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 The Equity Desk Forum :Investment Ideas - Creating winning portfolios! :Stock Synopsis
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hit2710
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Quote hit2710 Replybullet Topic: OIL COUNTRY TUBULAR LTD
    Posted: 07/Aug/2009 at 8:42pm

OIL COUNTRY TUBULAR cmp 67

 

Hyderabad based OCTL is one of the leading companies producing a range of

products for Oil Drilling and Exploration Industry. Its product range covers drill pipe,

heavy weight drill pipe, drill collars, production tubing, casing, tool joints, couplings

etc.

FINANCIALS

OIL COUNTRY TUBULAR LTD.

ANNUAL RESULTS

You can view the latest 5 yearly unaudited results of Oil Country Tubular Ltd.

(Rs in Cr.)

 

 

Mar ' 09 

Mar ' 08 

Mar ' 07 

Mar ' 06 

Mar ' 05 

 

 

 

 

 

 

Sales 

 420.37

 339.53

 261.51

 158.38

 119.72

Other Income 

 1.72

 1.80

 3.25

 1.36

 1.10

Stock Adjustment 

 -30.26

 6.41

 -6.37

 -12.41

 -1.04

Raw Material 

 257.71

 141.53

 177.80

 113.99

 64.40

Power And Fuel 

 0.00

 0.00

 0.00

 0.00

 0.00

Employee Expenses 

 0.00

 9.81

 7.77

 6.44

 4.70

Excise 

 0.00

 0.00

 0.00

 0.00

 0.00

Admin And Selling Expenses 

 23.42

 0.00

 0.00

 0.00

 0.00

Research And Devlopment Expenses 

 0.00

 0.00

 0.00

 0.00

 0.00

Expenses Capitalised 

 0.00

 0.00

 0.00

 0.00

 0.00

Other Expeses 

 70.47

 94.17

 49.36

 25.47

 26.92

Provisions Made 

 0.00

 0.00

 0.00

 0.00

 0.00

Operating Profit 

 99.03

 87.61

 32.95

 24.88

 24.73

Interest 

 2.16

 37.55

 18.52

 17.04

 17.19

Gross Profit 

 98.59

 51.86

 17.68

 9.20

 8.64

Depreciation 

 7.48

 7.18

 6.24

 6.58

 6.40

Taxation 

 26.18

 15.76

 1.91

 0.31

 0.18

Net Profit / Loss 

 64.94

 28.91

 9.53

 2.31

 2.07

Extra Ordinary Item 

 0.00

 0.00

 0.00

 0.00

 0.00

Prior Year Adjustments 

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

 

 

 

 

Equity Capital 

 44.29

 44.29

 44.29

 44.29

 44.29

Equity Dividend Rate 

 0.00

 0.00

 0.00

 0.00

 0.00

Agg.Of Non-Prom. Shares (Lakhs) 

 295.71

 317.76

 259.13

 281.18

 293.25

Agg.Of Non PromotoHolding(%) 

 66.77

 71.75

 58.50

 63.49

 66.21

Operating Profit Margin (%) 

 23.55

 25.80

 12.59

 15.71

 20.66

Gross Profit Margin (%) 

 23.35

 15.19

 6.67

 5.75

 7.15

Net Profit Margin (%) 

 15.38

 8.47

 3.59

 1.44

 1.70

EPS (Rs.) 

 14.66

 6.53

 2.15

 0.52

 0.47

CASH FLOW STATEMENT FOR LAST FIVE YEARS

You can view Cash Flow Statement of Oil Country Tubular Ltd. for a period of 5 years.

(Rs in Cr.)

 

 

Mar ' 09 

Mar ' 08 

Mar ' 07 

Mar ' 06 

Mar ' 05 

Profit Before Tax 

 91.11

 44.67

 11.44

 2.62

 2.24

Net CashFlow-Operating Activity 

 75.76

 55.89

 25.70

 15.86

 8.57

Net Cash Used In Investing Activity 

 -27.20

 -7.17

 -10.98

 -2.52

 -5.51

NetCash Used in Fin. Activity 

 -32.44

 -45.46

 -11.32

 -9.24

 -6.67

Net Inc/Dec In Cash And Equivlnt 

 16.12

 3.26

 3.39

 4.10

 -3.61

Cash And Equivalnt Begin of Year 

 11.09

 9.60

 6.13

 2.13

 6.15

Cash And Equivalnt End Of Year 

 27.21

 12.67

 9.60

 6.13

 2.13

RETURN RATIOS

Adjusted Return On Net Worth 

 53.26

 39.15

 58.89

 473.46

 0.00

Reported Return On Net Worth 

 49.38

 38.89

 59.34

 453.73

 0.00

Return On long Term Funds 

 74.13

 103.47

 30.35

 19.67

 18.50

 

 

The above return ratios are taken from religareonline website and I couldn’t get the figure of 473 etc. For March 06.

For q1 fy10 results are as under

Sales 72.54 crores (q1 fy09  61.95)

Net profit 13.67 crores(10.91)

Company is an ancillary play on oil drilling and exploration.

POSITIVES

Good growth in sales and net profits in last 5 years

Low debt

Good cash flows and return ratios

Promoters have increased their holding in last year by 5 %

Maiden Dividend of Rs 1.5 per share declared for fy 09

NEGATIVES

Company’s future linked to Oil Prices which recently are very volatile.

I WOULD LIKE TO HAVE THE OPINION OF FORUM MEMBERS REGARDING ANY OTHER INFORMATION THEY WOULD LIKE TO SHARE.(as I have very little idea about management pedigree)

 

 

 

 

 



Edited by hit2710 - 07/Aug/2009 at 8:47pm
Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart.
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smartcat
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Quote smartcat Replybullet Posted: 07/Aug/2009 at 9:14pm
Seems to be an unique business. We have lots of companies in oil pipeline business (like PSL, Maharashtra seamless etc), but haven't come across companies in drill pipe business.
 
Oil prices don't seem to have affected its FY09 performance. If most of its revenues come from India, then oil prices won't be an issue.


Edited by smartcat - 07/Aug/2009 at 9:16pm
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kutchi1966
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Quote kutchi1966 Replybullet Posted: 08/Aug/2009 at 9:41pm
Hi, The PAT of Mar06/07/08 is positive but it is not adding to the reserves, why?? can you explain this.  The PAT of Mar09 is adding with the reserves. 

This means the company had accumulated losses for the earlier years which is wiped out upto Mar08.

Any one can clarify the above points....

Thanks 
M.JAIN
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hit2710
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Quote hit2710 Replybullet Posted: 09/Aug/2009 at 7:35pm
Hi
During the year 07-08, the company paid back the following.
For further details, you can visit company's website www.octlindia.com. Detailed info about financials is displayed.

During the Financial Year the Company has Fully paid Principal amounts of both Term Loan and Funded Interest on Term Loan of Rs.1523.35 lakhs to IFCI and Rs.1727.11 lakhs to ICICI. The account with IFCI and ICICI has been closed. In addition,an amount of Rs.1295.40 Lakhs paid to IDBI towards Full and Final settlement of FITL outstanding.

Even in earlier two financial years, company has been paying back to financial institutions.
Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart.
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praveen
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Quote praveen Replybullet Posted: 10/Aug/2009 at 2:14pm
Originally posted by hit2710

[SNIP].....I have very little idea about management pedigree.... [/SNIP]

 

Though one of the management members is from IIT-BHU but their conduct over the years towards the minority shareholders has been anything but friendly.

 

From issuing warrants to cancelling them later to selling stake/buying from the open market they have done it all.

 

They took a lot of loan on the books at the top of previous cycle (i.e. 2000) and got themselves screwed. It would have been hurting to see every second promoter minting money from 2004-2008 while they lost out.

 

So when the business finally turned around for them in 2007, they have tried every trick in the book to catch up with those promoters.

 
Needless to say for me, here the management quality is big suspect and I won't invest in OCL even if it means losing out on a potential multi-bagger.


Edited by praveen - 10/Aug/2009 at 2:47pm
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hit2710
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Quote hit2710 Replybullet Posted: 10/Aug/2009 at 2:44pm
Hi
thanks for your information. Probably explains why the scrip quotes at such low valuations.
Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart.
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subu76
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Quote subu76 Replybullet Posted: 10/Aug/2009 at 3:03pm
Praveen, where does one dig up data like the above related to management?
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Mohan
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Quote Mohan Replybullet Posted: 10/Aug/2009 at 11:34pm
Originally posted by praveen

 
Needless to say for me, here the management quality is big suspect and I won't invest in OCL even if it means losing out on a potential multi-bagger.





This used a highly volatile and speculative stock in the 90's.  I agree with the above view.
Be fearful when others are greedy and be greedy when others are fearful.
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