Company Update : Oil India Ltd By Motilal Oswal Financial Services Ltd
EBITDA in line; PAT beat driven by lower DDA and taxes
* Revenue came in 7% above our estimate at INR55.2b (flat YoY), as both oil and gas sales stood above our est.
* Oil sales came in at 0.85mmt (our estimate of 0.83mmt). Gas sales stood at 0.67bcm (our estimate of 0.65bcm).
* Oil and gas production stood flat YoY at 844mmt/806bcm in 4Q.
* Oil realization was USD74.9/bbl (our estimate of USD75.9/bbl).
* EBITDA came in line with our estimate at INR19.8b (-15% YoY), as other expenses came in above our est.
* However, reported PAT was 16% above our estimate at INR15.9b due to higher-than-expected other income and lower-than-expected finance cost, DDA, and tax rate.
* Numaligarh refinery 4Q performance:
* PAT stood at INR6.2b (vs. PAT of INR6.4b during 4QFY24), as GRM stood at USD9.3/bbl.
* Crude throughput stood at 809.7tmt (similar YoY) and distillate yield stood at 88% (vs.89% in 4QFY24).
* In FY25, net sales and EBITDA were similar YoY, while APAT declined 14% YoY.
* In FY25, the company incurred a capex of INR84.7b.
* The Board has recommended a final dividend of INR1.5/share (FV: INR10/ share, interim dividend in FY25: INR10/sh).
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