MOSL: OIL INDIA (Buy)- Revenues higher than estimate due to higher oil/gas sales volume
Oil India: Revenues higher than estimate due to higher oil/gas sales volume
(OINL IN, Mkt Cap USD2.9b, CMP INR185, TP INR233, 26% Upside, Buy)
- Revenue of INR30.9b (+3% YoY, -12% QoQ) exceeded our estimate by 7% due to higher-than-estimated oil and gas sales volumes. EBITDA came in at INR10.8b (+35% YoY, -29% QoQ; 6% beat), led by lower-than-expected statutory levies, partly offset by higher-than-expected other expenditure (USD8.9/boe v/s USD12 in 4QFY18 and USD6.4 in 3QFY19). The company reported a loss of INR2.1b (v/s PAT of INR8.7b in 4QFY18 and INR12.3b in 3QFY19) due to one-time provisioning of INR10.3b on account of employee provident fund. Adj. PAT declined 6% YoY (-34% QoQ) to INR8.2b. Depreciation cost was higher at USD5.5/boe (v/s USD4.1 in 4QFY18 and USD4.4 in 3QFY19).
- For FY19, EBIDTA increased 40% YoY to INR54.8b, while reported PAT was down 3% YoY at INR25.9b due to one-off exceptional item in 4QFY19. Adj. PAT was up 36% YoY at INR36.2b.
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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