Oil India Ltd. share price target

Oil India Ltd Q2FY19 results Comment Revenue rose by 10.42% to Rs. 3743.58 Cr in Q2FY19 when compared to the previous quarter. Also, it increased by 51.33% when compared with Q2FY18. The value of Sales has been increasing throughout the period.

Oil India's (OINL) Q2FY19 results were largely in-line with our estimates. Revenue was up 51.3% YoY to Rs37.4 bn while EBITDA and PAT were up 45.7%/33.4% YoY to Rs14.7 bn/Rs8.6 bn, respectively. Oil production volume remained flattish YoY to 0.86mmt while gas production volume declined 4% YoY to 734mmscm. Oil net realization was up 47% YoY to US$73.4/bbl while calculated gas realization was up 26% YoY to Rs7.4/scm. However, 666bps rise in other expenses (13.1% of revenue) led to 153bps drop in EBITDA margin to 39.4% during the quarter. We raise our EBITDA/EPS estimates by 4% for FY19E/FY20E as we revise our INR exchange rate to Rs70/US$ from Rs68/US$ for...

12 November 2018 Revenue increased 51% YoY (+10% QoQ) to INR37.4b, marginally ahead of our estimate of INR35.7b, led by better-than-expected crude oil production and QoQ). EBITDA growth was restricted to 46% YoY (+5% QoQ) (at INR14.7b in line with our estimate of INR14.7b) due to higher other expenditure of INR73.8m). PAT of INR8.6b (+33% YoY, +23% QoQ) came in below our estimate YoY, +127% QoQ). Gross realization was impacted by rising crude oil prices. Production of crude oil stood at 0.86mmt (flat YoY, +1% QoQ) and of gas at 0.7bcm (-9% YoY, +4% QoQ). Total production declined 4% YoY (+3% QoQ) to 1.55mmtoe.

Revenue grew by 13.07% to Rs. 3390.46 Cr in Q1FY19 when compared to the previous quarter. Oil India Ltd Q1FY19 results Comment

Oil India (OIL) Q1FY19 result came as a mixed bag where Revenue and EBITDA was largely in line with our estimates while net profit was a miss to our estimates owing to higher tax expenses and lower other income. Revenue was up 45.4% YoY to Rs33.9bn, while EBITDA was up by 61.1% YoY to Rs14.1 bn and PAT was up 56.2% YoY to Rs7bn. Oil production remained flattish YoY to 0.844mmt while gas production volume declined 4% YoY to 696mmscm. Oil net realization was up 49% YoY to US$72/bbl while calculated gas realization was up 25% YoY to Rs7.4/scm. We raise our EBITDA/EPS estimates by 36%/33% for FY19E and 15%/14% for FY20E on higher crude oil price and...

Our SOTP target is Rs 314/sh (9x Jun 20 standalone core EPS + Rs 86/sh from investments). Maintain BUY. OILs 1QFY19 revenue was at Rs 33.9bn (+45.4% YoY, 13.1% QoQ), led by higher oil realisations at Rs 4,823/bbl (+54.6% YoY, +15.4% QoQ) and increase in natural gas realisation to USD 2.9/mmbtu (+16.6% YoY). Partially offset by 0.6% reduction in crude oil sales volumes to 0.82mmt. EBITDA was up 61.1% YoY and 75.9% QoQ to Rs 14.08bn.

Refer to important disclosures at the end of this report Bi-monthly update and chart book June 29, 2018 We seek your feedback and support in the ongoing Asia Money survey. Click here to make your appreciation count ONGC/OIL's crude output was flat/up 1% while gas fell 3%/1% MoM in May 2018 (day adjusted). Cairn Rajasthan output also is estimated to be down 3% MoM. Refinery throughput surged 8% MoM. IOCL's Paradip utilization touched 100%, partially offset by decline in Koyali/Haldia. BPCL Kochi touched 110% while HPCL's throughput rose 4-6%...

Indian Oil Corporation Limited (IOCL) is engaged in refining, transportation and marketing of petroleum products. IOCL's net revenue increased strongly by 17% YoY in Q4FY18 led by higher crude oil prices and sales volume. EBIDTA and adjusted PAT rose by 150% and 40% YoY, respectively mainly due to higher refining margin and inventory gains. We lower EBITDA margin estimates for FY19E by 280 bps to factor in...

Oil India's (OIL) Q4FY18 result came below our expectations mainly driven by lower than expected hydrocarbon production volume and higher other expenses. OIL's revenue was up by 19% YoY to Rs29.9 bn, EBITDA also grew 19% YoY to Rs.8bn and PAT increased to Rs8.7 bn vs. Rs193 mn in Q4FY17. Oil realizations increased 23.7% YoY to US$64.9/bbl which was in-line with our expectation. Other expenses rose 44% YoY to Rs5.9 bn led by higher provisioning of Rs3.7 bn vs Rs1.5 bn. We are slightly reducing our TP to Rs237 from Rs243. Upgrade the stock to ACCUMULATE from HOLD on valuation....

Our SOTP target is Rs 338/sh (9x Mar20 standalone core EPS + Rs 88/sh from investments). Maintain BUY. OILs 4QFY18 revenue was at Rs 28.53bn (+19.4% YoY), led by higher oil realisations at Rs 4,178/bbl (+18.8%), and 12.7% increase in gas prices to USD 2.8/mmbtu. In 4QFY17, company had paid one-time royalty of Rs 11.51bn to Government of Assam. Adjusting for it, EBITDA was up 19.3% YoY to Rs 8.01bn. APAT was down 26% YoY to Rs 8.67bn owing to higher income tax.