The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Avadhoot Sabnis - CIMB Research - Analyst
: First question, sir, as far as GRMs are concerned, we have been giving a reported GRM number as a normalized GRM number on a regular basis.
Now if I look at your stated normal GRM number, FY '21 is $5.64. For the first 9 months, it was $2.96, okay? Sorry, but as per my calculation, then
automatically, the fourth quarter number tends to be $12.5 and not $10.6, which you are saying. Similar, sort of, there is anomaly for the normal
GRM as well, as against $2.5 that you're saying for the fourth quarter, it actually works out to $4.5. Could you please clarify? Or have I got something
wrong?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: So fourth quarter number is the right number and that's per the restatement?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: Second is, could you share the latest debt number, given that historically, the March number is not a representative of the average number for the
year or the quarter?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: Fine. And what was subsidy dues over the March, government subsidy dues?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: Sorry, sir, now?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: Sorry, INR 680 crores. Yes. Okay. I'm sorry, can I just squeeze in a last question, which is the staff costs have gone up by 22% in FY '21. Any explanation
for that?
Question: Avadhoot Sabnis - CIMB Research - Analyst
: But would this INR 1,800 crores be then -- INR 1,800 crores will be for this year only? Or would it cover something for last year also? I'm trying to
get, obviously, the sense of the preceding year staff costs.
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: Sir, my request actually pertaining to the buyback or the dividend decision. I think we have been paying a very good amount of dividend. And so
would you give an update that any consideration is given to buyback of the shares because some of the companies have done it in the past, there
have been a good due performance of the stock price as well.
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MAY 20, 2021 / 9:00AM, IOC.NS - Full Year 2021 Indian Oil Corporation Ltd Earnings Call
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: Sir, I'm just discussing from like what are the factors which you are considering against the buyback. I think you must have given due weightage
to both the decisions of buyback versus dividends. But what are the factors which you think are against the buyback decision?
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: Okay, so we are not considering any sort of buyback or any...
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: Yes. Okay. And sir, second thing, regarding the refining CapEx. So we have seen that already, our refining integration is one of the best or highest
in the industry. And in times of current situation or in the longer term, if there is any impact on the product demand, then what is the risk here to
expand all the refining capacities at one go. And by the time this refining CapEx gets materialized, the outlook on the refining margins may not be
very, very certain. So what are the thoughts actually which are going into these projects? And what kind of IRRs we are considering for determining
approval of these projects?
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: What kind of GRMs we are considering for approving...
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: This is just a related question on this. I'm just adding 1 sentence to that. Sir, what are the GRMs you are considering for approving these projects?
Question: Amit Rustagi - UBS Investment Bank, Research Division - Analyst
: 11%?
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