Oil India Ltd. share price target

12 February 2019 Revenue increased 23% YoY (-6% QoQ) to INR35.1b, marginally ahead of our estimate of INR34.5b. Crude oil sales/production ratio stood at 97%, while realization was at USD66.7/bbl (in line with our estimate of USD66.8/bbl; +12% YoY, -9% QoQ). EBITDA grew 24% YoY (+3% QoQ) to INR15.2b (16% ahead of our estimate of INR13.1b), as other expenditure came in lower at USD6.4/boe +43% QoQ) came in above our estimate of INR8.5b due to higher other income Production of crude oil stood at 0.84mmt (-3% YoY, -2% QoQ) and of gas at 0.7bcm (-3% YoY, flat QoQ). Total production declined 3% YoY (-1% QoQ) to 1.53mmtoe.

term, stock performance will be range bound. We maintain our FY19/20E earnings. During Q3, core performance for IOCL improved led by better refining performance. Benign crude prices has pushed marketing margins in Q4, however, with global crude production cuts gaining momentum, and Central elections lined up in May, we maintain our cautious...

OIL's buyback plan to return 24% cash to shareholders To result in EPS accretion by 4.6%: The Board of Directors of OIL at its meeting held on November 19, 2018, approved the share buyback of up to 5.05 crore equity shares (4.45% of outstanding equity capital) through the tender offer route, aggregating to Rs. 1,086 crore at Rs. 215 per share. The buyback amount...

OIL's buyback plan to return 24% cash to shareholders To result in EPS accretion by 4.6%: The Board of Directors of OIL at its meeting held on November 19, 2018, approved the share buyback of up to 5.05 crore equity shares (4.45% of outstanding equity capital) through the tender offer route, aggregating to Rs. 1,086 crore at Rs. 215 per share. The buyback amount...

Our TP is Rs 221/sh (6x Sep-20E standalone + Rs 80 from investments). Maintain BUY. OILs 2QFY19 revenue was at Rs 37.44bn (+51.3% YoY, 10.4% QoQ), led by higher oil realisations at Rs 5,150/bbl (+59.9% YoY, +6.8% QoQ) and increase in natural gas realisation to USD 2.9/mmbtu (+16.7% YoY). Partially offset by 1.4% reduction in crude oil sales volumes to 0.834mmt. EBITDA was up 45.7% YoY and 4.7% QoQ to Rs 14.75bn.

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...