MOSL: OIL INDIA (Buy)-Significantly beat on EBITDA led by higher sales and lower opex
oil india: Significantly beat on EBITDA led by higher sales and lower opex
(oinl IN, Mkt Cap USD4.4b, CMP INR356, TP INR425, 19% Upside, Buy)
- OINL’s revenue of INR28.5b (+20% YoY, +15% QoQ) was ahead of our estimate of INR27.2b, led by higher-than-expected sales. Reported EBITDA of INR12.2b (+84% YoY, +21% QoQ) was significantly above our estimate of INR10.5b, led by lower other expenditure at USD5.9/boe v/s USD8.8/boe in 3QFY17 and USD4.6/boe in 2QFY18. PAT came in at INR7.1b (in-line; +55% YoY, +9% QoQ) – the difference at the PAT level declined due to lower other income of INR2.1b (est. of INR4.5b; -34% YoY, -36% QoQ).
- Realization at USD559.4/bbl: In 3QFY18, gross realization stood at USD59.4/bbl (+21% YoY, +19% QoQ), led by rising crude oil prices. Production of crude oil stood at 0.86mmt (+3% YoY, +1% QoQ) and of gas at 0.73bcm (-1% YoY, -4% QoQ). Total production grew 1% YoY (-2% QoQ) to 1.59mmtoe. Sales of oil stood at 0.83mmt (+1% YoY, -1% QoQ) and of gas at 0.6bcm (flat YoY, -5% QoQ). Total sales grew 1% YoY (-3% QoQ) to 1.44mmtoe.
Oil India is a fully integrated upstream petroleum company based in India. Co. is engaged in the exploration, development and production of crude oil and natural gas, transportation of crude oil and production of Liquid Petroleum Gas (LPG). Co. also provides various Exploration & Production (E&P) related services and holds an interest in the Numaligarh Refinery. Co. conducts the majority of its activities in North East India as well as Rajasthan. Additionally, Co.'s is active in Ganga Valley and Mahanadi and has participating interests in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, etc. as well as various overseas projects in Libya, Gabon, U.S.A., Nigeria and Sudan.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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