Essar Oil reported profit after tax (PAT) of Rs 200 crore in Q4 March 2013, as against net loss of Rs 608 crore in Q4 March 2012. Gross revenue rose 34% to Rs 25757 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 10 May 2013.
Essar Oil's earnings before interest, taxation, depreciation and amortization (EBITDA) galloped 254% to Rs 1556 crore in Q4 March 2013 over Q4 March 2012.
The company's current price gross refining margin doubled to $9.06/barrel in Q4 March 2013, from $4.60/barrel in Q4 March 2012, reflecting the higher complexity benefits post completion of expansion and optimization projects, Essar Oil said in a statement.
Essar Oil reported net loss of Rs 1180 crore in the year ended 31 March 2013 (FY 2013), lower than net loss of Rs 1285 crore in the year ended 31 March 2012 (FY 2012). Gross revenue rose 53% to Rs 96797 crore in FY 2013 over FY 2012. EBITDA was up over three times at Rs 3651 crore in FY 2013, as against Rs 1167 crore in FY 2012. Current price gross refining margin for FY 2013 was at $7.96/barrel, as against $4.23/barrel in FY 2012.
During the quarter, Vadinar Refinery processed 5.08 MMT of crude, up 26% over Q4 March 2012. The refinery continues to function at over its nameplate capacity of 20 MMTPA with all units stabilized, Essar Oil said in a statement.
Essar Oil said that the share of Ultra Heavy Crude in refinery's crude diet rose to 62% in Q4 March 2013, from 24% in Q4 March 2012. Overall, the refinery processed 88% of heavy and ultra heavy crude in Q4 March 2013. Production of valuable Middle and Light distillates improved to 84% of the refinery's product slate from 69% in Q4 March 2012, Essar Oil said in a statement.
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Commenting on the company's performance, Mr. L.K. Gupta, Managing Director and CEO, Essar Oil, said, "We had a very eventful year in FY 2013 during which we have achieved a number of milestones. Our Vadinar Refinery, at 20 MMTPA capacity and 11.8 complexity is India's second largest single site refinery and amongst the most complex globally, set up at a very competitive capex of approximately Rs 24000 crore, whose replacement cost today is between 1.75-2 times that figure. The refinery has demonstrated excellent operating performance with a very strong focus on safety and has consistently outperformed the benchmark IEA margins, as was targeted".
Mr. Suresh Jain, CFO, Essar Oil said, "Benefit of expanded capacity and complexity was available for only three quarters of the year and the performance of the refinery post completion of expansion has been consistent. Our primary focus is now to align our asset liability mismatch by dollarizing our debt, which will also lower our interest cost, and in turn improve our free cash flows significantly".
With regard to marketing operations, Essar Oil said it continues to focus on the domestic market, with domestic sales contributing over 60% to its revenues during the quarter. Bulk sales, consisting of fuel oil, sulphur, petcoke, bitumen, and VGO, contributed 10% to the total sales during the quarter, against 4% in Q4 March 2012, Essar Oil said. Essar Oil has re-entered the bulk diesel market, which recently was deregulated.
Essar Oil said that the recent move of government towards full deregulation of auto fuels will create great value for the company's retail business. With three ALPG and CNG pumps opened during the quarter, 30 Essar Oil pumps now offer multi fuel options to customers, the company said in a statement.
Throwing light on its exploration and production activities, Essar Oil said that at the company's flagship Raniganj CBM block, current gas production is around 60,000 standard cubic metres per day (scm/d). The company has completed drilling 148 wells. Environment Clearance III approvals for 618 wells has been received. Production is expected to reach 3 million scm/d by next year, Essar Oil said in a statement.
Mahindra & Mahindra (M&M.) on Friday, 10 May 2013, announced the launch of the new H-Series Xylo, powered by the refined and world class mHawk engine. The new H-Series starts at a price of Rs 8.23 lakh (ex showroom Mumbai, BSIV variant), M&M said in a statement.
Speaking on the launch of the new H-Series Xylo, Pravin Shah, Chief Executive, Automotive Division, M&M said, "The Xylo has since its introduction in 2009 carved a unique identity for itself in the area of class leading space & comfort. The addition of the world class mHawk engine will further boost its performance and take it a notch higher in its segment. Equipped with higher power and better efficiency, we are sure that the new Xylo H-Series will be a popular choice amongst the discerning personal buyers".
Tata Power after market hours on Friday, 10 May 2013 said that the company through its subsidiary Tata Power International Pte has signed an agreement with Clean Energy Invest AS (Clean Energy) and IFC InfraVentures (IFC) for developing hydro projects in Georgia for sale of power primarily to Turkey. The hydro projects will be of an aggregate capacity of 400 megawatts (MW) and would be developed in three phases. The first phase of 185 MW is expected to be completed before mid 2016. Tata Power and Clean Energy would hold 40% stake each. The power generated by the projects is planned to be vended primarily to Turkey. The total project cost is estimated to be about $700 million, Tata Power said in a statement.
Commenting on the development, Mr. Anil Sardana, Managing Director, Tata Power said, "We are delighted to be broadening our foothold in key international markets through this development. Georgia is a great country to work in and Turkey is a fast evolving energy market in Europe. This relationship with Clean Energy and IFC InfraVentures puts us on a strong footing to take advantage of the considerable potential of this market. We are proud to be the pioneers in Hydro generation in India, with century of operating experience and will continue to look at the prospective of enhancing our clean energy portfolio".
Tata Power has an existing hydro generation capacity of about 450 MW in Maharashtra, India, that feeds clean power to the city of Mumbai. The company has been resilient to increase its portfolio in Hydro power generation which includes Tata Power's partnership with Norway-based SN Power to develop hydropower projects. Currently, the JV consortium has bagged the Dugar Hydro Electric Project in Chenab Valley in Himachal Pradesh, India. Tata Power also has a JV with the Royal Government of Bhutan under which it is implementing a 114 MW from Dagachhu Hydro Project with Druk Green Power Company.
Clean Energy Group is a Norwegian Hydro power company with a focus on developing green field hydro projects.
IFC InfraVentures (IFC) is an early stage project developer launched by IFC, a member of the World Bank Group.
The Enterprise Application Services (EAS) division of HCL Technologies (HCL) after market hours on Friday, 10 May 2013, announced the release of its iMRO 5.0 solution. HCL EAS' iMRO is a maintenance, repair and overhaul (MRO) solution endorsed by SAP AG and an add-on to the SAP Enterprise Asset Management (SAP EAM) solution. iMRO and SAP EAM solutions enhance and complement each other for use by MRO organizations within the A&D and TT&L industries, HCL said in a statement. This latest iMRO release is not only more cost effective than previous versions, but also faster, with better user acceptance and productivity, the company added. The benefits to the customer include improvements in user productivity due to the faster processing time and better software asset utilization supported by the new functionality, HCL said in a statement.
Commenting on the development, Benedikt Hermann, vice president - Product Innovation, HCL said, "We are delighted to announce iMRO 5.0 which will continue to evolve steadily over the coming years. This SAP-endorsed business solution continues to meet customer demands in reduced implementation times and higher user productivity, which is evident through our successful deployment of iMRO at global tier-one aircraft manufacturing, third-party service and operator organizations. Our focus will stay on enabling users to perform tasks efficiently through closed-loop interactions with our clients as well as bringing SAP's latest tools such as 3-D visualization (e.g., SAP Visual Enterprise applications) and mobile capabilities into the heart of the maintenance process".
Phil te Hau, director, Solution Management, SAP said, "This latest version iMRO, endorsed by SAP, continues to demonstrate the importance of SAP's ecosystem strategy, through which we are cooperating with partners to support our customers' businesses, drive new levels of collaboration, and provide additional choices and flexibility. With iMRO 5.0, which simplifies capabilities into a single maintenance environment based on SAP technology, customers will be empowered to focus on business process improvements and meeting changing business needs. With its enhanced and extended industry-specific functionality, it will help improve user productivity, best-practices and higher asset utilization".
The success of iMRO is apparent from a number of leading European and North American aerospace and airline clients who have chosen to utilize the solution, HCL said in a statement.
Cummins India's net profit jumped 30.4% to Rs 188.54 crore on 10.4% growth in net sales to Rs 1128 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 10 May 2013.
Cummins India's net profit surged 29.2% to Rs 764.11 crore on 11.3% growth in net sales to Rs 4509 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Cummins India said that notwithstanding adverse market conditions, the company reported respectable performance in FY 2013 on the back of strong customer relationships, technology leadership, service support and its people talent. The company said its margins improved year on year basis in FY 2013, primarily on account of better realization from exports, favourable product mix and cost control measures.
Anant J. Talaulicar, Chairman and Managing Director, Cummins India said, "While we have been negatively impacted by the prevailing economic conditions in India and around the world, we remain positive about the long-term profitable growth prospects of the company. The company continues to make investments for future growth, and has very recently inaugurated a midrange engine upfit center and a facility for manufacturing low horsepower generator sets for exports at our mega site at Phaltan. We remain confident of the company's competitiveness, long term growth prospects and ability to continue generating positive results".
Cummins India's board of directors at a meeting held on Friday, 10 May 2013, recommended final dividend of Rs 8 per share for FY 2013.
Reliance Communications' (RCom) consolidated net profit declined 8.73% to Rs 303 crore on 2.39% growth in total income from operations to Rs 5130 crore in Q4 March 2013 over Q4 March 2012. Consolidated net profit declined 27.58% to Rs 672 crore on 4.49% growth in total income from operations to Rs 20561 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result was announced after trading hours on Friday, 10 May 2013.
Sobha Developers' consolidated net profit declined 28% to Rs 69.60 crore on 12.1% growth in net sales to Rs 585.40 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 10 May 2013.
Sobha Developers' consolidated net profit rose 5.4% to Rs 217.20 crore on 32.4% growth in net sales to Rs 1860.20 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Sobha Developers' board of directors at a meeting held on Friday, 10 May 2013, recommended dividend of Rs 7 per share for FY 2013.
Apollo Tyres' consolidated net profit fell 9.7% to Rs 141.78 crore on 6% decline in net sales to Rs 3037.76 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 10 May 2013.
Apollo Tyres' consolidated net profit surged 49.5% to Rs 612.61 crore on 5.3% growth in net sales to Rs 12794.63 crore in the year ended 31 March 2013 (FY 2013) and the year ended 31 March 2012 (FY 2012).
Apollo Tyres' board of directors at a meeting held on Friday, 10 May 2013, recommended final dividend 50 paise per share for FY 2013.
Balrampur Chini Mills' net profit declined 45.4% to Rs 70.98 crore on 28.9% growth in net sales to Rs 744.74 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 10 May 2013.
Balrampur Chini Mills' net profit galloped 2347.6% to Rs 162.03 crore on 41.8% growth in net sales to Rs 3274.84 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, Balrampur Chini Mills' net profit galloped 37411.6% to Rs 161.30 crore on 41.8% growth in net sales to Rs 3274.84 crore in FY 2013 over FY 2012.
Balrampur Chini Mills' board of directors at a meeting held on Friday, 10 May 2013, recommended dividend of Rs 2 per share for FY 2013.
Ashoka Buildcon's consolidated net profit declined 86.2% to Rs 6.43 crore on 38.9% growth in net sales to Rs 649.18 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 10 May 2013.
Ashoka Buildcon's consolidated net profit declined 32.5% to Rs 84.19 crore on 23.6% growth in net sales to Rs 1847.71 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Ashoka Buildcon's board of directors at a meeting held on Friday, 10 May 2013, recommended final dividend of Rs 2 per share for FY 2013. The board had also approved issue of 1 bonus share for every 2 equity shares held. The board further approved a 2-for-1 stock split.
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