A Study on Financial Analysis of Indian Oil Corporation

Limited

A PROJECT REPORT

Submitted by

Mayank Kumar - 21BBA4109

in partial fulfillment for the award of the degree of

Bachelor of Business Administration

IN

Business Analytics

Chandigarh University

AUGUST 2022
 BONAFIDE CERTIFICATE

Certified that this project report “A Study on Financial Analysis of Indian Oil
Corporation Limited” is the bonafide work of “Mayank Kumar” who
carried out the project work under my/our supervision.

SIGNATURE SIGNATURE

SUPERVISOR

HEAD OF THE DEPARTMENT Academic

Designation

Submitted for the project viva-voce examination held on

INTERNAL EXAMINER EXTERNAL EXAMINER

 TABLE OF CONTENTS

1. Acknowledgement…....................................................................i

2. Abstract…....................................................................................ii

3. Introduction….............................................................................iii-vi

4. Objectives of the Study…............................................................vi

5. Research Methodology................................................................vi

6. Review of Literature....................................................................vii-xvii

7. Financial Report of IOCL............................................................xviii-xxii

8. Market Capitalization of IOCL....................................................xxiii

9. Ratio Analysis..............................................................................xxiv-xxxii

10. Conclusion….............................................................................xxxiii

11. References..................................................................................xxxiv-xxxvi

12. Plagiarism Report........................................................................xxxvii-xli

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 ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude for being given this great
opportunity to perform this internship project, which has been undoubtedly a
remarkable learning experience.

I would also like to thank my mentor Itti Dogra ma’am who with her excellent
guidance and vision has supported the proceedings of this project and journey.
Without her support, this project work would have never been possible.

i
 ABSTRACT

One of the most significant energy sources and the backbone of any economy is
oil and gas. In addition to refining, pipeline transportation, and marketing of
petroleum products, Indian Oil Corporation Limited also engages in the
exploration and production of crude oil and gas, the sale of natural gas, and the
development and distribution of petrochemicals. Most important part of
financial analysis is ratio analysis which include profitability ratio, solvency
ratio, liquidity ratio and investment ratio. In this study, the relationship is
estabilished between the balance sheet and profit & loss account of the
company to find out the company’s strength and weakness. Financial analysis is
very essential for every company to evaluate its performance in all financial
aspects.

ii
 INTRODUCTION

About IOCL:-

Indian Oil Corporation Limited (IOCL) is India’s largest commercial enterprise

was started in the year 1959 as Indian Oil Company Limited with first office at
Botawala Chambers, Mumbai. Later on, in the year 1964, Indian Refineries Ltd.
merged with Indian Oil Company Limited and renamed as Indian Oil
Corporation Limited. Now, its headquarter is located in New Delhi. The current
Chairman of IOCL is Shri Shrikant Madhav Vaidya. Indian Oil also operates its
subsidiaries in foreign such as Indian Oil (Mauritius) Limited, IOC Middle East
FZE (UAE), Lanka IOC PLC (Sri Lanka), IOCL (USA) Inc., USA, IOCL
(Singapore) Pte. Ltd. and so on. Indian Oil covers the entire range of petroleum
value chain from refining, marketing , pipelines, petrochemicals, natural gas to
global operations. The corporation also work for the welfare of society,
environment protection, education, sanitation, empowerment of women and
other marginalized groups. Indian Oil has refining capacity of 80.2 MMTPA as
on 2020 and accounts for near 32% of total national refining capacity of 248.9
MMTPA. As on 31 March 2020, it was owned 51.50% by the Government of
India (through the President of India). With more than 34,000 plus workforce
and extensive refining, distribution and advance marketing infrastructure,
Indian Oil plays a vital role in fuelling the socio-economic development of the
country with a turnover of Rs.7,28,459.94 Crore and market capitalization
Rs.1,11,981 Crore in FY21. The company is India’s largest contributor to the
national exchequer in the form of duties and taxes.

iii
Indian Oil year by year:-

 In 1964, Indian Oil enters into aviation business and first supply to
Indian Air Force.
 In the year 1972, Indian Oil established their R&D Centre that works
in promising and futuristic alternate energy such as Solar energy, Bio
energy, Hydrogen etc.
 Indian Oil open up World’s highest altitude fuel station in Leh, Ladakh
in 1975.
 In 1993, India’s first Hydrocracker commissioned at Gujarat
(Koyali) Refinery.
 In the year 1995, Indian Oil shares listed for the first time on
Bombay Stock Exchange.
 In 2004, Indian Oil becomes first Indian corporate to touch
Rs.1,50,000 Crore turnover.
 In 2010, Indian Oil launched the Petrochemical brand “PROPEL”.
Under brand PROPEL, they offers a full range of products of
petrochemicals covers over 80% of all conceivable applications of
plastics.
 India’s First 100 Octane petrol XP100 and value added Indane XtraTej
was launched in 2020. XP100 petrol is used for luxury vehicles to more
enhance their performance.
 Also, since 1959, Indian Oil has commissioned 30000th fuel stations and
11 refineries across India.
 IndianOil is ranked 212th among the world’s largest corporates
in Fortune’s prestigious ‘Global 500’ listing 2021.

iv
 IOCL Working Area :-

Refining Pipelines Marketing

Indian Oil has the Indian Oil is managing World’s Indian Oil meet the needs
largest market share largest petroleum pipeline (15,113 of oil and gas of millions
among all the oil km) network with an international of people everyday
companies in India with presence. They ensure safest as through their large and
a share of 28% well as environmental-friendly quick network
approximately. transportation of oil and gas with of fuel stations, bulk
Indian Oil with refining 96.06 MMTPA capacity of crude storage terminals, LPG
capacity of 70.05 oil and product pipelines and 27.82 bottling plants. To expand
MMTPA (Million MMSCMD capacity of gas the customer base, they
Metric Tonne Per pipeline. has launched Fuel@Call,
Annum) is fulfilling the a online platform through
demand of oil in India. which people can easily
order diesel and can
received at their doorsteps.

v
 Petrochemicals
Indian Oil as the second largest
petrochemicals company in India with
market share of 15% Polymers, 6%
Purified Terephthalic Acid(PTA),
10% Mono Ethylene Glycol(MEG)
and 17% Linear Alkyl Benzene (LAB)
is working to serve everyday needs of
people. The Company have planned to
invest Rs. 35,000 crore in the
petrochemicals segment in the next
few years.
Natural Gas
Natural Gas is rapid emerging fuel and
prefer more as a greener choice over
other fuels. Indian Oil is the second
largest company in the market of
RLNG (Regasified Liquefied Natural
Gas) in India with 1,100 plus km Gas
pipeline network. They are working to
more strengthen their gas pipelines
and city gas distribution system and
door to door service of LNG..

OBJECTIVES OF THE STUDY

1. To study the growth of Indian Oil Corporation Limited over the past 4
years by evaluating profitability ratio, liquidity ratio, solvency ratio and
investment ratio of the company.

2. To analyze the financial strength and weakness of the company.

RESEARCH METHODOLOGY

1. The data is taken from secondary source which are available on the
website of Indian Oil Corporation Limited.

2. The period of the study is from 2018-19 to 2021-22.

3. The tool used in this study is ratio analysis.

vi
 REVIEW OF LITERATURE

Mr. P. Kanagaraj, and 2Mr. Gouwsigan V (2021) The goal of the research paper
is to examine Indian Oil Corporation Limited's financial performance in terms of
financial parameters including liquidity, solvency, profitability, and efficiency position.
The study was conducted over a six-year period (2014 – 2020) to examine the
company's financial performance. The investigation was conducted using secondary data
that was gathered from the published websites of the research organisation. Ratio
analysis of
the balance sheet is one of the analysis tools which is used to understand the company's
financial performance, growth ratios, profitability. A financial analysis gives a proper
view of company’s strength and weakness by forming a correlation between the
components of the balance sheet and the profit & loss account.

S. Ramya1 , N. Pooja priya dharshini2 , R. Pavithra Chandran3 (2018) In India,

a network of pipelines for crude oil and petroleum products is owned and run by Indian
Oil Corporation Limited. By using methods like ratio analysis and a common size
balance sheet, the analysis' principal goal is to ascertain the firm's liquidity, solvency,
and financial situation. Different ratios, including the current ratio, liquid ratio, absolute
liquid ratio and turnover ratios, have been employed to assess the company's financial
success. The information used in this analysis was gathered from websites, audited
reports, and several magazines. The period of the study was from 2013 to 2017.
Making wise financial judgments and preparing more effectively and inexpensively are
both aided by this study. This analysis includes conclusions and interpretations that will
help the business increase performance. The investigation that was done has revealed
that, the company has been performing satisfactorily. However, the business should
concentrate on covering its current liabilities. In order to achieve profitability in the
upcoming years, the organisation should take care of both internal and external
vii
elements.

viii
OM PRAKASH AGRAWAL, DR. R. C. UPADHYAY (2017) The oil and gas
sector in India began to expand at a relatively modest rate. The northeastern region,
particularly Digboi in the state of Assam, was where the oil and gas sector first
began to operate. The northeastern states of India were the only ones producing
petroleum and looking for new places to find and mine petroleum products up
until the 1970s. However, the implementation of the Industrial Policy
Resolution in 1956, which stressed focusing on growth and promotion of
industries in India, brought about a significant development in the Indian oil and
gas industry. The
development of the Indian economy as an industrial economy was largely attributed
to the oil and gas industry in India. The assessment is also based on how deregulation
has affected the company's profitability, solvency, and liquidity. Deregulation has
helped public sector businesses gradually overcome their loss problem. This analysis
revealed that IOCL, a public corporation, was consistently losing money prior to
deregulation because the government was subsidising high oil and gas prices and
controlling prices at the federal level. Following deregulation, businesses gradually
overcame this issue, which increased their profitability and near-term viability.

Divya Bharathi.R & N.Ramya (2020) The goal of the study is to determine Indian
Oil Corporation Limited's financial performance. The report is based on Indian Oil
Corporation's accounting data from the previous five years. The primary goals of the
study are to understand the company's financial performance, financial growth, and
profit margins. The research shows that the financial performance is reasonable. The
company's financial performance has been holding steady, but it has room to grow
if it focuses on lowering its administrative, selling, and operating costs. Both the
company's sales volume and gross profit should rise. With increased operations and
operating cash flows, the company was able to fully fund its obligations for capital
investments and higher levels of working capital commitment.

ix
Dr.M.Yasodha, 2R.Haripriya, 3R.Haripriya, 4K.Kirthika (2021) The oil and gas
industry is very important to our economy. The study used Indian Oil Corporation
Limited, which has 60 years of outstanding performance. The study's goal is to assess
the company's financial standing over a five-year period (2015-2016 to 2019-2020).
For the study, secondary data were taken. For examination, a number of ratios
including the current ratio, quick ratio, absolute liquid ratio, basic earnings per share,
net profit ratio, return on equity, debt ratio, proprietary ratio, and debt-equity ratio
have been employed. Due to the epidemic, overall work performance was decreased.
It is concluded that by increasing revenue and keeping a very close eye on expenses,
the corporation can further enhance its performance. To lower liabilities, borrowings
should be decreased.

Pawan Kumar, DR. V. K. Gupta, DR. Anil Kumar Goyal (2013) In India, the oil
and gas sector makes up around 40% of the country's major energy sources. One of
India's six major industries, oil and gas has a substantial forward link to the whole
economy. India is the ninth largest importer of crude oil and the world's fifth-largest
user of petroleum. This study will improve the understanding of financial statements
among a variety of stakeholders, including government agencies, suppliers, creditors,
and shareholders as well as investors and investors. The selection, assessment, and
interpretation of financial data constitute financial analysis. Internally, financial
analysis can be used to assess matters like profitability, liquidity, solvency, overall
performance, operational effectiveness, and efficiency. The study revealed that the
there is need to improve the profitability ratio. Profitability ratio include net profit
margin and gross profit margin.

Renu Hooda & Kuldip Singh Chhikara (2018) The study, which attempted to
examine the trends of financial performance indicators such as total assets, total

x
liabilities, turnover and net income, as well as to analyse the financial health of Indian
Oil Corporation Limited via ratio analysis during the period when the world economy
was hit by various political and economic events, revealed that the company's total
assets grew at a faster rate than its liabilities, with net income, equity, and retained
earnings coming in second and third, respectively. The numerous facets of the Indian
economy were directly impacted by the events, which also had an impact on the
company's finances. The company's liquidity situation was deemed to be unsatisfactory,
and its solvency position is a sign that it was less dependent on borrowed money.

Kangan Deka (2014) The production company's performance analysis project is

more than just a project's task. However, a basic understanding of and expertise in how
to assess the company's financial performance The study found that businesses need
to think about things like capital employment and working capital management.
The company must use its resources in a responsible manner.

Anand Prasad (2017) The study was done to understand the working environment
of Indian Oil Corporation Limited. Also, to evaluate the financial statement to find
out profitability, efficiency and liquidity position of the company. The period of the
study was 2008-09. The study revealed that Indian Oil carries a big risk of not
having enough cash reserves for meeting its short term obligations. Also, Indian Oils
to achieve that target by a huge margin.

Ashish Kumar Singh (2015) The study is based on the standalone financial
statements of Indian Oil Corporation Limited. Working capital management and
profitability have a strong relationship. The largest portion of gross working capital
was inventory. Loans and advances are now the second largest input to working
capital after steadily increasing. Over the past ten years, the company's liquidity
position has significantly improved. The ROCE has increased, although not by as

xi
much as the level of investment in current assets has increased during the research
period. To boost CR, the company must review its working capital management
strategy. The company needs to improve its fully liquid assets.

Kangkan Deka (2014) Only the Guwahati Refinery is included in the analysis. The
analysis came to the conclusion that Indian Oil Corporation Limited was operating
with little debt. They might consequently raise it to gain from low cost capital. It was
discovered that IOCL heavily utilised shareholders' money in their as-sets, even
reaching 100% in the first two years. Additionally, EOL carries a significant
financial risk. As a result, they might use less debt capital and more equity funds.
The investigation that was done has revealed the following findings. The study
shows that Indian Oil Corporation Ltd. has been doing satisfactory job.

Zeeshan Ali Khan (2015) The study revealed that IOCL issued less shares capiatal
to the shareholders during the study period from 2010-2015. Indian Oil Corporation
Limited does not fulfill the authorized share capital. The return on the investment
ratio of IOCL is the lowest among its competitors. The company has the maximum
number of liabilities in the year 2015. In the year 2015, Degree of financial leverage
is very high than previous years. However, The study concluded that the company
should utilize the debt fund more efficiently to maximize shareholder’s return. IOCL
have to reduce total debts of the company against of issuing more share to the
public. The company can invest in marketable securities to improve its cash
positions.

Akshat Dixit (2019) The study examined that in 2017–18, Indian Oil recorded a
sales turnover of $5, 06,428 Crore and a net profit of $21,346 Crore, making it the
country's most profitable PSU. A $1, 90,670,000,000 contribution was given to the
government coffers. During the 2017–18 fiscal year, Indian Oil was awarded a grant
from the Indian government totaling 6,757.73 crore. Nearly half of India's market for
xii
petroleum products is dominated by Indian Oil. Indian Oil has a capacity of 71% for
downstream sector pipeline throughput and above 35% for national refining capacity.
The thesis concludes with the findings that even though Indian Oil has a sizable market
share and is well-known as a major in the petroleum sector, due to technological
advancements, the entry of new competitors, and the maturation of the stagnant
business, a company should also keep an eye on the market and its competitors, which
IOCL generally does. However, according to the research, it is to be suggested that the
alliance that IOCL is forming should not affect their reputation in the market as like.

Ashutosh Agrawal (0081/53), Bharat Shamnani (0097/53), Biswajit Bikash Paul

(0101/53), Chaitan Majhi (0104/53), Chauhan Vivek Ashokbhai (0108/53) The
study's time frame is between 2011–12 and 2014–15. Indian Oil Corporation Limited
is contrasted with BPCL and HPCL in this study. IndianOil has the unique distinction
of being able to provide a wide variety of petroleum products to every nook and
cranny of the nation, overcoming challenging terrain, inclement weather, and logistical
challenges. With sales of 76.51 million tonnes, including exports, IndianOil continued
to dominate the market throughout the 2014–15 fiscal year by capitalising on this
essential strength and the year-round efforts of its field team. The Corporation
recorded net operating income of 4,37,526 crore in 2014–15 as opposed to 328,092
crore in 2011. However, the Corporation's profit after tax decreased to 5,273.03 from
7,445.48 in 2011. In the refining sector, IOCL has the biggest market capitalization
(22% of the whole industry), followed by BPCL (14% of the total industry) and
HPCL (7% of the total industry). In comparison to BPCL (Rs. 69,728.88 crores)
and HPCL (Rs. 67,550.64 crores) for 2014–15, IOCL has more assets, totaling
Rs. 219,849.17 crores, providing it an advantage. In comparison to BPCL and HPCL,
IOCL has the greatest net sales (Rs. 437,526.13 crores) for the entire period under
consideration (2011–2015).

xiii
KUMAR, PAWAN; GUPTA, V. K.; GOYAL, ANIL KUMAR (2013) One
of the most significant energy sources and the backbone of any economy is oil
and gas. In India, the oil and gas sector makes up around 40% of the country's
principal energy sources. One of India's six major industries, oil and gas has a
substantial forward link to the whole economy. Internally, financial analysis
can be used to assess topics like profitability, liquidity, solvency, overall
performance, operational effectiveness and efficiency, credit policies, and
externally, potential investment opportunities and borrower credit worthiness,
among other things. Every business or organisation must do a financial analysis
to assess how well it is performing financially. It is a method for determining
the firm's or company's financial strengths and weaknesses as well as a tool for
comparing those results to the financial health of the sector. Ratio analysis is
one of the most crucial and effective tools in financial analysis. It shows how
well the firm's or company's long-term and short-term financial policies are
working. The profitability ratios, liquidity ratio, solvency ratio, and investment
ratio can all be used to evaluate Indian Oil Corporation Limited's financial
analysis and its financial status. The analysis is based on secondary data
gathered from the annual reports of the Ministry of Petroleum, Indian Oil
Corporation Limited, and other secondary sources.

Abhishek Sharma & Dr. Ashok Agarwal (2019) The core of a company's
economic performance analysis is a financial analysis, which often descends to
primary fields and yields outcomes like affectivity, efficiency, production
capacity utilisation, and supplement management. This article's goal is to
compare the financial analyses of a few Indian petroleum businesses, both
public and private, in order to assess the company subjects' growth in a
particular area of activity, liquidity, profitability, and debt, and to identify areas
of strength and opportunity. In order to study the financial performance of the

xiv
chosen public and private companies, Reliance Oil & Gas Industries limited
and Cairn India as well as public sector companies Indian Oil Corporation
(IOC) and Gas Authority of India limited (GAIL) were chosen for financial
ratio analysis of the study period 2011912 to 2015-16. It might be said that
public sector corporations had a superior debt to equity ratio than private sector
companies. IOC had a debt to equity ratio of roughly 1 over a five-year period,
which was superior than other corporations. In contrast to Reliance Company,
GAIL demonstrated a lower but better ratio, whereas CAIRN lacked any
information on its debt to equity ratio. Only Indian Oil Corporation is the only
company which had a increased return on capital employed. Other than that all
the company’s return on capital employed reduced with the coming years.

Mrs Mokkarala Rama, Ms N S L Praveena(2017) The most notable scarce

resource in modern society, finance, is the focus of financial management. All
financial decisions strive to reduce risk and maximize reward. Each of the above
choices is connected to the goals of financial management in order to guarantee
this. An important decision is the capital structure. Because debt is the cheapest
method of financing, raising the proportion of debt in a company, also known as
financial leverage, aids in lowering the overall cost of capital. This fact is
supported by a number of capital structure decision theories. Selecting the
optimal balance of debt and equity for a company's capital structure is one of
the most crucial financing decisions. Excess use of debt may endanger the very
survival of a firm, on die other hand, a conservative policy may deprive its
equity holders a higher return on their investments as debt is considered a
relatively cheaper source of finance. In order to continue contributing to the
shareholders' wealth in the next years, the company must maintain an ideal
capital structure and level of leverage. The company's overhead costs and

xv
external purchases, which have an impact on the company's profitability, must
be under control.

Bhawna Hinger (2016) The goal of the study, which used an analytical and
descriptive research design, was to ascertain the size and trend of the corporate
capital structure of businesses in India. In addition to other published materials
of the companies, secondary data from the annual reports of HPCL, IOCL, and
BPCL were used to analyse the capital structures of these companies. Trend
analysis, common size statements, and analyses of the growth rates and
coefficients of variation were also used in areas that were pertinent to the
analysis. In the current environment, these companies have needed capital at
some point in their operations. Since all three companies, such as HPCL,
IOCL, and BPCL, have a high rate of income and holds when compared to the
rate of interest, such as (R>K), it is better for these organisations to manage
their capital by obligation capital rather than share capital. This will increase
the value of the offers holders or firm. Equity shares contributed between 2%
and 3% of the total capitalization annually in the case of IOCL, whose capital
structure shares many similarities with HPCL's. The contribution from reserves
funds ranges from 45 to 50 percent, and the contribution from loan capital
ranges from 45% to 50% of total capitalization, although in the most recent
good year, the proportion of loan capital was consistently less than 50% of total
capitalization.

Rosy Dhingra & Kapil Dev (2016) The goal of the study is to examine the
impact of accounting variables on the capital structure of Indian oil businesses
listed on the National Stock Exchange, including financial strength, long-term
profitability, asset tangibility, business risk, and solvency. Due to its scope, the
current study has a limited time frame. It covers the ten-year period beginning
on April 1, 2006, and ending on March 31, 2015. This study uses secondary
data to support its conclusions, which can be confirmed through observation.

xvi
Since variable strength is the highest among all the variables, it has been
discovered that it is more significant and positively correlated with leverage
than the other variables, as indicated by its regression results. Additionally, it
has been observed that every explanatory factor plays a significant role in
determining capital structure. Despite the fact that they are all in the same
business, corporations have been discovered to employ various capital
structuring techniques. Once the capital structure is established, there are no
discernible changes to the capital structure over time. Additionally, it
demonstrates that the capital structure is unaffected by sales relative to total
assets, indicating that once the capital structure is established, it will not be
modified in response to sales over time.

B.S. Yogesha, Dr. B. Mahadevappa (2014) This article begins by examining

the idea of value contributed and how it differs from the idea of profit. It
gathered Indian Oil Corporation Ltd.'s financial statements over an eight-year
period and restated them as value-added accounts. Ratio assessments were
carried out to determine the applicability of various value added ratios. The
study's goals included calculating gross and net value added, understanding the
value added ratios' relevance, and computing and analysing value added ratios.
This article's goal is to examine the value added ratios of an Indian public
sector organization Indian Oil Corporation Ltd. was chosen as the study's
sample company. Based on their audited financial records, value added
statements were created for this company for eight years, from 2004–05 to
2011–12. On the basis of value added statements, value added ratios were
computed and examined. The value added ratios' role in helping businesses
assess their productivity and efficiency is the main topic of this essay.

Dr V. Sugumar, Mrs. N. Prema (2019) The period of this study covered ten
years from 2013-14 to 2017-18. Secondary data were used to inform the study.
The goal of the study is to evaluate the Indian Oil Corporation Limited's

xvii
financial status, and ratio analysis is the method used to determine the firm's
financial accuracy and cost-effectiveness. According to the study's findings, the
company is in a solid financial position. A company's effectiveness is based on
how well its business operations are run. Making a profit is viewed as being
crucial to a business' survival. The profitability ratios demonstrate the
organization's effectiveness. The Indian Oil Corporation's financial standings
are adequate. But the business must strengthen its position in terms of short-
term solvency.

Ramesh Singh (2010) Ratio analysis is used to examine the financial status of
IOCL from 2004–05 to 2007–08. My research is limited to Indian Oil
Corporation Ltd. (finance department) Ratio Analysis & Asset Management
Using SAP has been the subject of the study in IOCL. The management and
other interested parties can utilise this analysis to inform decision-making and
strengthen control over the company's financial weaknesses. This study can be
used by the management to properly manage the company's assets and
comprehend the issues connected using SAP. The majority of the study's data
was secondary, and it was gathered through annual reports and the SAP manual
that was kept on file by the corporation for official use. discussed the operation
of SAP and the issue the employee was having with operation with managers
who use SAP for asset management. The company's liquidity situation is
satisfactory, however the rate of increase in current assets is lower than the rate
of current liability. By expanding the current asset, the corporation should aim
to obtain the ideal ratio of 2.1. The corporation raises its funds primarily
through equities and has yearly profits that are increasing. The business should
make an effort to add more debt to its capital structure, which will both lower
its tax burden and provide inexpensive funding

xviii
 FINANCIAL REPORT OF IOCL

INDIAN OIL CORPORATION LIMITED

[CIN- L23201MH1959GOI011388]
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2022
(Rs. in Crore)
AUDITED RESULTS
PARTICULARS FOR THE YEAR ENDED
31.03.2022 31.03.2021 31.03.2020 31.03.2019
A. FINANCIALS
7,28,459.9 5,14,890.4 5,66,949.6 6,05,932.3
1. Revenue from Operations 4 7 4 4
2. Other Income 4324.26 4,550.72 3,571.39 3,128.51
7,32,784.2 5,19,441.1 5,70,521.0 6,09,060.8
3. Total Income (1+2) 0 9 3 5
4. EXPENSES
2,94.501.4 1,56,647.9 2,47,077.0 2,69,679.6
(a) Cost of Materials Consumed 8 6 3 1
1,30,296.1 1,36,832.8
(b) Excise Duty 9 6 80,693.19 78,231.08
2,21,078.1 1,43,305.7 1,78,535.4 1,79,055.5
(c) Purchases of Stock-in-Trade 0 3 9 0
(d) Changes in Inventories (Finished Goods, Stock-in-trade) -12,197.02 -5,547.57 -6,410.43 -3,011.13
(e) Employee Benefits Expense 10,991.70 10,712.04 8,792.65 11,102.17
(f) Finance Costs 4,829.10 3,093.92 5,979.45 4,311.03
(g) Depreciation and Amortization Expense 11,005.91 9,804.30 8,766.10 7,514.29
(h) Impairment Loss (including reversal of impairment loss) -136.38 1,195.45 NA NA
(i) Net Loss on de-recognition of Financial Assets at Amortised Cost 172.75 7.69 5.73 3.29
(j) Other Expenses 40,509.30 33,673.16 39,471.29 37,048.09
7,01,051.1 4,89,725.5
Total Expenses 3 4 562,910.50 583,933.93
5. PROFIT/ (LOSS) BEFORE TAX (3-4) 31,733.07 29,715.65 -3,694.11 25,126.92
6. TAX EXPENSES
(a) Current Tax 6,913.00 6,761.03 -165.89 5,100.94
(b) Deferred Tax 635.97 1,118.58 -4,841.45 3,131.83
7,548.97 7,879.61 -5,007.34 8,232.77
7. NET PROFIT/(LOSS) for the period (5-6) 24,184.10 21,836.04 1,313.23 16,894.15
8. Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss 6,228.96 4,690.93 -11,056.28 -1,982.05
A (ii) Income Tax relating to items that wi II not be reclassified to profit or
loss 128.56 -204.76 165.33 -463.51
B (i) Items that will be reclassified to profit or loss -130.6 119.71 647.98 155.51
B (ii) Income Tax relating to items that wi II be reclassified to profit or loss 32.91 -21.99 -166.35 -34.11
6,259.83 4,583.89 -10,409.32 -2,324.42
9. Total Comprehensive Income for the period (7+8) 30,443.93 26,419.93 -9,096.09 14,569.73
10. Paid-up Equity Share Capital (Face value-'{ 10 each) 9,414.16 9,414.16 9,414.16 9,414.16
1,22,105.3 1,01,319.0
11. Other Equity excluding revaluation reserves 2 0 84,587.83 99,476.47
12. Earnings per Share ('l;) (Refer Note 4) face value is Rs.10 each
(a) Basic 26.34 23.78 1.43 17.89
(b) Diluted 26.34 23.78 1.43 17.89
STATEMENTS OF ASSETS AND LIABILITIES - STANDALONE (Rs. in Crore)

xix
 AS AT
PARTICULARS 31.03.2022 31.03.2021 31.03.2020 31.03.2019
AUDITED AUDITED AUDITED AUDITED
A. ASSETS
1. Non-Current Assets
(a) Property, Plant and Equipment 1,44,313.53 1,40,916.14 1,31,752.76 1,17,331.22
(b) Capital Work-in-Progress 42,764.60 31,600.61 28,134.10 22,160.52
(c) Intangible Assets 2,575.31 2,483.80 1,929.04 1,376.61
(d) Intangible Assets under Development 1,681.47 1,451.52 1,603.65 1,438.44
(e) Financial Assets
(i) Investments
Equity investment in Subsidiaries, JVs and
Associates 21,868.16 19,191.01 17,578.24 17,956.51
Other Investments 28,153.66 20,561.11 13,473.93 23,465.37
(ii) Loans 2,263.92 2,389.73 3,241.87 2,292.17
(iii) Other Financial Assets 989.47 218.82 285.12 205.66
(f) Income Tax Assets(Net) 2,748.06 2,428.85 4,186.76 1,347.85
(g) Other Non-Current Assets 3,659.10 2,828.59 2,863.07 3,903.38
Sub Total - Non-Current Assets 251,017.28 224,070.18 205,048.54 191,477.73
2. Current Assets
(a) Inventories 1,03,206.94 78,188.01 63,677.62 71,470.38
(b) Financial Assets
(i) Investments 7,764.82 8,867.29 8,086.39 8,518.09
(ii) Trade Receivables 18,136.57 13,379.56 12,844.09 15,457.83
(iii) Cash and Cash Equivalents 709.91 313.74 535.56 38.31
(iv) Bank Balances other than above 173.07 1,354.63 53.58 49.34
(v) Loans 439.95 616.51 1,069.67 1,364.74
(vi) Other Financial Assets 3,347.43 3,884.76 15,629.76 21,337.08
(c) Other Current Assets 3,373.34 3,186.50 3,841.46 3,985.52
Sub Total - Current Assets 137152.03 109,791.00 105,738.13 122,221.29
Assets Held for Sale 169.79 192.90 237.61 227.40
1,37,321.82 1,09,983.90 105,975.74 122,448.69
TOTAL ASSETS
3,88,339.10 3,34,054.08 3,11,024.28 313,926.42
B. EQUITY AND LIABILITIES
1. Equity
(a) Equity Share Capital 9,181.04 9,181.04 9,181.04 9,181.04
(b) Other Equity 1,22,105.32 1,01,319.00 84,587.83 99,476.47
Sub Total - Equity 1,31,286.36 1,10,500.04 93,768.87 1,08,657.51
LIABILITIES
2. Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 50,579.83 48,965.87 49,250.64 34,666.36
(ii) Lease Liabilities 6,557.16 6,442.08 NA NA
(iii) Other Financial Liabilities 913.79 847.49 789.58 616.03
(b) Provisions 907.81 943.93 919.05 883.66
(c) Deferred Tax Liabilities (Net) 13,627.36 12,964.73 11,413.14 15,823.07

(d) Other Non-Current Liabilities 3,169.00 2,576.10 2,042.48 1,598.09

Sub Total - Non-Current Liabilities 75,754.95 72,740.20 64,414.89 53,587.21

xx
3. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 60,218.67 45,447.13 63,486.08 48,593.55
(ii) Lease Liabilities 2,107.16 1,472.41 NA NA
(iii) Trade Payables
Total outstanding dues of Micro and Small
Enterprises 799.84 547.01 232.47 235.24
Total outstanding dues of creditors other than
Micro and Small Enterprises 41,669.50 33,043.68 25,019.11 37,147.35
(iv) Other Financial Liabilities 48,051.50 43,638.45 42,550.71 43,973.77
(b) Other Current Liabilities 18,445.46 16,485.72 12,050.96 12,080.50
(c) Provisions 9,394.27 9,381.59 9,567.47 10,137.89
(d) Current Tax Liabilities (Net) 611.39 797.85 NA NA
Sub Total - Current Liabilities 1,81,297.79 1,50,813.84 1,52,906.80 1,52,168.30
TOTAL EQUITY AND LIABILITIES 3,88,339.10 3,34,054.08 3,11,090.56 3,14,413.02

xxi
STATEMENT OF CASH FLOWS- STANDALONE (Rs. in Crore)
FOR THE YEAR ENDED
PARTICULARS 31.03.2022 31.03.2021 31.03.2020 31.03.2019
AUDITED AUDITED AUDITED AUDITED
A. CASH FLOWS FROM OPERSTING ACTIVITIES
1.Profit/(Loss) Before Tax 31,733.07 29,715.65 -3,694.11 25,126.92
2. Adjustments for:
Depreciation and Amortisation 11,005.91 9,804.30 8,766.10 7,514.29
Loss/ (Profit) on sale of Assets (net) -23.15 85.09 93.94 152.87
Loss/ (Profit) on sale/ write-off of Investments (net) 4.73 -4.12 NA 1.60
Amortisation of Capital Grants -25.96 -25.29 -134.3 -99.99
Provision for Probable Contingencies (net) -92.14 -227.65 -1,353.49 -1,492.97
MTM Loss/ (gain) arising on financial assets/liabilities as at fair
205.71 -205.56
value through profit and loss 59.11 2.77
Unclaimed/ Unspent liabilities written back -127.56 -371.7 -155.27 -312.03
Bad Debts, Advances & Claims written off 184.21 10.61 11.98 9.07
Provision for Doubtful Debts, Advances, Claims and Obsolescence
-170.07 564.98
of Stores (net ) -599.54 1,025.82
Impairment Loss on Financial Assets -136.38 1,195.45 NA NA
MTM Loss/ (Gain) on Derivatives -68 -140.87 170.58 66.82
Remeasurement of Defined Benefit Plans through OCI -768.98 22.42 -154.40 148.39
Interest Income -1,868.67 -1,760.12 -1,917.23 -1,696.41
Dividend Income -2,318.68 -1,241.03 -1,592.02 -1,348.41
Finance costs (excluding exchange effect) 3,816.33 3,921.00 5,979.45 4,311.03
Amortisation and Remeasurement (Net) of PMUY Assets 587.97 1,056.60 NA NA
3. Operating Profit before Working Capital Changes (1+2) 41,937.34 42,399.76 5,480.80 33,409.77
4. Change in Working Capital (excluding Cash &Cash Equivalents):
Trade & Other Receivables -3,491.67 9,359.57 8,945.28 -12,478.68
Inventories -25,044.09 -14,513.92 7,777.39 -6,176.09
Trade and Other Payables 14,997.11 15,465.64 -13,192.37 3,136.83
Change in Working Capital -13,538.65 10,311.29 3,530.30 -15,517.94
5. Cash Generated from Operations (3+4) 28,398.69 52,711.05 10,446.08 17,881.33
6. Less: Taxes paid 7,221.35 3,927.07 1,806.72 5,459.53
7. Net Cash Flow from Operating Activities (5-6) 21,177.34 48,783.98 8,639.36 12,421.80
B. CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of Property, Plant and Equipment/ Transfer
542.63 998.9
of Assets 697.39 1,068.32
Purchase of Property, Plant & Equipment and Intangible Assets -4,076.60 -4,559.25 -11,678.00 -6,985.67
Expenditure on Construction Work-in-Progress -17,814.07 -16,602.57 -18,716.35 -15,370.74
Proceeds from sale of financial instruments (other th an
-4.73 115.28
working capital) NA 500.00
Investments in Subsidiaries -1,877.43 -1.13 -89.95 -2,516.47
Purchase of Other Investments -1,710.97 -4,580.49 -735.67 -513.43
Receipt of government grants (Capital Grant) 703.85 580.66 22.34 10.20
Interest Income received on Investments 1,822.11 1,749.88 2,030.79 1,687.70
Dividend Income on Investments 2,318.68 1,241.03 1,592.02 1,348.63
Net Cash Generated/ (Used) in Investing Activities -20,096.83 -21,057.69 -26,877.43 -20,771.46

C. CASH FLOWS FROM FINANCING ACTIVITIES

xxii
 Proceeds from Long-Term Borrowings 10,613.23 10,050.40 18,352.92 18,758.99
Repayments of Long-Term Borrowings -587 -2,048.63 -3,406.11 -2,356.61
Repayments of Lease Liabilities -1,761.39 -1,106.60 NA
Proceeds from/ (Repayments of) Short-Term Borrowings 6,309.80 -22,313.22 14,892.53 11,785.52
Interest paid -4,362.99 -4,146.87 -5,301.72 -3,775.27
Dividend/ Dividend Tax paid -10,896.02 -8,383.19 -5,802.30 -11,635.34
Net Cash Generated/ (Used) from Financing Activities -684.34 -27,948.11 18,735.32 12,777.29
D. NET CHANGE IN CASH & CASH EQUIVALENTS (A+B+C) 396.17 -221.82 497.25 -15.17
E1. Cash & Cash Equivalents as at end of the period 709.91 313.74 535.56 38.31
E2. Cash & Cash Equivalents as at the beginning of period 313.74 535.56 38.31 53.48
NET CHANGE IN CASH & CASH EQUIVALENTS (El- E2) 396.17 -221.82 497.25 -15.17
FOR THE YEAR ENDED
31.03.2022 31.03.2021 31.03.2020 31.03.2019
921.43 -1,177.78 5,881.28 -336.21

xxiii
 MARKET CAPITALIZATION OF IOCL

As of 31st March 2022, The market capitalization of Indian Oil was Rs.
1,11,981 Crore that makes Indian Oil world’s 1195th most valuable company on
the basis of market capitalization. Market cap or market capitalization is
basically means the total value of all a company’s shares of stock i.e. valuation
of the company based on its current share price and the total number of
outstanding stocks.

Year Market Capitalisation (Rs. in Crore)

2021-22 1,11,981
2020-21 86,469
2019-20 76,867
2018-19 1,53,310

xxiv
 RATIO ANALYSIS

Ratio analysis is a mathematical technique for analysing a company's financial

documents, such as the balance sheet and income statement, to gather
knowledge about its liquidity, operational effectiveness, and profitability. It is
one of the most important tool of financial analysis. By carefully examining
both historical and current financial statements, investors and analysts use ratio
analysis to assess a company's financial health. Comparative data may show
how a business is doing through time and be used to predict how it will likely
do in the future. This information can be used to assess how a company
compares to others in its industry and to benchmark its financial performance
against industry averages.

1. Profitability Ratios:-

These ratio demonstrate how effectively a business can turn a profit from its
operations.

(i) Net Profit Margin:-

Net Profit Margin is calculated by dividing Net Profit After Tax with Revenue
from Operations and multiply with 100 to convert into percentage form. Net
Profit Margin is a strong indicator of company’s success and it is stated as a
percentage. A higher net profit margin means that company is able to effectively
control its cost i.e. firm provide goods or services at a price higher than its costs
and it is possible only when firm has efficient management, strong pricing
strategies. On the other hand, a low net profit margin means that a firm has
inefficient management and poor pricing strategies.

xxv
 Table 1: Net Profit Margin

Revenue from
Year Net Profit After Tax Operations NET PROFIT
(Rs. in crore) (Rs. in crore) MARGIN (%)

2021-22 24,184.10 7,28,459.94 3.32

2020-21 21,836.04 5,14,890.47 4.24
2019-20 1,313.23 5,66,949.64 0.23
2018-19 16,894.15 6,05,932.34 2.79

Net Profit Margin (%)

4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2021-22 2020-21 2019-20 2018-19

Figure 1: Net Profit Margin

From the above data, It is clear that the net profit margin of the company was
2.79% during the year 2018-19 but failed to maintain its position in 2019-20
and net profit margin decreased to 0.23%. However, net profit eventually
increased upto 4.24% in the year 2020-21 but again it decreased to 3.32 in the
year 2021-22.

(ii) Gross Profit Margin:-

The amount of revenue that remains in a given accounting period after company
pays for labour and cost of material used is termed as gross profit margin. Gross

xxvi
profit margin is calculated by dividing gross profit with sales (revenue from
operation) and multiply with 100 to convert into percentage form.

Table 2: Gross Profit Margin

Gross Profit Sales Gross Profit

Year (Rs. in Crore) (Rs. in Margin
Crore) (%)
2021-22 70,387.15 7,28,459.94 9.66
2020-21 72,556.35 5,14,890.47 14.09
2019-20 54,233.5 5,66,949.64 9.56
2018-19 75,865.02 6,05,932.34 12.52

Gross Profit Margin (%)

16
14
12
10
8
6
4
2
0
2021-22 2020-21 2019-20 2018-19

Figure 2: Gross Profit Margin

From the above data, It is clear that gross profit margin of the company is not
stable. It get fluctuating over the past 4 years. The highest gross profit
margin during the study is 14.09% which came in the year 2020-21.

2. Liquidity Ratio:-

A liquidity ratio is used to determine the company’s ability to pay its short term
liabilities using its current assets.

(i) Current Ratio:-

xxvii
Current ratio is calculated by dividing current assets with current liabilities. The
ideal current ratio of firm should be 2:1.

Table 3: Current Ratio

Current Assets Current Current Ratio

Year (Rs. in crore) Liabilities
(Rs. in crore)
2021-22 1,37,152.03 1,81,297.79 0.76
2020-21 1,09,791.00 1,50,813.84 0.73
2019-20 1,05,738.13 1,52,906.80 0.69
2018-19 1,22,221.29 1,52,168.30 0.81

Current Ratio
0.85

0.8

0.75

0.7

0.65

0.6
2021-22 2020-21 2019-20 2018-19

Figure 3: Current Ratio

From the above data, it is concluded that the company could not achieved ideal
ratio in any of the year during the study which shows that the liquidity position
of the company is poor and company is not able to meet its current liabilities.

(ii) Quick Ratio (Acid Test Ratio) :-

Quick ratio is the sum of cash and accounts receivable divided by current liabilities.
Quick ratio is same as current ratio. Quick assets are the assets which are either cash
xxviii
or easily convert in to cash without any major loss in the value. The ideal quick
ratio of company should be 1:1.
Table 4: Quick Ratio

Cash Accounts Current Quick

Year (Rs. in Receivable Liabilities Ratio
crore) (Rs. in crore) (Rs. in crore)
2021-22 709.91 18,136.57 1,81,297.79 0.10
2020-21 313.74 13,379.56 1,50,813.84 0.09
2019-20 535.56 12,844.09 1,52,906.80 0.08
2018-19 38.31 15,457.83 1,52,168.30 0.10

Quick Ratio
0.12

0.1

0.08

0.06

0.04

0.02

0
2021-22 2020-21 2019-20 2018-19

Figure 4: Quick Ratio

From the above data, it is concluded that the company unable to achieved ideal quick
ratio in any of the year during the study.

3. Solvency Ratio :-
Solvency ratios are an essential part of the financial analysis that determines if a firm
has enough cash flow to handle its upcoming debt commitments. Leverage ratios are

xxix
another name for solvency ratios. Solvency ratio measures firm’s ability to pay its long
term debts.
(i) Debt to Equity Ratio:-
The debt to equity ratio considers both the equity held by shareholders and the company's
obligations. The optimal ratio to use when evaluating a company's financial success is
its debt to equity ratio. Additionally, it might be useful in determining the
company's capacity to meet its debt obligations.A high debt to equity ratio puts
businesses at risk financially. It indicates that the corporation is financing itself
more through debt
than through equity. A low debt to equity ratio indicates that a company does not require
debt financing because it has enough cash in hand in the form of equity.

Table 5: Debt to Equity Ratio

Total Liabilities Equity Debt to Equity

Year (Rs. in crore) (Rs. in crore) Ratio
2021-22 257,052.74 1,31,286.36 1.95
2020-21 223,554.04 1,10,500.04 2.02
2019-20 217,321.69 93,768.87 2.31
2018-19 205,755.51 1,08,657.51 1.89

Debt to Equity Ratio

2.5

1.5

0.5

0
2021-22 2020-21 2019-20 2018-19

Figure 5: Debt to Equity Ratio

The ideal debt-to-equity ratio is anything between 1 to 1.5 or sometimes 2.0 is also
xxx
considered as a good debt-to-equity ratio depending on the industry. But exceeding 2.0

xxxi
is get risky for the firm. From the above data, it is concluded that Indian Oil has
positive debt-to-equity in past 4 years.

(ii) Debt to Total Assets Ratio :-

The ratio of a company's debt to total assets is an indicator of its financial leverage.
It reveals what proportion of a company's overall assets were financed by creditors.
To put it another way, it is the sum of a company's liabilities divided by the sum of
its assets. If the debt-to-assets ratio is greater than one, a business has more debt than
assets. If the ratio is less than one, the business has more assets than debt. A
company with a high ratio of total debt to total assets has a relatively high financial
risk and vice-versa.
Table 6: Debt to Total Assets Ratio

Total Liabilities Total Assets Debt to Total

Year (Rs. in crore) (Rs. in crore) Assets Ratio
2021-22 257,052.74 388,169.31 0.66
2020-21 223,554.04 333,861.31 0.66
2019-20 217,321.69 310,786.67 0.69
2018-19 205,755.51 313,699.02 0.65

Debt to Total Assets Ratio

0.7
0.69
0.68
0.67
0.66
0.65
0.64
0.63
2021-22 2020-21 2019-20 2018-19

Figure 6: Debt to Total Assets Ratio

xxxii
From the above data, it is examined that IOCL has debt to total assets ratio less than 1
and has more assets than debts.

4. Investment Ratio :-
Investment ratio are used to assess the company’s ability to make a positive and
profitable returns on investment.

(i) Earning Per Share Ratio :-

Earnings per share (EPS) is a metric investors commonly use to value a stock
or company because it indicates how profitable a company is on a per-share
basis. A corporation is more likely to be profitable the greater its EPS, yet this
doesn't ensure its future performance.

Table 7: Earning Per Share Ratio

Year Net Profit After Tax Number of Equity Earning Per Share
(Rs. in crore) Shares (Face Ratio
value=
Rs.10 each)
2021-22 24,184.10 918.1 26.34
2020-21 21,836.04 918.1 23.78
2019-20 1,313.23 918.1 1.43
2018-19 16,894.15 918.1 18.40

xxxiii
 Earning Per Share Ratio
30

25

20

15

10

0
2021-22 2020-21 2019-20 2018-19

Figure 7: Earning Per Share Ratio

From the above data, it is examined that in the year 2018-19, earning per share of
Indian Oil Corporation Limited was 18.40 which drastically decreased to 1.43 in next
year but it increased to 23.78 in the year 2020-21 and 26.34 in the year 2021-22.

xxxiv
 CONCLUSION

After the performing the financial analysis of Indian Oil Corporation Limited
from various financial keys like profitability, liquidity, solvency and
investment, it is concluded that the profitability of the company is poor because
the net profit margin and gross profit margin need to be improved.

Secondly, the ideal current ratio and ideal quick ratio of any company is 2:1 and
1:1 respectively but unfortunately Indian Oil failed to achieve this ratio in the
both case during the period of study. The liquidity ratio shows the company are
able to pay its current liabilities or not but undoubtedly Indian Oil failed to meet
the condition. Company needs to increase the assets to pay its debts.

Third, The company's debt-to-equity ratio ranges from 1.89 to 2.31, with a
desirable average of 2.04. Depending on the industry, a debt-to-equity ratio of
between 1 and 1.5 or even 2.0 is also regarded as a desirable debt-to-equity
ratio. However, going above 2.0 becomes risky for the company. The debt to
total assets ratio, which ranges from 0.65 to 0.69 with an average of 0.66,
demonstrates the firm's strong solvency situation.

Fourth, earnings per share, which range from 1.43 to 26.34, is an investment
ratio that is also strong and demonstrates the company's ability to raise
shareholders' wealth.

xxxv
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