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Results
21-May-24
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Analysis
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Oil India
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Crude oil production rose 6% in Q4
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Consolidated
net sales (including other operating income) of Oil India has increased 16.50%
to Rs 9147.01 crore. Sales of Crude Oil
segment has gone up 13.82% to Rs 4,173.31 crore (accounting for 31.56% of total
sales). Sales of Natural Gas segment has
gone down 17.39% to Rs 1,333.81 crore (accounting for 10.09% of total
sales). Sales of LPG segment fell 5.45%
to Rs 51.66 crore (accounting for 0.39% of total sales). Sales of Pipeline Transportation segment has
gone down 41.69% to Rs 167.83 crore (accounting for 1.27% of total sales). Sales of Refinery Products segment has gone
up 33,007.50% to Rs 7,465.75 crore (accounting for 56.46% of total sales). Inter-segment sales rose Rs 2,723.89 crore to
Rs 3,056.70 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 3.34% to Rs
3,370.21 crore. PBIT of Crude Oil
segment rose 18.38% to Rs 1,744.75 crore (accounting for 51.77% of total PBIT). PBIT of Natural Gas segment fell 16.54% to Rs
687.34 crore (accounting for 20.39% of total PBIT). PBIT of LPG segment fell 5.50% to Rs 30.58
crore (accounting for 0.91% of total PBIT).
PBIT of Pipeline Transportation reported loss of Rs 6.79 crore compared
to profit of Rs 116.26 crore. PBIT of
Refinery Products reported profit of Rs 897.73 crore compared to loss of Rs
5.04 crore.
PBIT
margin of Crude Oil segment rose from 40.20% to 41.81%. PBIT margin of Natural Gas segment rose from
51.01% to 51.53%. PBIT margin of LPG
segment fell from 59.22% to 59.19%. PBIT
margin of Pipeline Transportation segment fell from 40.39% to 4.05%. PBIT margin of Refinery Products segment rose
from negative 22.35% to 12.02%. Overall
PBIT margin fell from 30.35% to 25.49%.
Operating
profit margin has declined from 44.63% to 35.65%, leading to 6.93% decline in
operating profit to Rs 3,261.23 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 19.29% to 20.84%.
Purchase of finished goods cost rose from 1.85% to 2.89%. Employee cost decreased from 8.55% to
6.66%. Other expenses rose from 29.71%
to 33.12%. Selling and administration
expenses rose from 14.93% to 15.80%.
Stores consumed for sales fell from 0.94% to 0.91%. Contract job process charges rose from 4.96%
to 5.94%.
Other
income rose 21.30% to Rs 209.31 crore.
PBIDT fell 5.60% to Rs 3470.54 crore.
Provision for interest rose 53.23% to Rs 234.35 crore.
PBDT
fell 8.16% to Rs 3236.19 crore.
Provision for depreciation rose 31.65% to Rs 576.28 crore. Fixed assets increased to Rs 38,689.88 crore
as of 31 March 2024 from Rs 28,768.51 crore as of 31 March 2023. Intangible assets increased from Rs 1,283.11
crore to Rs 1,857.54 crore.
Profit
before tax down 13.80% to Rs 2,659.91 crore.
Provision for tax was expense of Rs 695.42 crore, compared to Rs 905.11
crore. Effective tax rate was 22.96%
compared to 31.37%.
Minority
interest decreased 18.86% to Rs 192.22 crore.
Net profit attributable to owners of the company increased 22.83% to Rs
2,140.72 crore.
Equity
capital stood at Rs 1,084.41 crore as of 31 March 2024 to Rs 1,084.41 crore as
of 31 March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 56.66% as of 31 March 2024 ,compared to 56.66% as of 31 March
2023.
The
company’s crude oil production in Q4 FY24 is higher by 6% YoY with an overall
increase of 5.76% to 3.359 MMT in FY24 vis-a-vis 3.176 MMT produced during
FY23. The company also achieved a growth in its natural gas production during
Q4 FY24 by 3.21% over corresponding quarter of FY23 and the company achieved
the highest ever natural gas production of 3.182 BCM during the year. Further,
the company drilled a record-breaking 61 wells during FY 23-24, which surpassed
all its previous records since inception.
Full year results
analysis
Net
sales (including other operating income) of Oil India has declined 10.03% to Rs
32466.03 crore. Sales of Crude Oil
segment has gone down 3.96% to Rs 16,123.45 crore (accounting for 35.16% of
total sales). Sales of Natural Gas
segment has gone down 5.46% to Rs 5,189.98 crore (accounting for 11.32% of
total sales). Sales of LPG segment fell
18.91% to Rs 170.40 crore (accounting for 0.37% of total sales). Sales of Pipeline Transportation segment has
gone down 17.88% to Rs 533.66 crore (accounting for 1.16% of total sales). Sales of Refinery Products segment has gone
up 19,357.70% to Rs 23,730.61 crore (accounting for 51.75% of total
sales). Inter-segment sales came down
from Rs 12,019.23 crore to Rs 9,556.78 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 16.83% to
Rs 12,466.93 crore. PBIT of Crude Oil
segment fell 1.23% to Rs 6,602.77 crore (accounting for 52.96% of total PBIT). PBIT of Natural Gas segment fell 2.19% to Rs
2,790.76 crore (accounting for 22.39% of total PBIT). PBIT of LPG segment fell 33.67% to Rs 90.84
crore (accounting for 0.73% of total PBIT).
PBIT of Pipeline Transportation reported loss of Rs 52.69 crore compared
to profit of Rs 40.62 crore. PBIT of
Refinery Products segment rose 13,685.20% to Rs 3,003.80 crore (accounting for
24.09% of total PBIT).
PBIT
margin of Crude Oil segment rose from 39.82% to 40.95%. PBIT margin of Natural Gas segment rose from
51.97% to 53.77%. PBIT margin of LPG
segment fell from 65.18% to 53.31%. PBIT
margin of Pipeline Transportation segment fell from 6.25% to 9.87%. PBIT margin of Refinery Products segment fell
from 17.87% to 12.66%. Overall PBIT
margin fell from 28.26% to 27.18%.
Operating
profit margin has declined from 42.28% to 38.51%, leading to 18.03% decline in
operating profit to Rs 12,504.18 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 22.93% to 18.56%. Purchase
of finished goods cost rose from 2.10% to 2.44%. Employee cost increased from 6.39% to
7.05%. Other expenses rose from 27.72%
to 32.51%. Selling and administration
expenses rose from 15.20% to 17.28%. Stores
consumed for sales rose from 0.75% to 1.01%.
Contract job process charges rose from 4.19% to 4.92%.
Other
income rose 83.37% to Rs 1342.86 crore.
PBIDT fell 13.39% to Rs 13847.04 crore.
Provision for interest rose 6.97% to Rs 963.67 crore. Loan funds rose to Rs 24,040.51 crore as of
31 March 2024 from Rs 18,831.75 crore as of 31 March 2023. Inventories declined from Rs 5,113.33 crore
as of 31 March 2023 to Rs 4,485.72 crore as of 31 March 2024. Sundry debtors were higher at Rs 3,333.13
crore as of 31 March 2024 compared to Rs 2,400.34 crore as of 31 March 2023. Cash and bank balance rose to Rs 5,937.31
crore as of 31 March 2024 from Rs 3,459.30 crore as of 31 March 2023. Investments rose to Rs 34,436.71 crore as of
31 March 2024 from Rs 27,923.71 crore as of 31 March 2023 .
PBDT
fell 14.60% to Rs 12883.37 crore.
Provision for depreciation rose 9.35% to Rs 2128.98 crore. Fixed assets increased to Rs 38,689.88 crore
as of 31 March 2024 from Rs 28,768.51 crore as of 31 March 2023. Intangible assets increased from Rs 1,283.11
crore to Rs 1,857.54 crore.
Profit
before tax down 18.15% to Rs 10,754.39 crore.
Share of profit/loss was 10,554.50% higher at Rs 457.08 crore. Provision for tax was expense of Rs 1865.46
crore, compared to Rs 3289.49 crore.
Effective tax rate was 21.09% compared to 25.03%.
Minority
interest decreased 42.68% to Rs 645.35 crore.
Net profit attributable to owners of the company decreased 27.42% to Rs
6,335.10 crore.
Equity
capital stood at Rs 1,084.41 crore as of 31 March 2024 to Rs 1,084.41 crore as
of 31 March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 56.66% as of 31 March 2024 ,compared to 56.66% as of 31 March 2023
.
Cash
flow from operating activities decreased to Rs 10,933.14 crore for year ended
March 2024 from Rs 11,410.41 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 8,831.18 crore, compared to Rs
5,733.81 crore during the year ended March 2023.
The
Board has recommended issue of bonus shares in the ratio of one equity share of
Rs 10 each for every two existing equity shares of Rs 10 each held. The Board
also recommended a final dividend of Rs 3.75 per equity share (pre-bonus) (face
value of Rs 10 per equity share) which translates into final dividend of Rs
2.50 per equity share (post-bonus) (face value of Rs 10 per equity share). This
is in addition to the 1st and 2nd interim dividend of Rs 3.50 per equity share
(pre-bonus) and Rs 8.50 per equity share (pre-bonus) respectively, paid during
the year by the Company.
The
scrip is currently trading at Rs 648
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Oil India : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales (including other operating income)
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9,147.01
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7,851.78
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17
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32,466.03
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36,084.42
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-10
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OPM (%)
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35.7
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44.6
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38.51
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42.3
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OP
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3,261.23
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3,503.95
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-7
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12,504.18
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15,255.11
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-18
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Other Inc.
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209.31
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172.55
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21
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1,342.86
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732.31
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83
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PBIDT
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3,470.54
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3,676.50
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-6
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13,847.04
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15,987.42
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-13
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Interest
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234.35
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152.94
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53
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963.67
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900.89
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7
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PBDT
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3,236.19
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3,523.56
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-8
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12,883.37
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15,086.53
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-15
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Depreciation
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576.28
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437.72
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32
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2128.98
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1946.94
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9
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PBT
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2,659.91
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3,085.84
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-14
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10754.39
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13139.59
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-18
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Share of Profit/(Loss) from Associates
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359.17
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-200.99
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LP
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457.08
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4.29
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999
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PBT before EO
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3019.08
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2884.85
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5
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11211.47
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13143.88
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-15
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EO Income
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9.28
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0
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-
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-2365.56
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0
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-
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PBT after EO
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3028.36
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2884.85
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5
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8845.91
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13143.88
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-33
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Taxation
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695.42
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905.11
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-23
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1865.46
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3289.49
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-43
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PAT
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2332.94
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1979.74
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18
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6980.45
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9854.39
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-29
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Minority Interest (MI)
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192.22
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236.91
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-19
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645.35
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1125.8
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-43
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Net profit
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2140.72
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1742.83
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23
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6335.1
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8728.59
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-27
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EPS (Rs)*
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#
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#
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73.7
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80.5
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Notes
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* EPS is on current equity of Rs 1,084.41 crore, Face value of
Rs 10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Oil India : Consolidated Segment
Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Crude Oil
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32
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4,173.31
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3,666.57
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14
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30
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16,123.45
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16,787.79
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-4
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Natural Gas
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10
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1,333.81
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1,614.61
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-17
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10
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5,189.98
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5,489.87
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-5
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LPG
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0
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51.66
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54.64
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-5
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0
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170.4
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210.14
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-19
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Pipeline Transportation
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1
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167.83
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287.83
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-42
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1
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533.66
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649.85
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-18
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Renewable Energy
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0
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30.12
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22.55
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34
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0
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112.3
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121.96
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-8
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Refinery Product
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56
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7,465.75
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5841.96
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28
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45
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23,730.61
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29785.6
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-20
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Total Reported Sales
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100
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13,222.48
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11,488.16
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15
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100
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53,045.21
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38,115.12
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39
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Less: Inter segment revenues
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3,038.48
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2,934.59
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4
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12,019.23
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8,103.92
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48
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Net Sales
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10,184.00
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8,553.57
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19
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41,025.98
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30,011.20
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37
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PBIT
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Crude Oil
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52
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1,744.75
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1,473.90
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18
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53
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6,602.77
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6,685.03
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-1
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Natural Gas
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20
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687.34
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823.55
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-17
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22
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2,790.76
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2,853.17
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-2
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LPG
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1
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30.58
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32.36
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-6
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1
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90.84
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136.96
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-34
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Pipeline Transportation
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0
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-6.79
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116.26
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PL
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0
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-52.69
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40.62
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PL
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Renewable Energy
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0
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16.6
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-5.04
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LP
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0
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31.45
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21.79
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44
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Refinery Product
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27
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897.73
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1045.56
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-14
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24
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3,003.80
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5252
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-43
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Total PBIT
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100
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3,370.21
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3,486.59
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-3
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100
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12,466.93
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14,989.57
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-17
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Less : Interest
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234.35
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152.94
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53
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900.89
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940.12
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-4
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Add: Other un-allcoable
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-107.49
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-448.8
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-76
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-944.8
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348.26
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LP
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PBT
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3,028.37
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2,884.85
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5
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10,621.24
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14,397.71
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-26
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