MOSL: OIL INDIA (Buy)-EBITDA ahead of estimate led by lower opex
​Oil India: EBITDA ahead of estimate led by lower opex
(oinL IN, Mkt Cap USD3.9b, CMP INR279, TP INR316, 13% Upside, Buy)
- Oil India’s (OINL) revenues of INR23.3b (+5% YoY, -7% QoQ) were in line with our estimate of INR23.2b. Reported EBITDA of INR8.7b (+1% YoY, +30% QoQ) was significantly above our estimate of INR7.3b, led by lower other expenditure of USD5.4/boe v/s USD8.3 in 4QFY17 and USD6 in 1QFY17. Adj. PAT of INR4.5b (-9% YoY) was lower than our estimate of INR5.3b due to lower other income of INR1.5b (est. of INR4.6b; -36% YoY, -81% QoQ).
- Realization at USD48.4/bbl: In 1QFY18, gross realization stood at USD48.4/bbl (est. of USD49.1; +12% YoY, -8% QoQ), led by lower oil prices. Production of oil stood at 0.85mmt (+6% YoY, +2% QoQ) and of gas at 0.72bcm (-1% YoY, flat QoQ). Total production grew 2% YoY (+1% QoQ) to 1.57mmtoe. Sales of oil stood at 0.82mmt (+4% YoY, +2% QoQ) and of gas at 0.6bcm (-2% YoY, +1% QoQ). Total sales grew 2% YoY (+2% QoQ) to 1.42mmtoe.
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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