board of directors have approved the proposal for delegation of authority for borrowings including borrowings up to Rs 20,000 crore during a financial year through private placement of bonds/ debentures in one or more tranches, from time to time, within the overall limit of Rs 1,65,000 crore approved by shareholders at the last annual general meeting,” it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow