H13078 Afm

Comparative analysis of Oil Drilling &
Exploration sector Companies

For AFM Project
Gagan Jindal (H13078)
CONTENTS
Gail India ........................................................................................................................................................................................... 2
Analysis ......................................................................................................................................................................................... 9
Strength and weakness ........................................................................................................................................................ 11
Cairn India ...................................................................................................................................................................................... 12
Analysis ....................................................................................................................................................................................... 19
Strengths and weaknesses .................................................................................................................................................. 20
Hindustan oil exploration company .................................................................................................................................... 21
Analysis ....................................................................................................................................................................................... 28
Strengths and weaknesses .................................................................................................................................................. 28
ONGC ................................................................................................................................................................................................. 29
Analysis ....................................................................................................................................................................................... 36
Strength and Weaknesses ................................................................................................................................................... 36
Recommendations....................................................................................................................................................................... 37
Conclusion ...................................................................................................................................................................................... 37
Limitation ....................................................................................................................................................................................... 37
Appendix ......................................................................................................................................................................................... 38
GAIL INDIA
GAIL (India) Ltd was incorporated in August 1984 as a Central Public Sector Undertaking (PSU)
under the Ministry of Petroleum & Natural Gas (MoP & NG). The company was initially given the
responsibility of construction, operation & maintenance of the Hazira Vijaypur Jagdishpur
(HVJ) pipeline Project. It was one of the largest cross-country natural gas pipeline projects in
the world. Originally this 1800 Km long pipeline was built at a cost of Rs 1700 Crores and it laid
the foundation for development of market for natural Gas in India.
GAIL, after having started as a natural gas transmission company during the late eighties, has
grown organically by building large network of Natural Gas Pipelines covering over 9500 Km with
a capacity of around 172 MMSCMD; two LPG Pipelines covering 2040 Km with a capacity of 3.3
MMTPA of LPG; seven gas processing plants for production of LPG and other Liquid Hydrocarbons,
with a production capacity of 1.4 MMTPA.
GAIL has been a leading public enterprise with a consistently excellent financial track record.
The Turnover and PAT have shown remarkable accomplishment with CAGR of 16% and 12%
respectively in the last decade.
GAIL India
Standalone Balance Sheet Horizontal Analysis

'13&'12
'12&'11
'11&'10
'10&'9
Total Share Capital
0.00%
0.00%
0.00%
0.00%
Equity Share Capital
0.00%
0.00%
0.00%
0.00%
Share Application Money
N/A
N/A
Sources Of Funds
Preference Share Capital

Reserves
Revaluation Reserves
N/A
12.79%
N/A
N/A
13.18%
N/A
N/A
N/A
15.80%
N/A
N/A
N/A
15.03%
N/A
Net worth
12.04%
12.32%
14.61%
13.74%
Secured Loans
35.61%
30.06%
36.45%
-100.00%
31.45%
65.66%
Unsecured Loans
110.25%
Total Debt
71.08%
147.81%
33.28%
23.35%
Total Liabilities
22.93%
24.91%
16.12%
14.46%
Application Of Funds
Gross Block
18.41%
18.82%
5.05%
19.51%
9.46%
7.26%
6.47%
6.46%
Net Block
24.28%
27.85%
3.96%
31.83%
Capital Work in Progress
13.04%
35.86%
121.40%
8.83%
Investments
4.79%
37.42%
46.48%
1.48%
Inventories
8.14%
66.03%
35.37%
Less: Accum. Depreciation
33.97%
3.90%
41.54%
5.04%
13.86%
153.18%
-56.30%
1650.88%
-8.65%
Total Current Assets
51.44%
-11.70%
135.27%
-8.47%
Loans and Advances
-21.99%
17.62%
-18.48%
14.17%
Sundry Debtors
Cash and Bank Balance
Fixed Deposits
Total CA, Loans & Advances
-100.00%
21.87%
4.64%
4.98%
-19.57%
12.15%
25.40%
22.11%
-4.27%
24.08%
Deferred Credit
Current Liabilities
Provisions
-58.83%
7.36%
-17.64%
23.97%
Total CL & Provisions
-3.81%
122.52%
16.56%
311.92%
-9.78%
-79.74%
24.03%
29.43%
Total Assets
22.93%
24.91%
16.12%
14.46%
Contingent Liabilities
-2.99%
43.09%
-0.53%
16.91%
Book Value (Rs)
12.04%
12.32%
14.61%
13.73%
Net Current Assets

Miscellaneous Expenses
GAIL India
Standalone Profit and Loss Horizontal Analysis
'13&'12
'12&'11
'11&'10
'10&'9
Sales Turnover
17.64%
24.16%
28.22%
4.46%
Net Sales
17.64%
24.16%
30.19%
5.07%
Income
Other Income
77.02%
-2.00%
-17.40%
-29.10%
-88.55%
275.69%
543.47%
311.80%
16.98%
24.82%
29.61%
4.09%
Raw Materials
17.50%
30.04%
42.31%
1.26%
Power & Fuel Cost
16.65%
9.54%
6.86%
4.70%
Employee Cost
29.30%
-15.77%
16.10%
7.72%
9.73%
52.21%
183.35%
3.25%
Total Expenses
17.19%
29.27%
33.54%
3.32%
Operating Profit
11.24%
5.11%
17.92%
13.80%
PBDIT
15.79%
4.59%
14.32%
7.18%
Interest
67.46%
40.55%
-2.72%
-15.74%
Stock Adjustments
Total Income
Expenditure
PBDT
14.81%
4.08%
14.60%
7.67%
Depreciation
24.06%
21.60%
15.74%
0.34%
Profit Before Tax
13.44%
1.91%
14.46%
8.64%
PBT (Post Extra-ordinary Items)
13.44%
1.91%
14.45%
8.91%
Tax
20.72%
0.44%
16.70%
2.74%
Reported Net Profit
10.08%
2.60%
13.42%
11.99%
Total Value Addition
14.70%
23.40%
-9.18%
14.72%
Equity Dividend
10.35%
16.00%
0.00%
7.14%
Corporate Dividend Tax
13.41%
15.26%
-2.31%
5.36%
Shares in issue (lakhs)
0.00%
0.00%
0.00%
0.00%
Earnings Per Share (Rs)
10.10%
2.60%
13.41%
11.99%
Equity Dividend (%)
10.34%
16.00%
0.00%
7.14%
Book Value (Rs)
12.04%
12.32%
14.61%
13.73%
GAIL India
Standalone Balance Sheet Trend Analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Reserves
170.05%
150.77%
133.21%
115.03%
100.00%
Net worth
164.04%
146.41%
130.36%
113.74%
100.00%
Sources Of Funds
Secured Loans
316.34%
233.27%
179.36%
131.45%
100.00%
4878.43%
2320.33%
0.00%
34.34%
100.00%
Total Debt
696.97%
407.40%
164.40%
123.35%
100.00%
Total Liabilities
204.09%
166.03%
132.92%
114.46%
100.00%
Gross Block
176.61%
149.16%
125.54%
119.51%
100.00%
133.09%
121.59%
113.35%
106.46%
100.00%
Net Block
217.75%
175.22%
137.05%
131.83%
100.00%
370.02%
327.34%
240.95%
108.83%
100.00%
Investments
214.07%
204.28%
148.65%
101.48%
100.00%
Inventories
255.29%
236.07%
142.18%
105.04%
100.00%
Unsecured Loans
Sundry Debtors
169.71%
126.68%
121.93%
86.14%
100.00%
1769.56%
698.93%
1599.51%
91.35%
100.00%
287.96%
190.15%
215.35%
91.53%
100.00%
Loans and Advances
85.40%
109.47%
93.07%
114.17%
100.00%
Fixed Deposits
Current Liabilities
Provisions
0.00%
0.00%
0.00%
121.87%
100.00%
99.08%
94.69%
90.20%
112.15%
100.00%
181.89%
145.04%
118.78%
124.08%
100.00%
45.13%
109.62%
102.10%
123.97%
100.00%
125.46%
130.43%
111.90%
124.03%
100.00%
Net Current Assets
6.82%
-30.31%
14.30%
70.57%
100.00%
Total Assets
204.09%
166.03%
132.92%
114.46%
100.00%
161.43%
166.40%
116.29%
116.91%
100.00%
800.00%
700.00%
600.00%
500.00%
400.00%
300.00%
200.00%
100.00%
0.00%
5
Total Debt
Total Liabilities
Expon. (Total Debt)
Linear (Total Liabilities)
Total Assets
250.00%
200.00%
150.00%
100.00%
50.00%
0.00%
5
Total Assets
Expon. (Total Assets)
GAIL India
Standalone Profit & Loss account Trend Analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
104.46%
100.00%
Income
Sales Turnover
Excise Duty
195.63%
166.30%
133.94%
0.00%
0.00%
0.00%
75.69%
100.00%
Net Sales
199.80%
169.85%
136.80%
105.07%
100.00%
Other Income
101.59%
57.39%
58.56%
70.90%
100.00%
1139.60%
9955.00%
2649.80%
411.80%
100.00%
196.98%
168.39%
134.91%
104.09%
100.00%
Stock Adjustments
Total Income
Expenditure
Raw Materials
220.18%
187.39%
144.10%
101.26%
100.00%
Power & Fuel Cost
142.97%
122.56%
111.88%
104.70%
100.00%
Employee Cost
136.20%
105.34%
125.07%
107.72%
100.00%
Other Manufacturing Expenses
0.00%
0.00%
0.00%
128.94%
100.00%
Selling and Admin Expenses
0.00%
0.00%
0.00%
140.82%
100.00%
488.59%
445.27%
292.55%
103.25%
100.00%
0.00%
0.00%
0.00%
123.30%
100.00%
Total Expenses
209.03%
178.37%
137.98%
103.32%
100.00%
Operating Profit
156.92%
141.06%
134.20%
113.80%
100.00%
PBDIT
148.38%
128.15%
122.52%
107.18%
100.00%
Interest
192.92%
115.20%
81.97%
84.26%
100.00%
PBDT
147.44%
128.42%
123.38%
107.67%
100.00%
Depreciation
175.20%
141.22%
116.13%
100.34%
100.00%
Profit Before Tax
143.75%
126.72%
124.35%
108.64%
100.00%
0.00%
0.00%
0.00%
-3.49%
100.00%
PBT (Post Extra-ord Items)
144.09%
127.02%
124.64%
108.91%
100.00%
Tax
145.36%
120.41%
119.89%
102.74%
100.00%
Reported Net Profit
143.46%
130.32%
127.02%
111.99%
100.00%
147.47%
128.57%
104.20%
114.72%
100.00%
Equity Dividend
137.14%
124.29%
107.14%
107.14%
100.00%
134.55%
118.63%
102.93%
105.36%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Earning Per Share (Rs)
143.48%
130.32%
127.01%
111.99%
100.00%
Equity Dividend (%)
137.14%
124.29%
107.14%
107.14%
100.00%
Book Value (Rs)
164.03%
146.41%
130.35%
113.73%
100.00%
Preoperative Exp Capitalised
Extra-ordinary items
Preference Dividend
Per share data (annualised)
GAIL India
Standalone Balance Sheet Vertical analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
3.89%
4.78%
5.98%
6.94%
7.94%
3.89%
4.78%
5.98%
6.94%
7.94%
70.44%
76.78%
84.73%
84.96%
84.54%
0.00%
0.00%
0.00%
0.00%
0.00%
Net worth
74.34%
81.56%
90.70%
91.90%
92.48%
Secured Loans
10.68%
9.68%
9.30%
7.91%
6.89%
Unsecured Loans
14.99%
8.76%
0.00%
0.19%
0.63%
Total Debt
25.66%
18.44%
9.30%
8.10%
7.52%
Sources Of Funds
Reserves
Total Liabilities
100.00%
100.00%
100.00%
100.00%
100.00%
Gross Block
95.39%
99.03%
104.11%
115.09%
110.23%
34.93%
39.23%
45.68%
49.82%
53.56%
Net Block
60.47%
59.81%
58.43%
65.27%
56.67%
27.55%
29.96%
27.54%
14.45%
15.19%
Investments
11.41%
13.39%
12.17%
9.64%
10.88%
Inventories
4.71%
5.35%
4.03%
3.46%
3.77%
Sundry Debtors
7.83%
7.18%
8.64%
7.08%
9.41%
7.23%
3.51%
10.04%
0.67%
0.83%
19.77%
16.05%
22.71%
11.21%
14.01%
Loans and Advances
17.90%
28.21%
29.96%
42.68%
42.79%
0.00%
0.00%
0.00%
22.15%
20.81%
37.68%
44.26%
52.67%
76.04%
77.61%
31.59%
30.97%
31.68%
38.43%
35.45%
5.51%
16.44%
19.13%
26.97%
24.90%
37.10%
47.41%
50.81%
65.40%
60.35%
0.58%
-3.15%
1.86%
Fixed Deposits
Deferred Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
10.64%
17.26%
100.00%
100.00%
100.00%
100.00%
100.00%
57.36%
72.68%
63.45%
74.07%
72.52%
0.59%
0.64%
0.72%
0.72%
0.73%
GAIL India
Standalone Profit & Loss account vertical analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
100.00%
100.00%
100.00%
101.54%
102.13%
0.00%
0.00%
0.00%
1.54%
2.13%
100.00%
100.00%
100.00%
100.00%
100.00%
Other Income
1.61%
1.07%
1.35%
2.13%
3.16%
Stock Adjustments
0.12%
1.23%
0.41%
0.08%
0.02%
101.73%
102.30%
101.76%
102.22%
103.18%
Income
Sales Turnover
Excise Duty
Net Sales
Total Income
Expenditure
Raw Materials
77.15%
77.24%
73.75%
67.47%
70.01%
Power & Fuel Cost
2.62%
2.64%
2.99%
3.64%
3.66%
Employee Cost
1.65%
1.50%
2.22%
2.49%
2.42%
0.00%
0.00%
0.00%
4.30%
3.50%
0.00%
0.00%
0.00%
1.45%
1.08%
5.09%
5.46%
4.45%
2.05%
2.08%
0.00%
0.00%
0.00%
-0.08%
-0.07%
86.51%
86.84%
83.40%
81.31%
82.69%
Total Expenses
Operating Profit
13.61%
14.40%
17.00%
18.77%
17.33%
PBDIT
15.22%
15.46%
18.36%
20.91%
20.50%
Interest
0.41%
0.29%
0.25%
0.34%
0.43%
14.81%
15.18%
18.10%
20.57%
20.07%
Depreciation
2.06%
1.96%
2.00%
2.25%
2.35%
Other Written Off
0.00%
0.00%
0.00%
0.00%
0.00%
Profit Before Tax
12.75%
13.22%
16.10%
18.32%
17.72%
0.00%
0.00%
0.00%
0.00%
-0.04%
12.75%
13.22%
16.10%
18.32%
17.68%
Tax
4.28%
4.17%
5.16%
5.76%
5.89%
Reported Net Profit
8.46%
9.04%
10.95%
12.56%
11.79%
9.36%
9.60%
9.66%
13.84%
12.68%
Preference Dividend
0.00%
0.00%
0.00%
0.00%
0.00%
Equity Dividend
2.56%
2.73%
2.92%
3.81%
3.73%
0.43%
0.44%
0.48%
0.64%
0.63%
26.69%
31.40%
38.99%
50.76%
53.33%
0.07%
0.07%
0.09%
0.10%
0.09%
Equity Dividend (%)
0.20%
0.22%
0.23%
0.30%
0.29%
Book Value (Rs)
0.40%
0.42%
0.47%
0.53%
0.49%
PBDT
GAIL India Financial ratios

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Investment Valuation Ratios

Face Value
10
Dividend Per Share
--
Operating Profit Per Share (Rs)
10
--
59
Net Operating Profit Per Share (Rs)
402.8
Free Reserves Per Share (Rs)
--
Bonus in Equity Capital
10
--
10
--
10
--
57.39
51.24
43.22
36.67
348.31
276.77
213.09
194.47
148.69
126.39
109.07
33.33
33.33
33.33
-33.33
33.33
Operating Profit Margin(%)
14.64
16.47
18.5
21.05
18.85
Profit Before Interest And Tax Margin(%)
11.87
13.97
15.72
17.7
15.54
Gross Profit Margin(%)
12.06
14.12
15.97
18
15.94
Cash Profit Margin(%)
10.85
12.18
13.62
15.34
14.1
Adjusted Cash Margin(%)
Profitability Ratios
10.85
12.18
13.57
14.97
14.1
Net Profit Margin(%)
8.42
9.94
11.27
12.05
11.16
Adjusted Net Profit Margin(%)
8.42
9.94
11.27
12.1
11.16
Return On Capital Employed(%)
15.79
18.79
21.93
22.04
22.76
Return On Net Worth(%)
15.18
17.83
18.95
18.68
18.35
Adjusted Return on Net Worth(%)
14.99
17.66
18.63
18.59
17.21
227
196.4
167.24
140.4
121.41
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
227
196.4
167.24
140.4
121.41
16.66
19.62
21.99
22.59
22.77
Current Ratio
0.97
0.95
1.07
1.17
1.3
Quick Ratio
0.99
0.94
0.93
1.09
1.21
Debt Equity Ratio
0.54
0.44
0.33
0.3
0.25
Long Term Debt Equity Ratio
0.46
0.37
0.33
0.28
0.25
16
18.34
16.32
12.92
19.09
0.54
0.44
0.32
0.3
0.25
Financial Charges Coverage Ratio
19.01
21.18
17.32
15.14
22.74
Financial Charges Coverage Ratio Post Tax
14.02
15.97
13.03
11.36
17.09
Inventory Turnover Ratio
27.37
25.6
33.69
58.81
77.64
Debtors Turnover Ratio
20.29
20.21
19.43
17.37
17.9
Investments Turnover Ratio
27.37
25.6
62.68
58.81
77.64
Fixed Assets Turnover Ratio
1.4
1.41
1.32
1.08
1.23
Total Assets Turnover Ratio
1.14
1.21
1.16
1.09
1.28
Asset Turnover Ratio
1.24
1.35
1.35
1.08
1.23
Return on Long Term Funds(%)

Liquidity And Solvency Ratios
Debt Coverage Ratios

Interest Cover
Total Debt to Owners Fund
Management Efficiency Ratios
ANALYSIS
From the horizontal analysis of balance sheets of last five years of GAIL Indian we can see that
companys total assets were been increasing on year on year basis at an increasing rate that has
become constant at 22% now. It is a sign of growth for the company indicating constant growth
capitalizing on which the company is adding new assets to its kitty.
Also seeing at secured loan we can see that the company believes in sourcing through this
channel as it has been growing at healthy positive rate over the years and correspondingly the
total debt is also increasing which can be a concern but in this case looking at their growth and
increase in assets it can be attributed to it.
We can see from the horizontal analysis of the P&L account of GAIL India that the companys
income is growing at a healthy rate over the period of 5 years but it has become slow now with
the growth rate coming down to 16% in compare to 24% last fiscal.
The companys operating profit has also taken a jump in the last fiscal over last years 5%
growth rate.
Its clearly visible from the graphs that the total debt is increasing at a greater rate than total
liabilities growth rate of which has been very stable and almost constant. The good thing about
the company is that the total assets are also going up at a healthy rate as seen in the curve.
From the above trend analysis of the P&L account we can the EPS has been grown constantly and
that if someone would have invested 100 rupees in the company in the tear 2009, it would have
been worth 143 this year in 2013.
Looking at GAILs PBDT also we can say that the company has grown constantly over the span of
5 years which is been reflected in profit before tax also after deducting depreciation over the
years.
One thing that is visible from this analysis is that with improved financial opportunities company
has stopped investing in fixed deposits and probably have diverted its money to more return
oriented areas.
Another observation about the net profit margin which tells us about the money we are getting
back on investing one unit into business. The reducing value of it over the years tells us that in
spite of increasing operational efficiency and better manufacturing facilities we are getting
lesser amount for our own. It may be attributed to the increased investments in advertising and
promotional activities which is upsetting the leverage that we have gained from manufacturing
and operating efficiency.
We can observe from it that the profit before tax has been fluctuating over the years and
percentage wise has gone down over the years while the total expenses are almost same or
rather their ratio has gone up over the time. Also looking at the profit before tax we can
observe that in percentage terms its going down while on the same side its growing in absolute
terms. So it gives us a better picture of GAILs performance over the years.
10
STRENGTH AND WEAKNESS

Gail being part of a coveted PSU tag and working in oil exploration sector is faring far better
than its competitors in the same sector whether another PSU or Private company.
This is
manifested in its financial ratios and the growth the company has projected over the years and
displayed consistency its PBT as shown in the trend analysis. All this are indicators of a
successful and promising company. At its helm is the fact that the company being a PSU has no
problems or less problems obtaining permissions and clearances from the environment ministry
and also the new projects or areas are automatically given to it.
Also another major observation is the percentage of current liabilities over the years has
remained constant almost at 32% which indicated that the liabilities have grown with the
companys growth. We can observe from the ratios table that the debt equity ratio is well under
1; at 0.54 it is very healthy for a company of this scale. It signifies the debt paying ability of
GAIL with the equity and assets they have.
One of the weaknesses of GAIL is since the govt has provision for the subsidies and sell most of
the produce to already cash ridden PSUs so even after showing sales for the stated number in
the balance sheet the company has a large percentage of money to be received from the
companies which is hardly likely to come for it. So for the company it may seem very good
numbers on paper but actually the receivables are very high in percentage and most companies
are likely to fault on it.
11
CAIRN INDIA
Cairn India is part of the Vedanta Group, a globally diversified natural resources group with wide
ranging interests in aluminium, copper, zinc, lead, silver, iron ore, etc. Vedanta Resources PLC
initially reached an agreement to acquired 58.5% of Cairn India for a total consideration of $8.67
billion in August 2010, with final shareholder approval in December.
Cairn India is one of the largest independent oil and gas exploration and production companies
in India with a market capitalisation of ~ US$ 10 billion. Cairn India operates more than 25 per
cent of Indias domestic crude oil production. Through its affiliates, Cairn India has been
operating for more than 15 years playing an active role in developing Indias oil and gas
resources. To date, Cairn India has opened 4 frontier basins with over 40 discoveries, 26 in
Rajasthan alone.
The current market capitalisation stands at Rs 62,295.35 crore. The company has reported a
consolidated sales of Rs 4,649.91 crore and a Net Profit of Rs 3 crore for the quarter ended Sep
2013.
Cairn India
Standalone Balance Sheet Horizontal Analysis
'13&'12
'12&'11
'11&'10
'10&'9
Sources Of Funds
Total Share Capital
0.15%
0.29%
0.15%
0.29%
Reserves
6.98%
Net worth
6.57%
Secured Loans
0.33%
0.33%
-
0.26%
0.02%
0.26%
0.02%
-100.00%
19.28%
-0.27%
-0.38%
-0.21%
-0.17%
-100.00%
100.00%
100.00%
0.37%
Unsecured Loans
Total Debt
Total Liabilities
6.57%
-3.75%
-0.35%
4.04%
Gross Block
152846.69%
5.02%
2254.55%
83.33%
698862.50%
33.33%
33.33%
Net Block
118720.70%
3.64%
12250.00%
6690.11%
147.12%
-9.62%
66.67%
55.19%
-19.17%
0.33%
-1.69%
13.36%

Investments
12
Inventories
2923.73%
23.34%
192.86%
248738.30%
176.47%
-89.17%
27363.64%
7.84%
18.60%
12.29%
69.29%
31207.68%
28.45%
19.13%
-6.58%
Loans and Advances
5156.33%
-13.76%
-3.26%
Fixed Deposits
Total CA, Loans &
Advances
-100.00%
-29.58%
239.17%
858.05%
-27.55%
163.83%
-1.52%
93.04%
90.20%
-9.77%
703.66%
12.96%
163558.70%
104.44%
-70.10%
213.83%
11.31%
-210.11%
700.45%
242.62%
100.00%
343.28%
6.57%
-3.75%
-0.35%
14496.51%
-98.24%
363.95%
4.04%
63.15%
6.41%
0.04%
-0.49%
-0.21%
Sundry Debtors
Deferred Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
37.52%
90.46%
8.53%
95.26%
Cairn India
Standalone Profit & Loss account Horizontal Analysis
'13&'12
'12&'11
'11&'10
'10&'9
104456.59%
268.20%
-25.31%
-14.21%
104456.59%
268.20%
-25.31%
-14.21%
300.48%
142.31%
-40.60%
-43.50%
4232.71%
145.48%
-40.30%
-43.11%
627.02%
-9.27%
6.67%
51.50%
8130.91%
-67.43%
1756.81%
-95.53%
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Employee Cost
-100.00%
39.97%
-4.92%
-24.86%
6949.59%
-58.64%
-90.78%
574.33%
3044.51%
-38.49%
-28.95%
16.16%
-10568.53%
-44.67%
712.44%
-29.02%
16.96%
133.87%
-108.33%
181.67%
19394.12%
174.81%
-158.20%

Total Expenses
Operating Profit
PBDIT
Interest
PBDT
4789.18%
-40.41%
16111.40%
13
-40.30%
122.36%
Depreciation
2404400.00%
33.33%
-40.00%
14100.21%
122.33%
174.67%
-169.08%
31502.57%
122.33%
229.48%
-157.59%
Other Written Off
-100.00%
Profit Before Tax

Tax
7370.34%
Reported Net Profit
33445.88%
120.67%
-100.00%
-92.39%
208.44%
-227.12%
3044.51%
-38.49%
-28.96%
16.16%
0.15%
0.26%
0.02%
33465.22%
0.29%
120.54%
211.11%
-224.14%
6.41%
0.04%
-0.49%
-0.21%
Equity Dividend (%)

Book Value (Rs)
Cairn India
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
9.78%
2552.84%
3879.08%
4877.81%
7406.17%
0.15%
0.00%
0.00%
0.00%
0.00%
109.93%
2652.84%
3979.08%
4977.81%
7506.17%
Expenditure
0.00%
0.00%
0.00%
0.00%
0.00%
Raw Materials
0.00%
0.00%
0.00%
0.00%
0.00%
Power & Fuel Cost
0.00%
0.00%
0.00%
0.00%
0.00%
Employee Cost
1.04%
150.11%
609.21%
426.56%
241.55%
20.66%
262.50%
2967.78%
119.38%
2290.35%
0.00%
378.07%
994.56%
781.25%
891.96%
3.74%
55.45%
493.72%
3997.50%
508.58%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Expenses
25.45%
846.14%
5065.27%
5324.69%
3932.44%
Operating Profit
74.71%
-746.14%
-4965.27%
-5224.69%
-3832.44%
PBDIT
84.48%
1806.70%
-1086.19%
-346.88%
3573.73%
0.72%
1266.48%
7811.30%
2071.25%
9.12%
PBDT
83.76%
540.23%
-8897.49%
-2418.13%
3564.61%
Depreciation
10.45%
0.45%
1.26%
1.56%
0.00%
Total Income
Interest
Other Written Off
0.00%
0.00%
0.00%
0.00%
559.79%
Profit Before Tax
73.31%
539.77%
-8898.74%
-2419.69%
3004.83%
89.84%
0.00%
0.00%
402.50%
0.00%
163.15%
539.77%
-8898.74%
-2017.19%
3004.83%
14
Tax
2.87%
40.23%
0.00%
137.50%
1550.40%
Reported Net Profit
160.27%
499.55%
-8898.33%
-2154.69%
1454.16%
25.45%
846.14%
5064.85%
5324.69%
3932.44%
Preference Dividend
0.00%
0.00%
0.00%
0.00%
0.00%
23.87%
0.00%
0.00%
0.00%
0.00%
3.87%
0.00%
0.00%
0.00%
0.00%
Equity Dividend
0.00%
0.00%
0.00%
0.00%
0.00%
207.61%
216749.55%
795781.17%
592804.38%
508490.08%
0.84%
2.61%
-46.86%
-11.25%
7.77%
Equity Dividend (%)
1.25%
0.00%
0.00%
0.00%
0.00%
Book Value (Rs)
1.94%
1901.70%
6999.16%
5253.44%
4516.35%
Cairn India
Standalone Balance Sheet vertical analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
5.62%
5.98%
5.73%
5.70%
5.93%
5.62%
5.98%
5.73%
5.70%
5.93%
0.00%
0.00%
0.00%
0.14%
0.12%
94.38%
94.02%
90.19%
90.12%
93.95%
100.00%
100.00%
95.93%
95.96%
100.00%
Secured Loans
0.00%
0.00%
0.00%
4.04%
0.00%
Unsecured Loans
0.00%
0.00%
4.07%
0.00%
0.00%
Sources Of Funds

Reserves
Networth
Total Debt
0.00%
0.00%
4.07%
4.04%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
12.23%
0.01%
0.01%
0.00%
0.00%
3.29%
0.00%
0.00%
0.00%
0.00%
Net Block
8.94%
0.01%
0.01%
0.00%
0.00%
10.79%
0.17%
0.07%
0.07%
0.17%
Investments
77.64%
102.37%
98.20%
99.54%
91.36%
Inventories
0.31%
0.01%
0.01%
0.00%
0.00%
Sundry Debtors
3.44%
0.00%
0.00%
0.00%
0.01%
0.44%
0.00%
0.00%
0.00%
0.00%
4.20%
0.01%
0.01%
0.01%
0.01%
Loans and Advances
10.85%
0.22%
0.25%
0.25%
0.27%
0.00%
1.44%
1.97%
0.58%
8.63%
15.05%
1.67%
2.22%
0.84%
8.91%
Total Liabilities
Gross Block
Fixed Deposits
15
Deffered Credit
0.00%
0.00%
0.00%
0.00%
0.00%
Current Liabilities
3.57%
4.21%
0.50%
0.44%
0.34%
Provisions
8.85%
0.01%
0.00%
0.01%
0.10%
12.42%
4.22%
0.51%
0.45%
0.44%
Net Current Assets
2.63%
-2.54%
1.72%
0.39%
8.48%
0.00%
0.00%
0.01%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.54%
0.03%
1.81%
0.39%
1.10%
Book Value (Rs)
0.52%
0.52%
0.50%
0.51%
0.53%
Total Assets
Cairn India
Standalone Balance Sheet Trend analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
100.72%
100.57%
100.28%
100.02%
100.00%
100.72%
100.57%
100.28%
100.02%
100.00%
Sources Of Funds
0.00%
0.00%
0.00%
119.28%
100.00%
106.83%
99.86%
99.53%
99.79%
100.00%
Net worth
106.33%
99.78%
99.45%
99.83%
100.00%
Total Liabilities
106.33%
99.78%
103.67%
104.04%
100.00%
6933583.33%
4533.33%
4316.67%
183.33%
100.00%
5069683.33%
4266.67%
4116.67%
33.33%
100.00%
6795.13%
100.07%
40.50%
44.81%
100.00%
90.37%
111.80%
111.44%
113.36%
100.00%
Sundry Debtors
65337.43%
26.26%
9.50%
87.71%
100.00%
10789.29%
39.29%
36.43%
30.71%
100.00%
44753.29%
142.95%
111.29%
93.42%
100.00%
Loans and Advances
4318.86%
82.17%
95.27%
98.48%
100.00%
Reserves
Gross Block
Net Block
Investments
Inventories
Fixed Deposits
0.00%
16.64%
23.62%
6.96%
100.00%
179.55%
18.74%
25.87%
9.80%
100.00%
Current Liabilities
1126.51%
1248.44%
155.35%
137.52%
100.00%
Provisions
9547.62%
5.83%
2.85%
9.54%
100.00%
3034.43%
966.91%
120.80%
108.53%
100.00%
32.97%
-29.94%
20.99%
4.74%
100.00%
Total Assets
106.33%
99.78%
103.67%
104.04%
100.00%
439.46%
3.01%
170.94%
36.85%
100.00%
Net Current Assets

16
Book Value (Rs)
105.71%
99.34%
99.30%
99.79%
100.00%
Total Liabilities
110.00%
105.00%
100.00%
95.00%
5
Total Liabilities
Expon. (Total Liabilities)
Total Assets
110.00%
105.00%
100.00%
95.00%
5
Total Assets
Cairn India
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
246675.07%
235.92%
64.08%
85.79%
100.00%
246675.07%
235.92%
64.08%
85.79%
100.00%
325.67%
81.32%
33.56%
56.50%
100.00%
Total Income
3612.65%
83.38%
33.97%
56.89%
100.00%
Employee Cost
1065.93%
146.61%
161.60%
151.50%
100.00%
2225.61%
27.04%
83.03%
4.47%
100.00%
Excise Duty
Net Sales
Other Income
Stock Adjustments
0.00%
100.00%
71.45%
75.14%
100.00%
1813.49%
25.72%
62.20%
674.33%
100.00%
Total Expenses
1596.26%
50.76%
82.53%
116.16%
100.00%
Operating Profit
-4808.42%
45.93%
83.02%
116.96%
100.00%
17
PBDIT
5831.44%
119.27%
-19.47%
-8.33%
100.00%
19532.35%
32779.41%
54908.82%
19494.12%
100.00%
5796.40%
35.76%
-159.94%
-58.20%
100.00%
Other Written Off
0.00%
0.00%
0.00%
0.00%
100.00%
Profit Before Tax
6018.11%
42.38%
-189.76%
-69.08%
100.00%
13393.31%
42.38%
-189.76%
-57.59%
100.00%
457.29%
6.12%
0.00%
7.61%
100.00%
Reported Net Profit
27188.00%
81.05%
-392.09%
-127.12%
100.00%
Interest
PBDT
Depreciation
Tax
1596.26%
50.76%
82.53%
116.16%
100.00%
100.71%
100.57%
100.28%
100.02%
100.00%
26620.69%
79.31%
-386.21%
-124.14%
100.00%
105.71%
99.34%
99.30%
99.79%
100.00%
Book Value (Rs)
Cairn India Financial Ratios

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09

Face Value
10
Dividend Per Share
--
10
--
10
--
10
--
10
--
62.92
48.52
43.7
3.82
2.07
91.74
62.18
53.79
8.26
7.22
201.07
168.29
162.74
--
--
--
--
--
--
--
68.58
78.02
81.23
46.28
28.65
60.27
61.05
68.43
32.32
23.33
63.83
65.88
69.57
36.8
28.19
68.7
74.07
73.38
53.78
29.42
68.7
74.07
73.38
53.78
29.42
64.95
62.02
60.9
58.93
48.54
64.95
62.02
60.9
58.93
48.54
25.62
18.12
16.98
2.13
1.75
25.27
16.43
15.77
3.1
2.45
24.98
16.64
16.04
2.39
1.4
249.71
253.18
211.07
178.29
172.74
249.71
253.18
211.07
178.29
172.74
25.62
18.12
16.98
2.13
1.75

2.32
2.49
2.28
1.23
3.34
Quick Ratio
Current Ratio
2.29
2.46
2.18
1.07
3.26
Debt Equity Ratio
--
--
0.07
0.1
0.13
18
--
--
0.07
0.1
0.16

Interest Cover
178.03
38.76
25.27
48.58
150.09
190.15
45.14
28.97
53.68
105.76
188.72
42.53
26.71
69.35
130.59
89.37
87.17
142.77
34.57
157.39
9.27
7.96
11.43
6.83
9.56
89.37
87.17
142.77
34.57
157.39
2.12
1.63
1.56
9.64
15.71
0.54
0.52
0.56
0.13
0.12
0.37
0.26
0.26
9.64
15.71

ANALYSIS
Based on the above analysis we can see that the company has grown exponentially in the last
fiscal that happened after Vedanta group officially took over the company and injected money
into new projects under the brand name CAIRN ENERGY.
As we can see the net sales and sales turnover has grown exponentially in the last fiscal and it is
attributed to cairn being taken over by Vedanta group.
Based on the above report we can make the conclusion that the companys turnaround after
being bought over by Vedanta group was very successful as it started showing positive Profits
and PBDT.
The EPS for Cairn has also gone up substantially and that itself is result of the turnaround
happening in company and its policies.
Also the net profit margin of the company is on the higher side which is around 63% that means
the company is into a niche product category and can dictate terms and is keeping back 63% of
the sales vale with themselves for further investments and explorations.
19
STRENGTHS AND WEAKNESSES

The companys strength lies in its being a private player in the market and it is not marred by
the debt ridden buyers and psus and unlike them it is selling and earning of its sales. Also they
being a private player can have a better pricing policy and can dictate their own terms and the
same is being reflected in their high net profit margin ratio also.
Another blessing for CAIRN is that Vedanta group is at its helm and they can now use their
extreme spread out network and contacts to expand themselves abroad and can move out of its
old shackles and boundaries.
The weakness for the company being that its a nave company in the sector compared to others
that I have taken and this could go either way, only time will tell its tale. But being one of
fastest growing companies in the sector can be blessing in disguise for it.
20
HINDUSTAN OIL EXPLORATION COMPANY

HOEC was incorporated in 1983 for taking up Exploration and Production (E&P) activities interalia by Late Shri. H T Parekh. HOEC was the first private company in India to enter into field of
oil and gas exploration. HOECs operational activities commenced in 1991 with the Government
of India announcing the fourth round of exploration bidding for private sector participation.
HOEC is in the Oil Drilling And Exploration sector.
The current market capitalisation stands at Rs 543.50 crore. The company has reported a
standalone sales of Rs 14.11 crore and a Net Profit of Rs 24.58 crore for the quarter ended Sep
2013. Loss-After-Tax for the Company in fiscal year 2012-13 was INR 5,508 Million, compared to
profit of INR 335 Million in the last fiscal.
Hindustan Oil Exploration Company

Standalone Balance Sheet horizontal analysis
'13&'12
'12&'11
'11&'10
'10&'9
Sources Of Funds
Total Share Capital
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-51.18%
3.21%
7.47%
4.67%
Net worth
-45.65%
2.85%
6.59%
4.09%
Secured Loans
-61.50%
-63.04%
-29.06%
-36.60%
60.88%
-5.34%
-6.85%

Reserves
Unsecured Loans
Total Debt
55.82%
-11.08%
-9.66%
400.05%
-14.94%
-1.80%
0.54%
47.55%
Gross Block
-13.62%
-99.00%
-0.38%
646.35%
-24.22%
-97.16%
58.79%
35.36%
-4.40%
-99.36%
-7.17%
1449.16%
-14.58%
1531.24%
54.52%
-93.62%
Investments
-61.55%
-34.91%
3690.03%
-74.74%
Inventories
-16.44%
6.47%
1.83%
-34.76%
Sundry Debtors
-25.44%
-57.87%
14.96%
96.43%
9.84%
853.78%
50.63%
-53.84%
-3.40%
46.65%
10.84%
-9.32%
Loans and Advances
40.00%
Total Liabilities
Net Block
Fixed Deposits
15.71%
21
-57.36%
289.70%
-40.53%
-100.00%
-48.15%
-71.83%
-35.97%
74.68%
-51.31%
Deferred Credit
Current Liabilities
5.20%
Provisions
6.13%
5.52%
Net Current Assets
2470.37%
-100.00%
-36.22%
291.00%
-82.93%
13.51%
-5.44%
149.25%
-24.69%
126.40%
-64.64%
-98.27%
-22.77%
68.24%
Total Assets
-14.94%
-1.81%
0.54%
47.55%
102.09%
-46.95%
0.86%
50.76%
Book Value (Rs)
-45.65%
2.84%
6.60%
4.09%

Standalone Profit & Loss account horizontal analysis
'13&'12
'12&'11
'11&'10
'10&'9
-28.26%
-54.10%
135.51%
64.43%
-54.10%
135.51%
64.43%
Other Income
-28.26%
2340.46%
219.82%
-72.50%
Stock Adjustments
-102.30%
431.65%
-38.43%
127.97%
-321.88%
Total Income
-367.18%
-49.74%
113.20%
22.15%
-100.00%
-17.48%
56.06%
-48.03%
-8.22%
-14.32%
27.94%
9.17%
Income
Sales Turnover
Excise Duty
Net Sales
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
-38.91%
-2.30%
178.02%
458.50%
-100.00%
176.69%
-48.85%
5.91%
-75.59%
426.79%
-12.50%
25.49%

Total Expenses
-24.14%
-8.54%
198.09%
289.82%
Operating Profit
-24.68%
-67.66%
114.05%
59.59%
-548.53%
-59.41%
99.85%
10.24%
-3.03%
-67.13%
31.74%
-47.96%
-608.20%
-58.34%
115.27%
47.65%
57.68%
-54.65%
159.14%
299.24%
-62.20%
100.00%
82.89%
-91.39%
0.77%
8392.86%
1443.71%
-62.52%
56.10%
19.34%
Tax
-502.71%
-71.63%
11.17%
248.61%
-58.24%
92.83%
-22.36%
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
1443.71%
Reported Net Profit
22
1744.76%
-24.29%
-8.54%
198.13%
289.11%
0.00%
0.00%
0.00%
-58.21%
100.00%
92.79%
-22.20%
2.84%
6.60%
4.09%
Preference Dividend
100.00%
100.00%
Equity Dividend
0.00%
1742.41%
Equity Dividend (%)

Book Value (Rs)
-45.65%

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Sources Of Funds
Total Share Capital
8.86%
7.54%
7.40%
7.44%
10.98%
8.86%
7.54%
7.40%
7.44%
10.98%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
35.70%
62.20%
59.18%
55.36%
78.05%
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
0.00%
0.00%
0.00%
0.00%
0.00%
44.56%
69.74%
66.58%
62.80%
89.02%
0.57%
1.25%
3.33%
4.72%
10.98%
54.87%
29.01%
30.09%
32.48%
0.00%
55.44%
30.26%
33.42%
37.20%
10.98%
100.00%
100.00%
100.00%
100.00%
100.00%
Gross Block
1.05%
1.03%
101.05%
101.99%
20.16%
0.43%
0.48%
16.59%
10.50%
11.45%
Net Block
0.62%
0.55%
84.47%
91.49%
8.71%
95.62%
95.22%
5.73%
3.73%
86.27%
Investments
1.87%
4.15%
6.25%
0.17%
0.97%
Inventories
2.66%
2.71%
2.50%
2.47%
5.58%
Sundry Debtors
1.01%
1.15%
2.69%
2.35%
1.77%
5.92%
4.59%
0.47%
0.32%
1.01%
9.59%
8.45%
5.66%
5.13%
8.35%
Loans and Advances
10.94%
6.64%
15.30%
3.95%
9.79%
0.00%
0.00%
2.19%
4.24%
22.23%
20.53%
15.09%
23.15%
13.32%
40.37%
Current Liabilities
12.09%
9.78%
15.05%
3.87%
33.46%
Total Liabilities
Fixed Deposits
23
Provisions
6.56%
5.25%
4.55%
4.83%
2.86%
18.65%
15.03%
19.60%
8.70%
36.32%
Net Current Assets
1.88%
0.06%
3.55%
4.62%
4.05%
0.00%
0.02%
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
7.47%
3.14%
5.82%
5.80%
5.68%
Book Value (Rs)
3.41%
5.34%
5.10%
4.81%
6.82%
Total Assets

Mar '13
Mar '12
Mar '11
Mar '10
100.00%
100.00%
100.00%
Mar '09
Income
Sales Turnover
Excise Duty
100.00%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-515.92%
16.52%
2.37%
9.07%
54.23%
0.16%
-4.88%
-0.42%
3.55%
-2.63%
-415.76%
111.64%
101.95%
112.62%
151.60%
0.00%
0.00%
0.00%
0.00%
0.00%
Raw Materials
0.07%
0.00%
0.00%
0.00%
0.00%
Power & Fuel Cost
0.00%
0.56%
0.31%
0.47%
1.49%
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Employee Cost
9.15%
7.15%
3.83%
7.05%
10.62%
29.61%
34.77%
16.33%
13.84%
4.07%
0.00%
-9.72%
-1.61%
-7.43%
-11.53%
1.99%
5.85%
0.51%
1.37%
1.80%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Expenses
40.82%
38.61%
19.38%
15.31%
6.46%
Operating Profit
59.33%
56.51%
80.20%
88.24%
90.91%
-456.59%
73.03%
82.57%
97.31%
145.14%
PBDIT
Interest
9.73%
7.20%
10.05%
17.97%
56.79%
-466.32%
65.83%
72.52%
79.34%
88.35%
80.52%
36.63%
37.07%
33.69%
13.88%
Other Written Off
0.00%
0.00%
0.00%
0.00%
0.00%
Profit Before Tax
-546.84%
29.20%
35.45%
45.64%
74.48%
0.00%
0.00%
0.30%
8.29%
-0.16%
-546.84%
29.20%
35.75%
53.93%
74.31%
-39.67%
7.07%
11.43%
24.22%
11.42%
PBDT
Depreciation
Tax
Reported Net Profit
-507.16%
22.12%
24.31%
29.69%
62.89%
40.75%
38.62%
19.38%
15.31%
6.47%
Preference Dividend
0.00%
0.00%
0.00%
0.00%
0.00%
Equity Dividend
0.00%
0.00%
1.98%
0.00%
0.00%
0.00%
0.00%
0.33%
0.00%
0.00%
24
0.00%
0.00%
0.00%
0.00%
0.00%
1201.48%
861.97%
395.61%
931.69%
1531.97%
-38.86%
1.70%
1.86%
2.28%
4.81%
0.00%
0.00%
1.52%
0.00%
0.00%
46.31%
61.13%
27.28%
60.27%
95.21%
Equity Dividend (%)

Book Value (Rs)

Standalone Balance Sheet Trend Analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
56.68%
116.10%
112.49%
104.67%
100.00%
62.02%
114.12%
110.95%
104.09%
100.00%
6.40%
16.62%
44.97%
63.40%
100.00%
Total Debt
625.88%
401.68%
451.74%
500.05%
100.00%
Total Liabilities
123.91%
145.68%
148.35%
147.55%
100.00%
Gross Block
6.43%
7.44%
743.54%
746.35%
100.00%
4.62%
6.10%
214.94%
135.36%
100.00%
Net Block
8.80%
9.21%
1438.09%
1549.16%
100.00%
137.35%
160.79%
9.86%
6.38%
100.00%
Investments
239.58%
623.18%
957.38%
25.26%
100.00%
Inventories
59.10%
70.73%
66.44%
65.24%
100.00%
Sundry Debtors
70.94%
95.14%
225.82%
196.43%
100.00%
728.46%
663.19%
69.53%
46.16%
100.00%
142.39%
147.40%
100.51%
90.68%
100.00%
Loans and Advances
138.36%
98.83%
231.77%
59.47%
100.00%
0.00%
0.00%
14.61%
28.17%
100.00%
63.01%
54.46%
85.05%
48.69%
100.00%
44.78%
42.56%
66.74%
17.07%
100.00%
283.95%
267.54%
235.70%
249.25%
100.00%
63.61%
60.28%
80.04%
35.36%
100.00%
Net Current Assets
57.63%
2.24%
129.94%
168.24%
100.00%
Total Assets
123.91%
145.68%
148.36%
147.55%
100.00%
163.02%
80.67%
152.06%
150.76%
100.00%
62.02%
114.12%
110.96%
104.09%
100.00%
Sources Of Funds
Reserves
Networth
Secured Loans
Unsecured Loans
Fixed Deposits
Deferred Credit
Current Liabilities
Provisions
Book Value (Rs)
25

Standalone Profit & Loss account Trend analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
127.51%
177.73%
387.24%
164.43%
100.00%
127.51%
1213.12%
177.73%
387.24%
164.43%
100.00%
54.15%
16.93%
27.50%
100.00%
-7.59%
329.91%
62.05%
-221.88%
100.00%
-349.69%
130.88%
260.42%
122.15%
100.00%
0.00%
66.93%
81.10%
51.97%
100.00%
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
109.83%
119.67%
139.67%
109.17%
100.00%
926.80%
1517.00%
1552.74%
558.50%
100.00%
0.00%
149.90%
54.18%
105.91%
100.00%
141.18%
578.43%
109.80%
125.49%
100.00%
Total Expenses
806.18%
1062.73%
1162.00%
389.82%
100.00%
Operating Profit
83.21%
110.47%
341.62%
159.59%
100.00%
-401.12%
89.43%
220.31%
110.24%
100.00%

PBDIT
Interest
PBDT
Depreciation
21.85%
22.53%
68.55%
52.04%
100.00%
-672.96%
132.42%
317.84%
147.65%
100.00%
739.85%
469.20%
1034.60%
399.24%
100.00%
-936.19%
69.67%
184.30%
100.00%
Other Written Off

Profit Before Tax
0.00%
0.00%
-714.29%
100.77%
8292.86%
-938.26%
69.83%
186.29%
119.34%
100.00%
Tax
-442.86%
109.97%
387.56%
348.61%
100.00%
803.27%
1060.98%
1160.07%
389.11%
100.00%
100.00%
1029.51%
100.00%
100.00%
100.00%
100.00%
62.68%
150.00%
77.80%
100.00%
62.02%
114.12%
110.96%
104.09%
100.00%

100.00%
Equity Dividend (%)

Book Value (Rs)
26
Hindustan Oil Exploration Company financial ratios

Mar '12
Mar '11
Mar '10
Mar '09
Mar '08
10
10
10
10
10

Face Value
Dividend Per Share
--

--
--
--
--
--
--
9.06
20.46
6.15
6.01
5.96
12.97
26.5
11.93
7.55
7.25
80.56
74.88
71.39
67.48
--
--
--
--
69.85
71.19
51.52
79.62
82.2
32.24
34.88
49.66
47.08
64.83
37.03
35.81
51.1
67.58
76.59
62.19
57.41
21.74
44.37
39.77
62.19
57.45
21.74
44.37
39.77
17.76
23.05
27.49
38.51
23.07
17.76
22.96
27.49
38.51
23.07
5.04
7.51
4.77
9.18
6.29
2.83
6.89
3.97
5.12
2.55
5.37
6.84
3.08
4.79
2.22
93.21
90.57
84.88
81.39
77.48
93.21
90.57
84.88
81.39
77.48
5.04
8.61
4.77
9.18
6.29
Current Ratio
1.02
1.19
1.29
1.11
1.95
Quick Ratio
0.83
0.54
0.66
0.82
1.48
Debt Equity Ratio
0.43
0.5
0.59
0.12
0.15
0.43
0.5
0.59
0.12
0.15
Interest Cover
7.96
10.72
11.07
19.28
10.34
0.43
0.5
0.59
0.12
0.15
13
8.28
3.36
2.51
2.74
9.17
7.14
2.77
2.37
2.38
3.41
7.5
15.29
18
10.97
4.75
7.49
5.01
6.28
5.8
3.41
26.12
13.43
18
10.97
0.11
0.19
4.94
3.18
0.6
0.1
0.19
0.08
0.08
0.08
0.1
0.2
0.09
0.42
0.6


27
ANALYSIS
Total debt for the company has grown at 55% in the last fiscal and at the same time
total assets have come down by -3.4%. The inventory turnover ratio has also being
increasing at a decreasing rate that means slowdown in terms of output. From the profit
and loss statement we can observe that the total income of the company has declined
by -350% in the last fiscal and it has reported loss for the first time last fiscal that too to
the tune of INR 5500 crore.
From the trend analysis also we can see that the companys net assets and inventory has
come down gradually over the past 5 years that means company is looking at a dark
unpredictable future.
One of the other parameter that is also reflecting towards the same point of view is the
high depreciation value the company has shown to cover up for the losses its making.
They have made a genuine effort but even it has fallen flat on its face. The companys
external investments has also gone down from 900% to 230% this year indicating they
have been removing their assets from external investments and trying to save the
company by investing back into the business.
Companys loan and advances figure from the trend analysis will show it to have
increased from 98% to 138% showing the dismal state of it.
STRENGTHS AND WEAKNESSES
The company possess no strength at the time in terms of the financial ratios and analysis is
concerned but one main strength the company has is being a public sector company and the
support of govt they have with them. Government has the unlimited power to inject money in to
the company and to help it turnaround. Also its the government who decides on the policies and
regulations and they can gain advantage if these are tweaked to help this company.
The companys current and past data shows a very bad state of affairs and it looks like there is
little hope of it turning around. Everything is indicating towards it. Hope a better future for it.
28
ONGC
Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company
headquartered in Dehradun, India. It is a Public Sector Undertaking (PSU) of the Government of
India, under the administrative control of the Ministry of Petroleum and Natural Gas (MoP&NG).
It is India's largest oil and gas exploration and production company. It produces around 69% of
India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its
natural gas.
The current market capitalisation stands at Rs 245,970.34 crore. The company has reported a
standalone sales of Rs 22,311.98 crore and a Net Profit of Rs 6 crore for the quarter ended Sep
2013. ONGC group's turnover during 2011-12 has been Rs. 150,185 Crore with net profit of Rs.
28,144 Crore. ONGC paid the highest-ever dividend of Rs. 8,342 Crore. The Net Worth of ONGC
Group of companies is Rs. 135,266 Crore.
Oil and Natural Gas Corporation

Standalone Balance Sheet horizontal analysis
'13&'12
'12&'11
'11&'10
'10&'9
Total Share Capital
0.00%
0.00%
100.00%
0.00%
0.00%
0.00%
100.00%
0.00%
10.58%
16.57%
9.49%
11.16%
10.18%
100.00%
15.85%
11.71%
10.86%
-100.00%
2.31%
Sources Of Funds

Reserves
Net worth
Secured Loans
Unsecured Loans
Total Liabilities
5.96%
20.46%
-5.96%
9.41%
Gross Block
7.16%
11.82%
12.50%
16.62%
0.93%
10.47%
10.66%
9.74%
26.78%
16.30%
19.11%
50.26%
-80.32%
12.19%
16.45%
5.95%
Net Block
Investments
75.86%
0.65%
-10.21%
13.39%
Inventories
10.43%
25.41%
-11.96%
15.22%
-34.32%
38.97%
5019.71%
75.16%
-18.10%
39.35%
181.73%
-3.44%
Loans and Advances
152.60%
10.44%
-43.03%
13.86%
-100.00%
-5.21%
Fixed Deposits
29
77.51%
21.53%
-34.33%
7.79%
Current Liabilities
-0.45%
6.78%
5.58%
1.45%
Provisions
-1.94%
8.31%
-41.36%
20.99%
-1.10%
7.44%
-21.49%
11.87%
324.07%
106.44%
-66.94%
-1.32%
-100.00%
29.31%
5.96%
20.46%
-5.96%
9.41%
28.77%
35.89%
-47.76%
8.76%
Book Value (Rs)
10.18%
15.85%
-72.07%
10.86%
Deferred Credit
Net Current Assets

Total Assets

Standalone Profit & Loss account Horizontal analysis
'13&'12
'12&'11
'11&'10
'10&'9
8.48%
11.96%
13.01%
100.00%
-35.44%
8.48%
11.96%
13.42%
-5.86%
-28.40%
100.00%
122.89%
-5.78%
-11.49%
607.51%
-89.06%
45.55%
5.04%
17.34%
12.15%
-6.14%
Raw Materials
539.98%
3.28%
-73.88%
-77.70%
Power & Fuel Cost
112.19%
10.72%
-45.25%
-3.84%
Employee Cost
688.88%
0.49%
-76.81%
23.84%
-49.00%
12.83%
-34.52%
100.00%
36.13%
196.23%
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
-6.02%
Expenditure

176.95%
2.83%
809.99%
-6.27%
Total Expenses
61.21%
8.97%
24.22%
-28.79%
Operating Profit
-26.97%
14.25%
6.61%
16.90%
PBDIT
-27.17%
22.74%
5.52%
13.70%
Interest
-20.64%
38.71%
-99.78%
32.90%
PBDT
-27.17%
22.73%
45.05%
7.86%
11.71%
-2.35%
46.43%
20.37%
Profit Before Tax
-16.58%
32.56%
11.50%
5.54%
-16.71%
32.68%
10.54%
2.86%
Tax
-16.50%
32.53%
5.25%
-2.12%
Reported Net Profit
-16.71%
32.76%
12.86%
3.98%
50.75%
9.10%
36.01%
-3.30%
Equity Dividend
-2.56%
11.43%
6.06%
3.13%
Depreciation
30
-2.07%
9.29%
4.66%
-0.14%

0.00%
0.00%
300.00%
0.00%
-16.69%
32.73%
-71.78%
3.97%
Equity Dividend (%)
-2.56%
11.43%
-46.97%
3.13%
Book Value (Rs)
10.18%
15.85%
-72.07%
10.86%

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
3.44%
3.64%
4.39%
2.06%
2.26%
3.44%
3.64%
4.39%
2.06%
2.26%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
96.56%
92.53%
95.61%
82.12%
80.82%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
96.17%
100.00%
84.18%
83.08%
Secured Loans
0.00%
3.83%
0.00%
0.00%
0.00%
Unsecured Loans
0.00%
0.00%
0.00%
15.82%
16.92%
Total Debt
0.00%
3.83%
0.00%
15.82%
16.92%
100.00%
100.00%
100.00%
100.00%
100.00%
Gross Block
77.51%
76.64%
82.56%
69.01%
64.74%
55.43%
58.18%
63.45%
53.92%
53.75%
Net Block
22.08%
18.46%
19.12%
15.09%
10.99%
11.58%
62.37%
66.97%
54.08%
55.84%
Investments
7.37%
4.44%
5.32%
5.57%
5.37%
Inventories
4.58%
4.40%
4.22%
4.51%
4.28%
Sundry Debtors
5.52%
5.27%
4.10%
2.95%
4.31%
10.62%
17.13%
14.85%
0.27%
0.17%
20.72%
26.81%
23.17%
7.73%
8.76%
Loans and Advances
81.37%
34.13%
37.23%
61.46%
59.05%
0.00%
0.00%
0.00%
17.31%
19.98%
102.09%
60.94%
60.40%
86.50%
87.80%
Sources Of Funds
Reserves
Networth
Total Liabilities
Fixed Deposits
Deferred Credit
0.00%
0.00%
0.00%
0.00%
0.00%
Current Liabilities
24.57%
26.15%
29.50%
26.28%
28.34%
Provisions
18.56%
20.05%
22.31%
35.77%
32.35%
43.13%
46.20%
51.81%
62.05%
60.69%
Net Current Assets
58.96%
14.73%
8.60%
24.45%
27.11%
0.00%
0.00%
0.00%
0.81%
0.69%
100.00%
100.00%
100.00%
100.00%
100.00%
Total Assets
31
Book Value (Rs)
28.77%
23.68%
20.99%
37.78%
38.01%
0.12%
0.11%
0.12%
0.39%
0.39%

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
100.00%
100.00%
100.00%
100.36%
100.53%
Income
Sales Turnover
Excise Duty
0.00%
0.00%
0.00%
0.36%
0.53%
100.00%
100.00%
100.00%
100.00%
100.00%
Other Income
6.55%
9.92%
4.99%
6.00%
6.38%
Stock Adjustments
0.00%
0.12%
0.02%
0.20%
0.13%
106.55%
110.04%
105.00%
106.20%
106.51%
Raw Materials
5.06%
0.86%
0.93%
4.04%
17.04%
Power & Fuel Cost
0.40%
0.21%
0.21%
0.43%
0.42%
Net Sales
Total Income
Expenditure
Employee Cost
12.45%
1.71%
1.91%
9.32%
7.09%
12.10%
25.74%
25.54%
44.24%
30.59%
0.00%
0.00%
0.00%
-21.98%
-6.99%
29.59%
11.59%
12.62%
1.57%
1.58%

0.00%
0.00%
0.00%
0.00%
0.00%
Total Expenses
59.59%
40.10%
41.20%
37.62%
49.73%
Operating Profit
40.41%
60.02%
58.82%
62.58%
50.39%
PBDIT
46.96%
69.94%
63.80%
68.58%
56.78%
Interest
0.03%
0.05%
0.04%
18.72%
13.26%
PBDT
46.92%
69.90%
63.76%
49.86%
43.52%
Depreciation
10.09%
9.80%
11.23%
8.70%
6.81%
Other Written Off
0.00%
12.20%
12.07%
0.00%
0.00%
Profit Before Tax
36.83%
47.90%
40.46%
41.16%
36.71%
-0.06%
-0.01%
-0.05%
0.31%
1.24%
36.77%
47.89%
40.41%
41.46%
37.95%
Tax
11.59%
15.06%
12.72%
13.71%
13.18%
Reported Net Profit
25.21%
32.83%
27.69%
27.83%
25.20%
54.54%
39.24%
40.27%
33.58%
32.70%
Equity Dividend
9.79%
10.90%
10.95%
11.71%
10.69%
1.57%
1.74%
1.78%
1.93%
1.82%
103.07%
111.81%
125.19%
35.50%
33.42%
0.03%
0.04%
0.03%
0.13%
0.12%
Equity Dividend (%)
0.23%
0.25%
0.26%
0.55%
0.50%
Book Value (Rs)
0.18%
0.17%
0.17%
0.68%
0.58%
32

Standalone Balance Sheet trend analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Sources Of Funds
Total Share Capital
200.00%
200.00%
200.00%
100.00%
100.00%
200.00%
200.00%
200.00%
100.00%
100.00%
Reserves
156.89%
141.88%
121.71%
111.16%
100.00%
Net worth
158.07%
143.46%
123.84%
110.86%
100.00%
0.00%
0.00%
0.00%
102.31%
100.00%
Unsecured Loans
Total Debt
0.00%
28.06%
0.00%
102.31%
100.00%
131.32%
123.94%
102.88%
109.41%
100.00%
Gross Block
157.22%
146.72%
131.20%
116.62%
100.00%
135.41%
134.16%
121.44%
109.74%
100.00%
Net Block
263.90%
208.16%
178.98%
150.26%
100.00%
27.24%
138.42%
123.39%
105.95%
100.00%
Investments
180.21%
102.47%
101.82%
113.39%
100.00%
Inventories
140.48%
127.21%
101.44%
115.22%
100.00%
Sundry Debtors
168.07%
151.69%
97.82%
74.90%
100.00%
8185.90%
12462.58%
8967.73%
175.16%
100.00%
310.46%
379.06%
272.03%
96.56%
100.00%
Loans and Advances
180.95%
71.64%
64.86%
113.86%
100.00%
0.00%
0.00%
0.00%
94.79%
100.00%
152.70%
86.02%
70.78%
107.79%
100.00%
Current Liabilities
113.86%
114.38%
107.11%
101.45%
100.00%
Provisions
75.34%
76.83%
70.94%
120.99%
100.00%
93.33%
94.36%
87.83%
111.87%
100.00%
285.61%
67.35%
32.63%
98.68%
100.00%
0.00%
0.00%
0.00%
129.31%
100.00%
Total Liabilities
Fixed Deposits
Net Current Assets

Total Assets
131.32%
123.94%
102.88%
109.41%
100.00%
99.41%
77.20%
56.81%
108.76%
100.00%
Book Value (Rs)
39.52%
35.87%
30.96%
110.86%
100.00%
33
150.00%
100.00%
50.00%
0.00%
5
1
-50.00%
Total Debt
Total Liabilities
Linear (Total Debt)
Expon. (Total Liabilities)
Total Assets
150.00%
100.00%
50.00%
0.00%
5
Total Assets

Standalone Profit & Loss account Trend analysis
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
129.01%
118.92%
106.21%
93.98%
100.00%
0.00%
0.00%
0.00%
64.56%
100.00%
Net Sales
129.69%
119.55%
106.77%
94.14%
100.00%
Other Income
133.07%
185.86%
83.39%
88.51%
100.00%
Income
Sales Turnover
Excise Duty
Stock Adjustments
0.00%
112.63%
15.92%
145.55%
100.00%
129.74%
123.51%
105.26%
93.86%
100.00%
38.50%
6.02%
5.83%
22.30%
100.00%
Power & Fuel Cost
123.70%
58.30%
52.65%
96.16%
100.00%
Employee Cost
227.70%
28.86%
28.72%
123.84%
100.00%
51.30%
100.58%
89.15%
136.13%
100.00%
0.00%
0.00%
0.00%
296.23%
100.00%
2429.09%
877.07%
852.93%
93.73%
100.00%
155.40%
96.39%
88.46%
71.21%
100.00%
Total Income
Expenditure
Raw Materials

Total Expenses
34
Operating Profit
103.99%
142.38%
124.62%
116.90%
100.00%
PBDIT
107.26%
147.27%
119.98%
113.70%
100.00%
Interest
0.33%
0.41%
0.30%
132.90%
100.00%
PBDT
139.83%
192.01%
156.45%
107.86%
100.00%
Depreciation
192.25%
172.10%
176.25%
120.37%
100.00%
Profit Before Tax
130.12%
155.98%
117.67%
105.54%
100.00%
-6.72%
-1.21%
-4.25%
23.27%
100.00%
125.66%
150.86%
113.70%
102.86%
100.00%
Tax
113.99%
136.52%
103.02%
97.88%
100.00%
Reported Net Profit
129.76%
155.79%
117.35%
103.98%
100.00%
216.32%
143.49%
131.52%
96.70%
100.00%
Equity Dividend
118.75%
121.88%
109.37%
103.13%
100.00%
111.86%
114.22%
104.51%
99.86%
100.00%
400.00%
400.00%
400.00%
100.00%
100.00%
32.44%
38.94%
29.34%
103.97%
100.00%
Equity Dividend (%)
59.38%
60.94%
54.69%
103.13%
100.00%
Book Value (Rs)
39.52%
35.87%
30.96%
110.86%
100.00%
Oil and Natural Gas Corporation financial ratios

Mar '12
Mar '11
Mar '10
Mar '09
Mar '08

Face Value
Dividend Per Share
--
10
--
10
--
10
--
10
--
68.64
56.35
209.54
200.39
189.8
172.18
137.93
477.93
489.2
452.45
128.11
459.9
409.23
354.24
91.83
91.83
83.66
83.66
83.66
39.86
40.85
43.84
40.96
41.94
30.1
32.15
24.67
25.06
26.42
31.08
33.69
25.53
26.21
27.59
31.63
24.23
35.11
32.87
33.42
31.63
24.23
35.11
32.87
33.42
18.5
18.16
18.34
18.08
19.65
18.5
18.16
18.34
18.08
19.65
26.42
37.32
23.7
32.64
39.25
20.62
19.6
19.29
21.61
25.67
18.07
18.78
18.33
22.44
25.7
159.48
133.87
470.18
428.14
361.86
159.48
133.87
470.18
428.14
361.86
28.29
37.97
28.14
34.47
39.28

--


35
Current Ratio
0.86
0.87
0.9
0.9
1.04
Quick Ratio
0.86
0.81
0.93
0.8
0.92
Debt Equity Ratio
0.11
0.05
0.23
0.07
0.01
0.04
0.04
0.04
0.01
0.01
92.14
153.77
59.08
135.2
229.26

Interest Cover
0.11
0.05
0.23
0.07
0.01
146.04
4.65
96.35
199.89
331.91
119.61
3.67
76.91
148.69
250.52
11.48
26.69
29.28
44.1
25.96
13.71
13.95
14.27
14.71
16.31
11.48
26.69
29.28
44.1
25.96
0.86
1.19
1.14
1.34
1.32
1.01
1.04
0.76
1.19
1.25
1.06
0.94
1.14
1.34
1.32
ANALYSIS
ONGC is one of the maharatnas in our country and is one of the most profitable PSUs. It is
being reflected in investments first of all with investments rising from 0.7% to 75%. This
indicates the company success and venturing into different sectors or hoping to do in future.
Also although the companys PBDT has come down from the last years number but it still is in
positive. The dip is because of the slowdown in the economy and hence the dip in the demand
sector. The company is looking at bright prospects in the later future.
The debt to equity ratio which stands at 0.11 is also very good news for ONGC. It shows its high
reserves of liquid assets that can be used anytime to pay off the little debt the company has.
STRENGTH AND WEAKNESSES

The biggest strength it possess is the brand name it has in the sector. It is a PSU company that is
carrying the brand name high and is posting profit year after year.
The only weakness it has is the high account receivables or the debtors it has in the market.
36
RECOMMENDATIONS
The recommendation that I have for the companies is to maintain its debt to equity ratio under
the safe zone and never let it extend to such a situation where it is very hard to turn back. The
safe limit for maximum cases is 1.5. At no point should they allow to spiral it upwards.
Companies which have a high debt equity ratio should take appropriate measures to reduce it.
Another important aspect that should be looked into is the investment made by the companies.
Companies should look into investing for future and should divert sufficient funds towards the
same and in no case be fudging the data.
Companies should also look into paying decent if not high dividends to shareholders. This keeps
up the faith of the shareholders and increases their trust in the firm.
The net profit margin is an important indicator of the health of the companies. This aspect
should be looked into closely and tracked continuously
CONCLUSION
I consider the Oil Drilling and Exploration sector to be extremely attractive for value investors
who are seeking consistency in performance from companies. Overall the sector is seeing a boom
after the downturn it experienced in the past few years. Oil being one of the most crucial and
industry driver almost will be much in demand in the coming years especially for the growing
economies like India. Plus some of the above analyzed companies are from the public sector so
the onus is more on them for growth since they have all the requisite resources and backup of
the govt. Some of companies which are not doing well are recommended to restructure and
focus on the humongous task of growth and look forward to the bright future.
LIMITATION
The study is limited in scope that it hasnt considered all the parameters necessary to gauge a
companys performance. Also the study is limited in scope of seeing and commenting on the
whole sector of oil drilling and exploration considering only the four companies we have
considered.
37
APPENDIX
GAIL India
Standalone Balance Sheet
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
1,268.48
22,959.32
20,356.00
17,984.86
15,530.52
13,501.15
24,227.80
21,624.48
19,253.34
16,799.00
14,769.63
Secured Loans
3,479.75
2,566.00
1,973.00
1,446.00
1,100.00
Unsecured Loans
4,884.77
2,323.35
34.38
100.13
Total Debt
8,364.52
4,889.35
1,973.00
1,480.38
1,200.13
32,592.32
26,513.83
21,226.34
18,279.38
15,969.76
Gross Block
31,091.25
26,257.88
22,099.54
21,037.67
17,603.98
11,383.80
10,400.26
9,695.97
9,106.57
8,553.66
Net Block
Sources Of Funds
Reserves
Networth
Total Liabilities
19,707.45
15,857.62
12,403.57
11,931.10
9,050.32
8,977.82
7,942.45
5,846.15
2,640.51
2,426.33
Investments
3,719.00
3,548.93
2,582.52
1,763.01
1,737.27
Inventories
1,535.33
1,419.74
855.11
631.7
601.41
Sundry Debtors
2,551.34
1,904.48
1,833.00
1,295.04
1,503.34
2,357.94
931.33
2,131.35
121.73
133.25
6,444.61
4,255.55
4,819.46
2,048.47
2,238.00
Loans and Advances
5,835.31
7,480.13
6,359.75
7,800.99
6,833.03
4,049.78
3,322.90
12,279.92
11,735.68
11,179.21
13,899.24
12,393.93
10,297.01
8,211.34
6,724.61
7,024.42
5,661.24
1,794.86
4,359.51
4,060.50
4,930.06
3,976.85
12,091.87
12,570.85
10,785.11
11,954.48
9,638.09
188.05
-835.17
394.1
1,944.76
2,755.84
Total Assets
32,592.32
26,513.83
21,226.34
18,279.38
15,969.76
18,695.27
19,270.72
13,467.19
13,539.33
11,581.19
191
170.48
151.78
132.43
116.44
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Book Value (Rs)
38
GAIL India
Standalone Profit & Loss account
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
47,522.69
40,397.95
32,536.52
25,375.80
24,292.24
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
384.15
507.53
47,522.69
40,397.95
32,536.52
24,991.65
23,784.71
764.51
431.88
440.7
533.55
752.52
56.98
497.75
132.49
20.59
48,344.18
41,327.58
33,109.71
25,545.79
24,542.23
36,662.91
31,202.70
23,994.13
16,860.64
16,651.23
1,243.10
1,065.68
972.85
910.39
869.51
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
785.45
607.48
721.23
621.2
576.67
1,074.79
833.55
363.12
257.86
2,418.99
2,204.54
1,448.40
511.17
495.1
-20.64
-16.74
Total Expenses
41,110.45
35,080.40
27,136.61
20,320.67
19,667.18
Operating Profit
6,469.22
5,815.30
5,532.40
4,691.57
4,122.53
PBDIT
7,233.73
6,247.18
5,973.10
5,225.12
4,875.05
195.02
116.46
82.86
85.18
101.09
7,038.71
6,130.72
5,890.24
5,139.94
4,773.96
Interest
PBDT
Depreciation
980.94
790.71
650.25
561.82
559.91
Other Written Off
Profit Before Tax
6,057.77
5,340.01
5,239.99
4,578.12
4,214.05
0.35
-10.03
6,057.77
5,340.01
5,239.99
4,578.47
4,204.02
Tax
2,035.57
1,686.17
1,678.86
1,438.63
1,400.32
Reported Net Profit
4,022.20
3,653.84
3,561.13
3,139.84
2,803.70
4,447.54
3,877.70
3,142.48
3,460.03
3,015.95
Preference Dividend
1,217.74
1,103.57
951.36
951.36
887.93
203.03
179.02
155.32
158.99
150.9
12,684.77
12,684.77
12,684.77
12,684.77
12,684.77
31.71
28.8
28.07
24.75
22.1
96
87
75
75
70
191
170.48
151.78
132.43
116.44
Equity Dividend
Equity Dividend (%)

Book Value (Rs)
39
Cairn India
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Sources Of Funds
Total Share Capital
1,910.24
1,907.40
1,901.92
1,896.97
1,896.67
1,910.24
1,907.40
1,901.92
1,896.97
1,896.67
46.4
38.9
32,107.12
30,012.22
29,912.64
29,993.37
30,055.23
Reserves
34,017.36
31,919.62
31,814.56
31,936.74
31,990.80
Secured Loans
1,345.00
Unsecured Loans
1,350.00
Networth
Total Debt
Total Liabilities
1,350.00
1,345.00
34,017.36
31,919.62
33,164.56
33,281.74
31,990.80
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Gross Block
4,160.15
2.72
2.59
0.11
0.06
1,118.34
0.16
0.12
0.09
Net Block
3,041.81
2.56
2.47
0.02
0.06

Investments
Inventories
Sundry Debtors
3,671.41
54.07
21.88
24.21
54.03
26,410.27
32,674.80
32,568.25
33,129.09
29,225.40
107.04
3.54
2.87
0.98
1,169.54
0.47
0.17
1.57
1.79
151.05
0.55
0.51
0.43
1.4
1,427.63
4.56
3.55
2.98
3.19
Loans and Advances
3,690.47
70.21
81.41
84.15
85.45
459.45
652.42
192.36
2,761.88
5,118.10
534.22
737.38
279.49
2,850.52
Current Liabilities
1,212.91
1,344.20
167.26
148.07
107.67
Provisions
3,011.32
1.84
0.9
3.01
31.54
4,224.23
1,346.04
168.16
151.08
139.21
893.87
-811.82
569.22
128.41
2,711.31
2.75
34,017.36
31,919.61
33,164.57
33,281.73
31,990.80
1,545.77
10.59
601.28
129.6
351.74
178.08
167.35
167.28
168.11
168.46
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Net Current Assets

Total Assets
Book Value (Rs)
40
Cairn India
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
Excise Duty
9,200.98
8.8
2.39
3.2
3.73
9,200.98
8.8
2.39
3.2
3.73
899.67
224.65
92.71
156.09
276.25
14.06
10,114.71
233.45
95.1
159.29
279.98
Raw Materials
Power & Fuel Cost
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Employee Cost
96.04
13.21
14.56
13.65
9.01
1,901.34
23.1
70.93
3.82
85.43
33.27
23.77
25
33.27
344.02
4.88
11.8
127.92
18.97
Total Expenses
2,341.40
74.46
121.06
170.39
146.68
Operating Profit
6,873.64
-65.66
-118.67
-167.19
-142.95
PBDIT
7,773.31
158.99
-25.96
-11.1
133.3
66.41
111.45
186.69
66.28
0.34
7,706.90
47.54
-212.65
-77.38
132.96
Interest
PBDT
Depreciation
961.8
0.04
0.03
0.05
Other Written Off
20.88
Profit Before Tax
6,745.10
47.5
-212.68
-77.43
112.08
8,266.12
12.88
15,011.22
47.5
-212.68
-64.55
112.08
264.45
3.54
4.4
57.83
Reported Net Profit
14,746.77
43.96
-212.67
-68.95
54.24
2,341.40
74.46
121.05
170.39
146.68

Tax
Preference Dividend
2,196.53
356.34
19,102.00
19,073.96
19,019.17
18,969.74
18,966.68
77.2
0.23
-1.12
-0.36
0.29
115
178.08
167.35
167.28
168.11
168.46
Equity Dividend
Equity Dividend (%)

Book Value (Rs)
41

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Total Share Capital
130.51
130.51
130.51
130.51
130.51
Sources Of Funds
130.51
130.51
130.51
130.51
130.51
525.93
1,077.23
1,043.74
971.15
927.84
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
656.44
1,207.74
1,174.25
1,101.66
1,058.35
8.35
21.69
58.68
82.72
130.48
808.3
502.42
530.75
569.75
816.65
524.11
589.43
652.47
130.48
1,473.09
1,731.85
1,763.68
1,754.13
1,188.83
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Gross Block
15.41
17.84
1,782.27
1,789.01
239.7
6.29
8.3
292.55
184.24
136.11
Net Block
9.12
9.54
1,489.72
1,604.77
103.59
1,408.62
1,649.02
101.09
65.42
1,025.55
Investments
27.6
71.79
110.29
2.91
11.52
Inventories
39.18
46.89
44.04
43.25
66.29
Sundry Debtors
14.89
19.97
47.4
41.23
20.99
87.27
79.45
8.33
5.53
11.98
141.34
146.31
99.77
90.01
99.26
Loans and Advances
161.11
115.08
269.87
69.25
116.44
38.6
74.45
264.29
302.45
261.39
408.24
233.71
479.99
178.12
169.32
265.49
67.9
397.81
96.57
90.99
80.16
84.77
34.01
274.69
260.31
345.65
152.67
431.82
27.76
1.08
62.59
81.04
48.17
0.41
1,473.10
1,731.84
1,763.69
1,754.14
1,188.83
110.04
54.45
102.64
101.76
67.5
50.3
92.55
89.99
84.42
81.1
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
42

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
108.61
151.39
329.85
140.06
85.18
108.61
151.39
329.85
140.06
85.18
-560.34
25.01
7.82
12.7
46.19
0.17
-7.39
-1.39
4.97
-2.24
-451.56
169.01
336.28
157.73
129.13
0.08
0.85
1.03
0.66
1.27
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
9.94
10.83
12.64
9.88
9.05
32.16
52.64
53.88
19.38
3.47
-14.72
-5.32
-10.4
-9.82
2.16
8.85
1.68
1.92
1.53
44.34
58.45
63.91
21.44
5.5
64.44
85.55
264.55
123.59
77.44
-495.9
110.56
272.37
136.29
123.63
10.57
10.9
33.16
25.17
48.37
-506.47
99.66
239.21
111.12
75.26
87.45
55.46
122.29
47.19
11.82
Other Written Off
Profit Before Tax
-593.92
44.2
116.92
63.93
63.44
11.61
-0.14
-593.92
44.2
117.92
75.54
63.3
-43.09
10.7
37.71
33.92
9.73
-550.83
33.49
80.2
41.59
53.57
44.26
58.46
63.92
21.44
5.51
Preference Dividend
Equity Dividend
6.52
1.08
1,304.93
1,304.93
1,304.93
1,304.93
1,304.93
-42.21
2.57
6.15
3.19
4.1
50.3
92.55
89.99
84.42
81.1
Tax
Reported Net Profit
Equity Dividend (%)

Book Value (Rs)
43

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Sources Of Funds
Total Share Capital
4,277.76
4,277.76
4,277.76
2,138.89
2,138.89
4,277.76
4,277.76
4,277.76
2,138.89
2,138.89
120,175.46
108,678.97
93,226.67
85,143.72
76,596.53
Reserves
124,453.22
112,956.73
97,504.43
87,282.61
78,735.42
Secured Loans
4,500.00
Unsecured Loans
16,405.64
16,035.70
Networth
Total Debt
Total Liabilities
4,500.00
16,405.64
16,035.70
124,453.22
117,456.73
97,504.43
103,688.25
94,771.12
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Gross Block
96,463.86
90,019.55
80,501.56
71,553.78
61,355.61
68,980.39
68,341.41
61,862.02
55,905.28
50,941.23
Net Block
27,483.47
21,678.14
18,639.54
15,648.50
10,414.38
14,415.37
73,258.12
65,299.77
56,073.25
52,923.19
Investments
9,173.05
5,216.24
5,182.80
5,772.03
5,090.32
Inventories
5,704.39
5,165.44
4,118.98
4,678.57
4,060.67
Sundry Debtors
6,863.72
6,194.82
3,994.68
3,058.64
4,083.80
13,218.59
20,124.57
14,481.09
282.85
161.48
25,786.70
31,484.83
22,594.75
8,020.06
8,305.95
Loans and Advances
101,268.07
40,090.29
36,300.55
63,721.90
55,964.02
17,948.18
18,934.74
127,054.77
71,575.12
58,895.30
89,690.14
83,204.71
Current Liabilities
30,575.81
30,715.22
28,763.69
27,244.53
26,854.11
Provisions
23,097.63
23,555.65
21,749.29
37,092.46
30,657.98
53,673.44
54,270.87
50,512.98
64,336.99
57,512.09
Net Current Assets
73,381.33
17,304.25
8,382.32
25,353.15
25,692.62
841.32
650.61
124,453.22
117,456.75
97,504.43
103,688.25
94,771.12
35,810.89
27,810.71
20,465.03
39,178.54
36,024.57
145.47
132.03
113.97
408.08
368.12
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Total Assets
Book Value (Rs)
44

Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
83,005.33
76,515.09
68,338.92
60,470.18
64,342.28
218.41
338.29
83,005.33
76,515.09
68,338.92
60,251.77
64,003.99
5,436.74
7,593.53
3,406.85
3,615.96
4,085.59
91.34
12.91
118.04
81.1
88,442.07
84,199.96
71,758.68
63,985.77
68,170.68
4,199.15
656.14
635.3
2,431.88
10,905.51
334.96
157.86
142.57
260.38
270.79
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
10,330.17
1,309.48
1,303.13
5,618.16
4,536.80
10,043.10
19,692.63
17,453.44
26,652.82
19,578.49
-13,243.69
-4,470.78
24,559.03
8,867.56
8,623.49
947.65
1,011.04

Total Expenses
49,466.41
30,683.67
28,157.93
22,667.20
31,831.85
Operating Profit
33,538.92
45,922.76
40,193.90
37,702.61
32,253.24
PBDIT
38,975.66
53,516.29
43,600.75
41,318.57
36,338.83
27.64
34.83
25.11
11,276.89
8,485.40
38,948.02
53,481.46
43,575.64
30,041.68
27,853.43
Interest
PBDT
Depreciation
8,373.57
7,495.92
7,676.69
5,242.66
4,355.62
Other Written Off
9,333.44
8,248.97
Profit Before Tax
30,574.45
36,652.10
27,649.98
24,799.02
23,497.81
-53.15
-9.55
-33.63
183.99
790.68
30,521.30
36,642.55
27,616.35
24,983.01
24,288.49
9,618.64
11,519.65
8,692.37
8,258.73
8,437.78
Reported Net Profit
20,925.70
25,122.92
18,924.00
16,767.56
16,126.32
45,267.25
30,027.53
27,522.63
20,235.33
20,926.34
Tax
Preference Dividend
Equity Dividend
8,127.72
8,341.61
7,486.05
7,058.28
6,844.39
1,301.16
1,328.62
1,215.65
1,161.56
1,163.20
85,554.90
85,554.90
85,554.90
21,388.73
21,388.73
24.46
29.36
22.12
78.39
75.4
190
195
175
330
320
145.47
132.03
113.97
408.08
368.12
Equity Dividend (%)

Book Value (Rs)
45

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Comparative analysis of Oil Drilling &

Exploration sector Companies

Standalone Balance Sheet Horizontal Analysis

Total Share Capital

Equity Share Capital

Share Application Money

Preference Share Capital

Capital Work in Progress

Less: Accum. Depreciation

Total Current Assets

Loans and Advances

Total CL & Provisions

Book Value (Rs)

Net Current Assets

Power & Fuel Cost

Profit Before Tax

PBT (Post Extra-ordinary Items)

Reported Net Profit

Total Value Addition

Corporate Dividend Tax

Shares in issue (lakhs)

Earnings Per Share (Rs)

Equity Dividend (%)

Book Value (Rs)

Total Share Capital

Equity Share Capital

Less: Accum. Depreciation

Capital Work in Progress

Total Current Assets

Loans and Advances

Cash and Bank Balance

Net Current Assets

Expon. (Total Debt)

Linear (Total Liabilities)

Expon. (Total Assets)

Power & Fuel Cost

Other Manufacturing Expenses

Selling and Admin Expenses

Profit Before Tax

PBT (Post Extra-ord Items)

Reported Net Profit

Total Value Addition

Corporate Dividend Tax

Shares in issue (lakhs)

Earning Per Share (Rs)

Equity Dividend (%)

Book Value (Rs)

Per share data (annualised)

Total Share Capital

Equity Share Capital

Less: Accum. Depreciation

Capital Work in Progress

Cash and Bank Balance

Total Current Assets

Loans and Advances

Power & Fuel Cost

Other Manufacturing Expenses

Selling and Admin Expenses

Preoperative Exp Capitalised

Other Written Off

Profit Before Tax

Reported Net Profit

Total Value Addition