Essar Oil hit an upper circuit limit of 5% at Rs 66.50 at 12:11 IST on BSE, extending recent gains triggered by the company reporting improved Q1 June 2013 results.
The result was announced during trading hours on Wednesday, 14 August 2013. The stock rose 4.96% to Rs 60.35 on that day. The stock is up 15.65% in three sessions from Rs 57.50 on Tuesday, 13 August 2013.
Meanwhile, the BSE Sensex was down 251.69 points, or 1.35%, to 18,346.49.
On BSE, 74,000 shares were traded in the counter compared with average volume of 3.68 lakh shares in the past one quarter.
The stock hit a low of Rs 64 in early trade today, 19 August 2013. The stock hit a 52-week high of Rs 96.15 on 4 February 2013. It hit a 52-week low of Rs 46 on 31 August 2012.
The stock had outperformed the market over the past one month till 16 August 2013, falling 5.09% compared with the Sensex's 6.31% decline. The scrip had, however, underperformed the market in past one quarter, sliding 22.51% as against Sensex's 8.15% fall.
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The mid-cap company has an equity capital of Rs 1427.59 crore. Face value per share is Rs 10.
Essar Oil reported a net loss of Rs 863 crore in Q1 June 2013, lower than net loss of Rs 1518 crore in Q1 June 2012. Revenue rose 12% to Rs 24721 crore in Q1 June 2013 over Q1 June 2012, on the back of 15% improvement of throughput, which stood at 5.14 million metric tonnes (MMT) in Q1 June 2013, against 4.48 MMT in Q1 June 2012.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was reported at Rs 1106 crore in Q1 June 2013 compared with a negative EBITDA of Rs 178 crore in Q1 June 2012. The current price Gross Refining Margin (GRM) jumped 49% to $7.01 per bbl in Q1 June 2013 over Q1 June 2012, reflecting the higher complexity benefits post completion of expansion and optimization projects.
The company reported a net loss of Rs 863 crore during the quarter, mainly due to negative forex fluctuations arising out of 10% rupee depreciation during the quarter. Essar Oil follows a very prudent risk management policy to hedge all its risks against currency fluctuations. As a result, the forex variations are mostly of mark-to-market nature, which is recoverable through sales or GRM in next quarters and hence have cash and earning neutral impact during the full financial year, the company said.
The company's refinery processed 5.14 MMT of crude, up 15% in Q1 June 2013 over Q1 June 2012. The refinery continues to function at over its nameplate capacity of 20 million metric tonnes per annum (MMTPA) for the last four consecutive quarters with all units stabilized. During the quarter, the refinery operated at 103% of its capacity, the company said.
Share of ultra heavy crude in refinery's crude diet rose to 56% in the reporting quarter from 48% in the same period last year. Overall, the refinery processed 92% of heavy and ultra heavy crude in Q1 June 2013, Essar Oil said.
Production of valuable middle and light distillates share in the overall crude slate improved to 84% in Q1 June 2013, from 82% in Q1 June 2012 with the capability to produce Euro IV and V grade products.
Essar Oil is a fully integrated oil and gas company of international scale with strong presence across the hydrocarbon value chain from exploration and production to refining and oil retail. Essar Oil owns India's second largest single site refinery having a capacity of 20 MMTPA and complexity of 11.8, which is amongst the highest globally. It has a portfolio of onshore and offshore oil and gas blocks with about 1.7 billion barrels of oil equivalent in reserves and resources. There are more than 1,600 Essar-branded oil retail outlets in various parts of India.
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