11 August 2017
1QFY18 Results Update | Sector: Oil & Gas
Oil India
Buy
BSE SENSEX
31,214
S&P CNX
9,711
CMP: INR279
TP: INR316(+13%)
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EBITDA ahead of estimate led by lower opex
Oil India’s (OINL) revenues of INR23.3b (+5% YoY, -7% QoQ) were in line with
our estimate of INR23.2b. Reported EBITDA of INR8.7b (+1% YoY, +30% QoQ)
was significantly above our estimate of INR7.3b, led by lower other
expenditure of USD5.4/boe v/s USD8.3 in 4QFY17 and USD6 in 1QFY17. Adj.
PAT of INR4.5b (-9% YoY) was lower than our estimate of INR5.3b due to lower
other income of INR1.5b (est. of INR4.6b; -36% YoY, -81% QoQ).
Realization at USD48.4/bbl:
In 1QFY18, gross realization stood at USD48.4/bbl
(est. of USD49.1; +12% YoY, -8% QoQ), led by lower oil prices. Production of oil
stood at 0.85mmt (+6% YoY, +2% QoQ) and of gas at 0.72bcm (-1% YoY, flat
QoQ). Total production grew 2% YoY (+1% QoQ) to 1.57mmtoe. Sales of oil
stood at 0.82mmt (+4% YoY, +2% QoQ) and of gas at 0.6bcm (-2% YoY, +1%
QoQ). Total sales grew 2% YoY (+2% QoQ) to 1.42mmtoe.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
OINL IN
801.5
251.7 / 3.9
367 / 258
7/-29/-10
212
33.9
Financials & Valuations (INR b)
Y/E Mar
2017 2018E 2019E
Sales
93.5
93.5 106.0
EBITDA
29.5
30.0
37.3
Adj. PAT
27.0
22.4
24.9
Adj. EPS (INR)
19.3
27.9
31.1
EPS Gr. (%)
7.2 -17.2
11.3
BV/Sh.(INR)
362.9 377.7 394.2
RoE (%)
5.7
7.5
8.0
RoCE (%)
6.4
5.9
6.2
P/E (x)
14.4
10.0
9.0
P/BV (x)
0.8
0.7
0.7
EV/EBITDA (x)
8.3
9.4
8.1
Div. Yield (%)
5.0
3.9
4.3
Valuation and view
With OPEC and non-OPEC agreeing to extend oil production cut until March
2018, we expect stability in crude oil prices and realizations of the company.
We model Brent of USD50/55/bbl in FY18/19.
Our SOTP-based fair value stands at INR316 (incl. investment value of INR123).
We value the company at 8x FY19E adj. EPS of INR28.4, and add investments of
INR123 in IOCL, NRL and BCPL. The stock trades at 9x FY19E EPS of INR31.1.
Dividend yield is attractive at ~5%. Maintain
Buy.
Estimate change
TP change
Rating change
Quarterly Performance
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Change (%)
D,D&A
Interest
OI (incl. Oper. other inc)
PBT before exceptionals
Exceptional item
PBT after exceptionals
Tax
Rate (%)
PAT
Change (%)
Adj. EPS (INR)
Key Assumptions (USD/bbl)
Exchange rate (INR/USD)
Gas Price (USD/bbl)
Gross Oil Realization
Net Oil Realization
1Q
22.2
-19.2
8.6
38.8
-20.4
2.3
1.0
2.4
7.7
0.0
7.7
2.8
36.2
4.9
-36.2
6.2
66.9
3.4
43.1
43.1
FY17
2Q
22.4
-6.5
7.5
33.3
-2.9
2.5
1.0
4.8
8.8
0.0
8.8
2.9
33.7
5.8
-14.0
7.2
67.0
3.4
44.6
44.6
3Q
23.8
7.1
6.6
28.0
7.1
2.8
1.0
3.2
6.1
0.0
6.1
1.5
25.1
4.5
18.8
5.7
67.4
2.8
49.2
49.2
4Q
25.1
32.3
6.7
26.7
13.0
3.3
1.0
8.0
10.4
11.5
-1.1
-1.3
-12.5
0.2
-95.9
14.6
67.2
2.8
52.5
52.5
1Q
23.3
5.0
8.7
37.5
1.3
2.9
1.0
1.5
6.4
0.0
6.4
1.9
29.4
4.5
-8.9
5.6
64.4
3.4
48.4
48.4
FY18
2QE
3QE
22.5
22.2
0.2
-6.7
6.7
6.3
29.7
28.5
-10.8
-4.9
3.0
3.0
1.0
1.0
4.6
5.0
7.3
7.4
0.0
0.0
7.3
7.4
2.4
2.4
33.0
33.0
4.9
4.9
-15.4
8.7
6.1
6.2
65.5
3.2
48.7
48.7
66.0
2.8
48.7
48.7
4QE
23.5
-6.4
6.1
25.8
-9.8
2.9
1.0
7.9
10.1
0.0
10.1
3.3
33.0
6.8
3,407.3
8.4
66.5
2.3
48.7
48.7
FY17
93.5
0.9
29.5
31.5
-4.0
10.9
4.0
18.4
33.0
11.5
21.5
6.0
18.1
15.5
-32.8
33.7
67.1
3.1
47.3
47.3
FY18E
91.5
-2.2
27.8
30.4
-5.7
11.8
3.9
19.1
31.2
0.0
31.2
10.1
32.3
21.1
36.4
26.4
65.6
2.9
48.6
48.6
FY18
1QE
23.2
8.5
7.3
31.4
-6.1
3.0
1.0
4.6
7.9
0.0
7.9
2.6
33.0
5.3
7.5
6.6
64.4
3.4
49.1
49.1
(INR Billion)
Var vs
est (%)
1%
20%
-3%
5%
-67%
-20%
-20%
-28%
-15%
-15%
0%
0%
-1%
-1%
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Swarnendu Bhushan – Research Analyst
(Swarnendu.Bhushan@MotilalOswal.com); +91 22 6129 1529
Abhinil Dahiwale – Research Analyst
(Abhinil.Dahiwale@motilaloswal.com); +91 22 3980 4309

Oil India
Exhibit 1: OINL Financial Summary
1QFY16
Production
Oil (mmt)
Gas (bcm)
Total prodn. (mmtoe)
Sales
Oil (mmt)
Gas (bcm)
Total sales (mmtoe)
Realization (USD/bbl)
Gross Realization
Subsidy
Net Realization
Net (INR/bbl)
Revenues (INRb)
Oil
Gas
LPG
Condensate
Transportation income
Total
Opex
EBITDA (pre-subsidy)
Subsidy
Reported EBITDA
D,D&A
Interest
Other Income
PBT
Income tax
PAT
EPS
0.84
0.64
1.48
0.85
0.50
1.35
61.9
4.4
57.4
3,644
2QFY16
0.82
0.70
1.52
0.81
0.57
1.38
48.7
2.3
46.4
3,017
3QFY16
0.81
0.78
1.58
0.81
0.65
1.46
42.0
-
42.0
2,769
4QFY16
0.78
0.72
1.50
0.78
0.60
1.37
32.6
-
32.6
2,202
1QFY17
0.80
0.73
1.53
0.79
0.61
1.39
43.1
-
43.1
2,882
2QFY17
0.81
0.74
1.55
0.81
0.61
1.43
44.6
-
44.6
2,983
3QFY17
0.83
0.74
1.57
0.82
0.60
1.42
49.2
-
49.2
3,318
4QFY17
0.83
0.73
1.56
0.80
0.59
1.39
52.5
-
52.5
3,528
1QFY18
0.85
0.72
1.57
0.82
0.60
1.42
48.4
-
48.4
3,118
YoY (%) QoQ (%)
6%
-1%
2%
4%
-2%
2%
12%
-
12%
8%
2%
0%
1%
2%
1%
2%
-8%
-
-8%
-12%
23.5
4.1
0.3
0.1
1.1
29.2
16.7
12.5
1.7
10.8
1.9
0.8
4.1
12.2
4.5
7.8
9.7
18.2
4.8
0.3
0.2
1.4
24.8
16.3
8.5
0.8
7.7
2.2
0.9
5.6
10.2
3.4
6.7
8.4
15.8
4.7
0.3
0.1
1.2
22.2
16.0
6.2
-
6.2
2.4
1.0
3.7
6.5
2.7
3.8
4.8
12.1
4.5
0.3
0.1
1.0
18.0
13.1
5.0
(1.0)
5.9
3.0
1.0
5.5
7.4
0.6
6.9
8.5
16.1
3.7
0.2
0.0
1.4
21.3
13.6
7.8
-
7.8
2.3
1.0
2.4
6.9
2.8
4.1
5.1
17.2
3.7
0.2
0.0
1.3
22.4
14.9
7.5
-
7.5
2.5
1.0
4.8
8.8
2.9
5.8
7.2
19.3
3.0
0.3
0.1
1.1
23.8
17.1
6.6
-
6.6
2.8
1.0
3.2
6.1
1.5
4.5
5.7
20.0
3.0
0.3
0.1
1.0
24.4
18.4
5.9
-
5.9
3.3
1.0
8.0
9.6
(1.3)
10.9
13.7
18.1
3.0
0.2
0.1
1.4
22.7
14.6
8.1
-
8.1
2.9
1.0
1.5
5.8
1.9
3.9
4.9
13%
-19%
-19%
3839%
0%
6%
7%
5%
5%
27%
1%
-36%
-16%
-33%
-4%
-4%
-10%
0%
-46%
-26%
42%
-7%
-21%
37%
37%
-12%
4%
-81%
-40%
-244%
-64%
-64%
Source: Company, MOSL
Exhibit 2: 1QFY18 gross and net realization at USD48.4/bbl (USD/bbl)
In USD/bbl
Net Realization
Subsidy
Gross Realization
119.7
116.3
112.5
111.4
110.1
109.8
108.6
108.6
108.4
108.3
108.1
106.6
104.0
101.9
101.3
85.7
78.1 75.5
74.9
53.6 61.9 48.7
42.0
32.6
43.1 44.6 49.2
52.5 48.4
Source: Company, MOSL
12 August 2017
2

Oil India
Exhibit 3: Oil India’s subsidy burden nil in 1QFY18
28.7
16.1
7.3
4.0 5.6
17.8
18.5
8.4
0.0 1.7 0.8
- (1.0) -
-
-
-
-
20.2 20.8 19.5 18.5 19.8
22.3 21.7 23.5
18.5
22.4
14.4
Source: Company, MOSL
Exhibit 4: DD&A (INRm) was up 27% YoY and down 12% QoQ
Depreciation
6,000
4,000
2,000
-
Depletion
Dry Wells (Including provision)
Survey
Total
Source: Company, MOSL
Exhibit 5: OINL’s total oil and gas production volumes were marginally up YoY/QoQ
Oil (mmt)
1.36
1.52 1.54 1.55 1.61
1.67 1.64 1.61 1.57 1.65 1.60
Gas (bcm)
Total prodn. (mmtoe)
1.41
1.52 1.57 1.57 1.50 1.48 1.52 1.58 1.50 1.53 1.55 1.57 1.56 1.57
1.52 1.56 1.58 1.57
Source: Company, MOSL
Exhibit 6: OINL’s sales similar to production were marginally up YoY/QoQ
Oil (mmt)
1.40 1.40 1.42 1.48
1.51 1.49 1.47 1.42 1.49 1.46
Gas (bcm)
Total sales (mmtoe)
1.28
1.39 1.42 1.42 1.36 1.35 1.38 1.46 1.37 1.39 1.43 1.42 1.39 1.42
1.21
1.39 1.39 1.46 1.44
Source: Company, MOSL
12 August 2017
3

Oil India
Valuation and view
With OPEC and non-OPEC agreeing to extend oil production cut till March 2018,
we expect stability in crude oil prices and realizations of the company. We
model Brent of USD 50/55/bbl in FY18/19.
Our SOTP based fair value stands at INR316 (incl. investment value of INR123).
We value the company at 8x FY19E adj. EPS of INR28.4 and add investments of
INR123 in IOCL, NRL and BCPL. The stock trades at 9x FY19E EPS of INR31.1.
Dividend yield attractive at ~5%. Maintain
Buy.
Exhibit 7: SOTP valuation of Oil India stands at INR316/share
On P/E Basis
Adj. FY19 EPS
FY19 P/E Multiple (x)
Fair Value
Investments
Fair Value
Valuation of Mozambique
Recoverable reserves (tcf)
Valuation of block (USD bn)
OIL's stake (%)
Discount rate (%)
Valuation for OIL (USD bn)
Value paid (USD bn)
Valuation for OIL (INR/share)
Total Valuation (INR/share)
75
31
4
50
1
1
-34
316
Source: Company, MOSL
28
8x
227
123
350
Exhibit 8: Oil India: Key assumptions
Year End: March 31 (INRm)
Exchange Rate (USD/bbl)
APM Gas Price (USD/mmbtu)
Brent Crude Price (USD/bbl)
Taxes & Duties
Royalty rate - Oil (%)
Royalty rate - Gas (%)
Cess (INR/MT)
Production Details
Oil (mmt)
Gas (bcm)
Total (mmtoe)
Gross under-recovery
Subsidy Sharing (INRb)
Oil Price Realization (USD/bbl)
Gross
Upstream Discount
Net
EPS (INR/sh.)
FY11
45.6
3.9
86.7
20%
10%
2,500
3.59
2.35
5.94
780
33
86.1
27.6
58.5
36.0
FY12
47.9
4.2
114.5
20%
10%
2,500
3.88
2.63
6.52
1,381
74
114.7
54.8
59.8
43.0
FY13
54.5
4.2
110.6
20%
10%
4,500
3.70
2.64
6.34
1,610
79
109.6
56.0
53.6
44.8
FY14
60.6
4.2
107.4
20%
10%
4,500
3.50
2.63
6.13
1,399
87
106.4
59.3
47.1
37.2
FY15
61.1
4.8
85.5
20%
10%
4,500
3.44
2.72
6.16
723
55
84.3
37.3
46.9
31.3
FY16
65.4
4.7
47.5
20%
10%
4,500
3.25
2.84
6.09
276
2
46.4
1.0
45.3
28.7
FY17
67.1
3.0
49.0
20%
10%
3,911
3.28
2.97
6.24
55
-
47.4
-
47.4
19.3
FY18E
65.6
2.9
50.0
20%
10%
3,940
3.28
3.03
6.30
42
-
48.8
-
48.8
27.9
FY19E
67.0
3.5
55.0
20%
10%
4,437
3.28
3.06
6.33
76
-
53.8
-
53.8
31.1
FY20E
68.0
3.7
55.0
20%
10%
4,503
3.31
3.09
6.40
82
-
53.8
-
53.8
29.3
Source: Company, MOSL
12 August 2017
4

Oil India
Story in charts
Exhibit 9: Annual oil production grew at a CAGR of 1% in 8
years (FY08-17)
12
Oil Production (mmt)
8
3
0
-5
-5
-2
-6
1
0
0
1
0
3
-3
-3
0
-1
YoY CHG (%)
Exhibit 10: Annual gas production grew at a CAGR of 2% in 8
years (FY08-17)
Gas Production (bcm)
12
6
4
YoY CHG (%)
4
0
-4
4
2
1
1
3.1 3.1 3.5 3.6 3.6 3.9 3.7 3.5 3.4 3.2 3.3 3.3 3.3 3.3
2.3 2.3 2.3
2.4
2.4 2.6 2.6 2.6 2.7 2.8 3.0 3.0 3.1 3.1
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Return ratios have declined, and so has the cash
as % of asset
RoE
30%
20%
10%
0%
RoCE
Cash as a % of total assets - RHS
75%
60%
45%
30%
15%
0%
Exhibit 12: Model nil subsidy in FY18/19 (USD/bbl)
Net Realization
86
69
55 56
59
Upstream Discount
115 110
106
66
83 82
84
Gross Realization
54 54
37 46 47 49
-
-
19
-
-
1
47 58 56 56 59 60 54 47 47 45 47 49 54 54
25 26
12 28
Source: Company, MOSL
Source: Company, MOSL
12 August 2017
5

Oil India
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
2013
95,252
-2.5
-274
22,598
30,439
42,489
44.6
9,201
26
19,570
0
52,832
16,939
32.1
35,893
35,893
4.1
2014
91,267
-4.2
79
26,922
28,789
35,478
38.9
11,770
688
21,084
0
44,105
14,291
32.4
29,813
29,813
-16.9
2015
92,301
1.1
-191
34,208
28,144
30,141
32.7
7,417
3,407
17,971
0
37,287
12,185
32.7
25,102
25,102
-15.8
2016
92,655
0.4
258
34,871
26,833
30,692
33.1
9,515
3,652
18,847
2,151
34,220
11,190
32.7
23,030
25,181
0.3
2017
93,522
0.9
-492
39,261
25,287
29,466
31.5
10,907
3,967
18,389
11,517
21,463
5,976
27.8
15,487
27,004
7.2
2018E
93,531
0.0
0
36,741
26,819
29,971
32.0
11,765
3,922
19,080
0
33,363
11,010
33.0
22,354
22,354
-17.2
(INR Million)
2019E
2020E
105,961
109,164
13.3
3.0
0
38,387
30,255
37,319
35.2
13,731
4,158
17,717
0
37,147
12,258
33.0
24,888
24,888
11.3
0
40,036
31,053
38,075
34.9
15,639
4,465
17,061
0
35,033
11,561
33.0
23,472
23,472
-5.7
Change in Stocks
Production Costs
Statutory Levies
EBITDA
% of Net Sales
D,D&A
Interest
Other Income
Prior period & other adj.
PBT
Tax
Rate (%)
PAT
Adj. PAT
Change (%)
Balance Sheet
Y/E March
Share Cap. (incl sh. suspense)
Reserves
Net Worth
Total Loans
Deferred Tax
Well Abandonment
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Producing/pre-producing
Investments
Curr. Assets, L & Adv.
Inventory
Debtors
Cash & Bank Balance
Loans & Adv. and Other CA
Current Liab. & Prov.
Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2013
6,011
186,103
192,115
10,578
12,186
2,127
217,006
40,437
26,331
14,105
7,210
46,323
18,571
2014
6,011
201,070
207,082
97,827
13,142
-
318,051
43,062
29,270
13,793
9,727
52,040
114,566
2015
6,011
209,132
215,143
83,411
16,743
-
315,297
52,975
32,077
20,898
10,037
60,337
115,115
2016
6,011
243,183
249,195
91,328
21,806
-
362,329
105,530
34,866
70,664
18,049
11,116
144,530
2017
8,015
282,890
290,905
89,475
30,795
-
411,175
124,041
38,175
85,866
18,936
15,442
219,504
2018E
8,015
294,751
302,766
97,306
35,758
-
435,830
169,041
43,461
125,580
16,436
15,442
222,039
(INR Million)
2019E
2020E
8,015
8,015
307,957
320,411
315,972
328,426
100,699
111,896
40,863
45,933
-
-
457,533
486,255
214,041
50,684
163,356
13,936
15,442
224,574
259,041
59,750
199,290
11,436
15,442
227,109
6,443
9,027
121,329
28,800
9,687
4,657
115,437
28,839
10,320
23,775
87,073
34,717
10,016
13,252
99,082
24,784
10,965
10,056
65,423
27,204
10,065
13,325
38,187
27,204
10,870
15,096
21,397
27,204
11,257
15,552
14,392
27,204
17,096
17,706
130,797
217,006
15,228
15,466
127,926
318,051
29,578
17,397
108,911
315,297
20,314
8,849
117,970
362,329
30,484
11,736
71,427
411,175
20,461
11,971
56,349
435,847
22,097
12,210
40,259
457,568
22,885
12,454
33,066
486,343
12 August 2017
6

Oil India
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS (Adj)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV / EBITDA
EV/Sales
EV / BOE (1P Reserves)
Price / Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (No. of Days)
Fixed Asset Turnover (x)
Leverage Ratio
Net Debt / Equity (x)
2013
44.8
51.9
239.7
23.0
58.5
6.2
5.4
2.4
1.1
4.3
1.2
8.2
19.4
17.6
37.9
37
3
-0.6
2014
37.2
46.1
258.4
16.1
50.7
7.5
6.1
5.8
2.2
7.6
1.1
5.8
14.9
11.3
21.6
27
2
-0.1
2015
31.3
40.5
268.4
15.0
57.6
8.9
6.9
7.2
2.4
8.1
1.0
5.4
11.9
8.7
16.9
56
2
0.0
2016
28.7
40.5
310.9
12.0
50.3
9.7
6.9
7.0
2.3
7.4
0.9
4.3
9.9
8.0
14.0
52
1
0.0
2017
19.3
32.9
362.9
14.0
88.8
14.4
8.5
8.3
2.6
8.3
0.8
5.0
5.7
6.4
12.9
52
1
0.1
2018E
27.9
42.6
377.7
11.0
46.9
10.0
6.6
9.4
3.0
9.7
0.7
3.9
7.5
5.9
9.2
52
1
0.2
2019E
31.1
48.2
394.2
12.0
46.9
9.0
5.8
8.1
2.8
10.2
0.7
4.3
8.0
6.2
8.9
52
1
0.3
2020E
29.3
48.8
409.8
11.0
46.9
9.5
5.7
8.4
2.9
10.6
0.7
3.9
7.3
5.6
7.0
52
0
0.3
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Adjustments
Depreciation
Interest /Other Income
Direct Taxes Paid
(Inc)/Dec in Wkg. Capital
Other op activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free Cash Flow
(Pur)/Sale of Investments
Other In activities
CF from Inv. Activity
Change in Equity
Inc / (Dec) in Debt
Interest paid
Dividends Paid
CF from Fin. Activity
Inc / ( Dec) in Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2013
52,832
0
5,671
-14,678
-24,588
-8,808
616
11,045
-12,515
-1,470
7,571
14,768
9,824
0
10,694
-26
-19,562
-8,895
11,975
109,355
121,329
2014
44,104
0
7,158
-12,302
-18,081
-876
6,584
26,587
-19,279
7,308
-95,995
14,490
-100,784
0
87,249
1,949
-20,894
68,305
-5,893
121,329
115,437
2015
37,287
0
7,326
-8,958
-11,509
-15,856
3,260
11,550
-23,644
-12,094
-2,720
14,730
-11,635
0
-14,416
-5,263
-8,600
-28,279
-28,364
115,437
87,073
2016
34,220
0
9,423
-5,815
-7,047
-1,171
0
29,610
-3,334
26,276
-16,424
9,467
-10,291
0
7,918
-3,652
-11,576
-7,311
12,009
87,073
99,082
2017
21,463
0
10,907
-6,313
-4,748
14,961
0
36,271
-22,837
13,434
-37,805
10,280
-50,362
0
-1,853
-3,967
-13,747
-19,567
-33,658
99,082
65,423
2018E
33,363
0
11,765
-7,703
-10,009
-12,158
0
15,259
-45,000
-29,741
-2,535
11,625
-35,910
0
7,830
-3,922
-10,493
-6,585
-27,236
65,423
38,187
(INR Million)
2019E
2020E
37,147
35,033
0
0
13,731
15,639
-8,861
-10,023
-11,144
-10,510
-700
188
0
0
30,172
30,327
-45,000
-45,000
-14,828
-14,673
-2,535
-2,535
13,020
14,488
-34,515
-33,047
0
0
3,393
11,198
-4,158
-4,465
-11,682
-11,018
-12,447
-4,285
-16,791
-7,005
38,187
21,397
21,397
14,392
12 August 2017
7

Oil India
Corporate profile
Company description
Exhibit 1: Sensex rebased
Oil India (OIL), established in 1959, is a 'Navratna'
state-owned company, engaged in exploration,
development, production and transportation of
crude oil and natural gas in India. OIL has 2P
reserves of 944mmboe, ~94% of these located in
the north-east. It owns 1,157km of common carrier
cross-country crude oil pipeline, and the 660km
product pipeline and the 192km pipeline to
Numaligarh refinery.
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
66.1
13.8
3.8
16.3
Mar-17
66.6
13.3
4.4
15.6
Jun-16
67.6
13.4
3.7
15.3
Source: Capitaline
Exhibit 3: Top holders
Holder Name
LIFE INSURANCE CORPORATION OF INDIA
INDIAN OIL CORPORATION LIMITED
BHARAT PETROLEUM CORPORATION LTD
HINDUSTAN PETROLEUM CORPORATION
LIMITED
ICICI PRUDENTIAL LIFE INSURANCE
COMPANY LIMITED
% Holding
10.5
4.7
2.4
2.4
2.1
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Utpal Bora
R S Borah
BISWAJIT ROY
S K Senapati
Designation
Chairman & Managing
Director
Director (Finance)
Director (HR & BD)
Company Secretary
Exhibit 5: Directors
Name
P K Sharma
Amar Nath
Name
S Mahapatra
Sunjay Sudhir
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
A K Sabat & Co
B N Misra & Co
Chandra Wadhwa & Co
N C Banerjee & Co
RMG & Associates
Type
Statutory
Statutory
Cost Auditor
Statutory
Secretarial Audit
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL
forecast
27.9
31.1
29.3
Consensus
forecast
30.8
32.8
30.9
Variation (%)
-9.6
-5.1
-5.3
Source: Bloomberg
12 August 2017
8

Oil India
NOTES
12 August 2017
9

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
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Oil India
Disclosure of Interest Statement
Analyst ownership of the stock
Oil India
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
12 August 2017
10