Indian Oil Corporation Ltd

Indian Oil Corporation announced that Sunil Kumar (DIN — 08467559), Government Nominee Director, representing the MoP&NG on the Board of the Company has ceased to be a Director of the Company w.e.f. 7 May 2024 (afternoon).

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Revenue from operations (excluding excise duty) declined 2.47% to Rs 1,97,978.23 ‬crore in the quarter ended 31 March 2024 from Rs 2,02,994.07 crore posted in Q4 FY23.

The company experienced a 48.15% decrease in profit before tax of Rs 6,332.30 crore in Q4 FY24 compared to Rs 12,214.96 in the same period a year ago.

Domestic sales rose 3.49% to 23.737 million metric tons (MMT) while export sales jumped 11.57% to 1.542 MMT in Q4 FY24 over Q4 FY23.

The refineries throughput was 18.282 MMT (down 4.66% YoY) and the pipelines throughput was 24.593 MMT (down 2.78% YoY) during the period under review.

The company's revenue from Petroleum Products stood at Rs 2,08,289.68 crore (down 4%), Petrochemicals revenue was at Rs 6,908.50 crore (up 9.97%) while revenue from other business activities came in at Rs 9,891.53 crore (up 23.22%) during the quarter.

Average Gross Refining Margin (GRM) for the period April – March 2024 is $12.05 per bbl (April- March 2023: $19.52 per bbl). The core GRM or the current price GRM for the period April- March 2024 after offsetting inventory loss/ gain comes to $11.44 per bbl.

On full year basis, the company reported standalone net profit to Rs 39,618.84 crore in FY24, steeply higher than 8,241.82 crore recorded in FY23. Revenue from operations (excluding excise duty) declined 7.75% YoY to Rs 7,74,348.59 in FY24.

Meanwhile, the company's board has declared a final dividend of Rs 7.00 per share for FY24.

Further, the board has approved implementation of a 1 GW renewable energy (RE) project comprising standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects. The estimated cost is Rs 5,215 crore to be implemented in a phased manner through wholly owned subsidiary. The board has also approved a total investment of Rs 6,518.75 crore (including Rs 5,215 crore project cost and Rs 1,303.75 crore equity) for the said project.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 March 2024, the Government of India held 51.50% stake in the company.

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Net profit of Indian Oil Corporation declined 49.96% to Rs 5148.87 crore in the quarter ended March 2024 as against Rs 10289.82 crore during the previous quarter ended March 2023. Sales declined 2.56% to Rs 198649.76 crore in the quarter ended March 2024 as against Rs 203872.27 crore during the previous quarter ended March 2023.

For the full year,net profit rose 326.16% to Rs 41729.69 crore in the year ended March 2024 as against Rs 9792.12 crore during the previous year ended March 2023. Sales declined 7.77% to Rs 776351.85 crore in the year ended March 2024 as against Rs 841755.91 crore during the previous year ended March 2023.

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The Board of Indian Oil Corporation at its meeting held on 30 April 2024 has approved implementation of 1 GW installed capacity of Renewal Energy (RE) projects comprising standalone ground mounted Solar or standalone onshore Wind or Wind-Solar Hybrid projects at an estimated cost of Rs. 5,215 crore including taxes & duties in a phased manner through the proposed wholly owned subsidiary in domain of low carbon, new, clean & green energy business.

The Board also approved an investment of Rs 1,303.75 crore as equity in aforesaid proposed WoS for implementation of 1 GW installed capacity of RE.

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Indian Oil Corporation announced that the Board of Directors of the Company at its meeting held on 30 April 2024, has recommended a Final dividend of Rs.7 per share (i.e.70%), subject to the approval of the shareholders.

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Indian Oil Corporation Ltd is up for a fifth straight session today. The stock is quoting at Rs 177.75, up 0.57% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.44% on the day, quoting at 22742.05. The Sensex is at 74967.09, up 0.4%. Indian Oil Corporation Ltd has gained around 5.02% in last one month.

Meanwhile, Nifty Energy index of which Indian Oil Corporation Ltd is a constituent, has gained around 3.21% in last one month and is currently quoting at 40352.1, up 1% on the day. The volume in the stock stood at 224.45 lakh shares today, compared to the daily average of 220.28 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 178.55, up 0.37% on the day. Indian Oil Corporation Ltd is up 116.37% in last one year as compared to a 25.32% jump in NIFTY and a 69.49% jump in the Nifty Energy index.

The PE of the stock is 5.57 based on TTM earnings ending December 23.

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Indian Oil Corporation will hold a meeting of the Board of Directors of the Company on 30 April 2024.

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Indian Oil Corporation Ltd is up for a third straight session today. The stock is quoting at Rs 172.1, up 1.68% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.18% on the day, quoting at 22422.6. The Sensex is at 73834.89, down 0.24%. Indian Oil Corporation Ltd has slipped around 1.8% in last one month.

Meanwhile, Nifty Energy index of which Indian Oil Corporation Ltd is a constituent, has slipped around 2.24% in last one month and is currently quoting at 39489.7, up 0.18% on the day. The volume in the stock stood at 172.98 lakh shares today, compared to the daily average of 302.04 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 173.4, up 1.76% on the day. Indian Oil Corporation Ltd is up 122.06% in last one year as compared to a 28.88% jump in NIFTY and a 73.47% jump in the Nifty Energy index.

The PE of the stock is 5.28 based on TTM earnings ending December 23.

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The domestic equity benchmarks traded with moderate gains in mid-morning trade. The Sensex and the Nifty, both, attained record high levels in morning trade. The Nifty traded above the 22,450 mark. Realty shares rallied for the seventh day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 415.32 points or 0.57% to 74,075.17. The Nifty 50 index gained 151.40 points or 0.68% to 22,478.30.

The Sensex clocked an all-time high of 74,254.62 while the Nifty hit record high of 22,529.95 in morning trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.42% and the S&P BSE Small-Cap index gained 2.33%.

The market breadth was strong. On the BSE, 3,080 shares rose and 610 shares fell. A total of 163 shares were unchanged.

Economy:

India’s forex reserves rose $140 million during the week ended March 22 to touch its all-time high of $642.631 billion, according to the latest RBI data. This is the fifth consecutive week of a jump in the overall reserves.

For the week ended March 22, the foreign currency assets decreased by $123 million to $568.264 billion. Gold reserves rose $347 million to $51.487 billion during the week. The special drawing rights (SDRs) were down by $57 million to $18.219 billion, the RBI said.

India’s reserve position with the IMF was also down by $27 million to $4.662 billion in the reporting week, the RBI data showed.

Meanwhile, the combined Index of Eight Core Industries (ICI) increased by 6.7% (provisional) in February 2024 as compared to the Index of February 2023. The final growth rate of Index of Eight Core Industries for November 2023 is revised to 7.9%. The cumulative growth rate of ICI during April to February, 2023-24 is 7.7% (provisional) as compared to the corresponding period of last year.

Buzzing Index:

The Nifty Realty index advanced 3.68% 933.80. The index surged 12.61% in the seven trading sessions.

DLF (up 6.28%), Prestige Estates Projects (up 5.53%), Sunteck Realty (up 5.29%), Mahindra Lifespace Developers (up 4.08%) and Godrej Properties (up 3.88%), Oberoi Realty (up 3.23%), Brigade Enterprises (up 2.58%), Macrotech Developers (up 2.43%), Sobha (up 1.95%) and Phoenix Mills (up 0.98%) edged higher.

Stocks in Spotlight:

Indian Oil Corporation rose 1.07% after the company announced that it has signed a binding term sheet with Panasonic Energy Co. to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India.

Veranda Learning Solutions rallied 5.10% after the company acquired 50% of equity shares in Tapasya Educational Institutions (TEIPL) through its subsidiary, Veranda XL Learning Solutions.

Rail Vikas Nigam (RVNL) gained 3.08% after the civil construction firm said that it has emerged as the lowest bidder (L1) for a project awarded by South Eastern Railway to upgrade electric traction system for Rs 148.26 crore.

Biocon rose 1.70% after the company has received an approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide (gSaxenda).

Global Markets:

Most of the Asian stocks traded higher on Monday as US inflation figures reaffirmed bets for the Federal Reserve to ease policy this year and China’s economic recovery gained momentum. Australian and Hong Kong markets are closed for Easter Monday.

China’s National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to February’s reading of 49.1.

U.S. markets remained closed on Friday in observance of Good Friday. The core personal consumption expenditures price index rose 0.3% in February after climbing in the previous month, marking its biggest back-to-back gain in a year. The measure is up 2.8% from a year earlier.

Fed Chair Jerome Powell said Friday the central bank’s preferred gauge of inflation was “pretty much in line with our expectations.” Powell added that it wouldn’t be appropriate to lower rates until officials are sure inflation is in check. Investors are betting the US central bank will make that first cut in June, as per reports.

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The deal was made in anticipation of demand for batteries for two-and three-wheel vehicles as well as energy storage systems, in Indian markets.

Both the companies are engaged in feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India, with the aim of finalizing details of their collaboration by the summer of this year.

Apart from fulfilling domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving India’s self-reliance, fortifying India's position in the global energy landscape.

Indian Oil is aiming to achieve its net-zero operational emissions target by 2046, aligning with the India’s goal to achieve carbon neutrality for the country by 2070.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.

The company reported standalone net profit of Rs 8,063.39 crore in Q3 FY24, steeply higher than Rs 448.01 crore recorded in Q3 FY23. Revenue from operations (excluding excise duty) declined 2.75% to Rs 1,99,103.97 ‬crore in the quarter ended 31 December 2023 from Rs 2,04,740.20 crore posted in Q3 FY23.

The scrip rose 0.98% to trade at Rs 169.40 on the BSE.

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