Indian Oil (NSE:IOC) Operating Income : ₹540,164 Mil (TTM As of Dec. 2023)

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What is Indian Oil Operating Income?

Indian Oil's Operating Income for the three months ended in Dec. 2023 was ₹121,855 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was ₹540,164 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Indian Oil's Operating Income for the three months ended in Dec. 2023 was ₹121,855 Mil. Indian Oil's Revenue for the three months ended in Dec. 2023 was ₹1,999,057 Mil. Therefore, Indian Oil's Operating Margin % for the quarter that ended in Dec. 2023 was 6.10%.

Warning Sign:

Indian Oil Corp Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -8.4%.

Indian Oil's 5-Year average Growth Rate for Operating Margin % was -8.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Indian Oil's annualized ROC % for the quarter that ended in Dec. 2023 was 8.48%. Indian Oil's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 23.44%.

Indian Oil Operating Income Historical Data

The historical data trend for Indian Oil's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Indian Oil Operating Income Chart

Indian Oil Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Operating Income

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287,018.10

107,534.40

320,340.40

371,895.70

259,135.80

Indian Oil Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															776.40	9,738.80	222,071.70	196,237.80	121,854.50

Indian Oil Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹540,164 Mil.

Indian Oil (NSE:IOC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Indian Oil's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	487418 * ( 1 - 23.16% )	/	( (4415653.9	+	0)	/ 1 )
=	374531.9912	/	4415653.9
=	8.48 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	4576233.6	-	597968.1	-	( 177088.2	-	max(0, 2031023.8	-	1593635.4	+	177088.2	))
=	4415653.9

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Indian Oil's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	552212.4	/	( ( (2355954 + max(-66346.5, 0))	+	(0 + max(0, 0)) )	/	1 )
=	552212.4	/	( ( 2355954	+	0 )	/	1 )
=	552212.4	/	2355954
=	23.44 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(127377.4	+	1222462	+	62388.3)	-	(597968.1	+	0	+	880606.1)
=	-66346.5

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(0	+	0	+	0)
=	0

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Indian Oil's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	121854.5	/	1999056.5
	=	6.10 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Indian Oil Operating Income Related Terms

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Indian Oil (NSE:IOC) Business Description

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530965:India

Address

J.B. Tito Marg, 3079/3, Sadiq Nagar, New Delhi, IND, 110 049

Website

https://www.iocl.com

Indian Oil Corp Ltd conducts business across the energy value chain as India's national oil company. The Petroleum Products business generates the majority of the group's revenue. Indian Oil pursues exploration and production opportunities both domestically and internationally. Sale of Petrochemicals , Other operating segment of the Corporation comprises; Gas, Oil & Gas Exploration Activities, Explosives & Cryogenic Business and Wind Mill & Solar Power Generation. A network of pipelines in India not only transport oil from company fields but also to and from its refineries. The pipeline network spans across India and can move various petroleum products. The firm's refinery operations include a host of technologies for processing oil and gas to meet the needs of a diverse client base.