COMPANY BACKGROUND

Indian Oil Corporation, or Indian Oil, (BSE: 530965) is

an Indian state-owned oil and gas company. It is India’s largest
commercial enterprise, ranking 105th on the Fortune Global 500 list in
2009. Indian Oil and its subsidiaries account for a 47% share in the
petroleum products market, 40% share in refining capacity and 67%
downstream sector pipelines capacity in India. The Indian Oil Group of
Companies owns and operates 10 of India's 19 refineries with a
combined refining capacity of 60.2 million metric tons per year.

Indian Oil operates the largest and the widest network of fuel stations
in the country. It has also started Auto LPG Dispensing Stations
(ALDS). It supplies Indane cooking gas to over 47.5 million households
through a network of 4,990 Indian distributors. In addition, Indian
Oil's Research and Development Center (R&D) at Faridabad supports,
develops and provides the necessary technology solutions to the
operating divisions of the corporation and its customers within the
country and abroad. Subsequently, Indian Oil Technologies Limited - a
wholly owned subsidiary, was set up in 2003, with a vision to market the
technologies developed at Indian Oil's Research and Development
Center. It has been modeled on the R&D marketing arms of Royal
Dutch Shell and British Petroleum.
 HISTORY
Indian Oil began operation in 1959 as Indian Oil Company Ltd. The
Indian Oil Corporation was formed in 1964, with the merger of Indian
Refineries Ltd.

PRODUCTS
Indian Oil's product range covers petrol, diesel, LPG, auto LPG, aviation
turbine fuel, lubricants, naphtha, bitumen, paraffin, kerosene etc.
Extra Premium petrol, Extra Mile diesel, Servo lubricants, Indane LPG,
Auto gas LPG, Indian Oil Aviation are some of its prominent brands.
Recently Indian Oil has also introduced a new business line of supplying
LNG (liquefied natural gas) by cryogenic transportation. This is called
"LNG at Doorstep". LNG headquarters are located at the Scope
Complex, Lodhi Road, Delhi.
 COMPANY MANAGEMENT

  Chairman

B M Bansal
Chairman & Director (Planning & Business Development and HR)

 
  Board of Directors

S V Narasimhan G C Daga B N Bankapur

Director (Finance) Director (Marketing) Director (Refineries)

K K Jha Dr. R K Malhotra P K Sinha

Director (Pipelines) Director (Research & Additional Secretary &
Development) Financial Advisor
Ministry Of Petroleum &
Natural Gas
Sudhir Bhargava Prof.(Mrs.) Indira J. Anees Noorani
Additional Secretary Parikh Managing Director,
Ministry of Petroleum & Former Prof. IIM, Zodiac Clothing Company Ltd.
Natural Gas Ahmedabad
and President, FLAME, Pune

Michael Bastian Dr.(Mrs.) Indu Shahani Prof. Gautam Barua,

Former Chairman & Managing Principal, HR College of Director,
Director, Syndicate Bank Commerce & Economics, Indian Institute of
Mumbai and Sheriff of Technology, Guwahati
Mumbai

N.K. Poddar
Senior Advocate, Kolkata
 FUNDAMENTAL ANALYSIS
A method of evaluating a security that entails attempting to
measure its intrinsic value by examining related economic,
financial and other qualitative and quantitative factors.

FINANCIAL RATIOS

Mar ' Mar ' Mar ' Mar '

Mar 10
09 08 07 06

Per share ratios

Adjusted EPS (Rs) 42.44 64.15 50.98 46.66 36.29
Adjusted cash EPS (Rs) 56.28 90.98 75.68 69.80 55.23
Reported EPS (Rs) 42.10 24.74 58.39 64.21 42.08
Reported cash EPS (Rs) 55.94 51.57 83.10 87.36 61.02
Dividend per share 13.00 7.50 5.50 19.00 12.50
Operating profit per share (Rs) 51.29 113.42 94.73 92.14 66.86
Book value (excl rev res) per
208.14 368.54 343.53 296.88 250.38
share (Rs)
Book value (incl rev res) per
208.14 368.54 343.53 296.88 250.38
share (Rs.)
Net operating income per share
1,109.44 2,575.73 2,074.51 1,853.57 1,497.37
(Rs)
Free reserves per share (Rs) -0.07 343.01 324.13 279.23 231.37
Profitability ratios
Operating margin (%) 4.62 4.40 4.56 4.97 4.46
Gross profit margin (%) 3.42 3.46 3.47 3.77 3.20
Net profit margin (%) 3.70 0.95 2.78 3.43 2.78
Adjusted cash margin (%) 4.95 3.50 3.61 3.73 3.65
Adjusted return on net worth (%) 20.39 17.40 14.83 15.71 14.49
Reported return on net worth (%) 20.22 6.71 16.99 21.62 16.80
Return on long term funds (%) 16.52 20.72 19.54 20.59 16.18

Leverage ratios
Long term debt / Equity 0.88 0.43 0.34 0.38 0.48
Total debt/equity 0.88 1.02 0.86 0.77 0.90
Owners fund as % of total source 53.14 49.44 53.63 56.25 52.60
Fixed assets turnover ratio 3.78 4.98 4.38 3.97 4.02

Liquidity ratios
Current ratio 1.20 1.09 1.32 1.10 1.18
Current ratio (inc. st loans) 1.20 0.60 0.83 0.79 0.83
Quick ratio 0.46 0.46 0.54 0.47 0.49
Inventory turnover ratio 8.00 13.98 9.09 10.10 8.26

Payout ratios
Dividend payout ratio (net profit) 35.86 36.11 10.51 34.83 33.87
Dividend payout ratio (cash profit) 26.98 17.32 7.39 25.60 23.35
Earning retention ratio 64.44 86.08 87.96 52.06 60.73
Cash earnings retention ratio 73.18 90.19 91.89 67.96 74.20

Coverage ratios
Adjusted cash flow time total
3.26 4.15 3.94 3.32 4.09
debt
Financial charges coverage ratio 12.50 4.04 8.63 8.42 9.28
Fin. charges cov.ratio (post tax) 9.90 2.53 7.23 7.82 8.16

Component ratios
Material cost component (%
89.36 89.12 90.23 89.28 90.91
earnings)
Selling cost Component - 3.15 3.53 3.57 3.84
Exports as percent of total sales 5.10 4.87 4.63 4.21 3.21

TECHNICAL ANALYSIS

A method of evaluating securities by analyzing statistics

generated by market activity, such as past prices and volume.
Technical analysts do not attempt to measure a security's
intrinsic value, but instead use charts and other tools to
identify patterns that can suggest future activity.