Essar Oil's consolidated net profit surged 404.6% to Rs 1,008 crore on 7.5% rise in gross revenue to Rs 27,691 crore in Q4 March 2014 over Q4 March 2013. The company reported a consolidated net profit of Rs 126 crore in the year ended 31 March 2014 (FY 2014) as compared to a net loss of Rs 1180 crore in the year ended 31 March 2013 (FY 2013). Gross revenue rose 10.7% to Rs 107190 crore in FY 2014 over FY 2013. The result was announced after market hours on Tuesday, 20 May 2014.
Throughput was up 2.3% to 20.23 million metric tonnes (MMT) in FY 2014 over FY 2013. Current price gross refining margin (CP GRM) for the year was at $7.98/bbl compared to $7.96/bbl in FY 2013. Premium over benchmark IEA margin for the full year was at $8.82/bbl against $6.80/bbl in FY13. This was achieved on the back of improved crude diet93% heavy and ultra heavy crude processed in FY14 vs 86% in FY13and a stable product slate.
Essar Oil's CP GRM for Q4 March 2014 was at $10.12/bbl, compared to $9.06/bbl in Q4 March 2013. The Vadinar Refinery, at 20 million metric tonnes per annum (MMTPA) capacity and 11.8 complexity, is India's second largest single site refinery and amongst the most complex globally for a facility of this scale. During the quarter, it processed 5.05 MMT of crude, which was almost at the same level of 5.08 MMT processed during Q4 March 2013. Vadinar Refinery continues to operate above 100% capacity post expansion.
Speaking about the results, Mr LK Gupta, Managing Director and CEO, Essar Oil, said: "We are happy to report that the company has returned to profitability for the full year. Having breached the rupees one lakh crore revenue mark, Essar Oil is today one of India's top 10 companies by topline, having achieved this distinction in a relative short span of five years of beginning commercial production. Operationally we continue to do well with the refinery further optimizing on its crude diet and product slate, which has resulted in the company delivering healthy GRMS at $10.12/bbl."
Mr Suresh Jain, CFO, Essar Oil, said, "This is the first full year of operations of our expanded refinery. We are happy to share that our company has demonstrated excellent financials backed by solid operating performance, which has resulted in improved GRMs, EBIDTA, and PAT for the quarter, and closed our financial year with a profit of Rs 126 crore."
Sun Pharmaceutical Industries' response to an import ban on one of its plants lacked sufficient corrective actions, the US Food and Drug Administration said in a warning letter published on Tuesday, 20 May 2014. The FDA banned imports from Sun Pharma's Karkhadi plant in Gujarat in March 2014, but the reason for the ban was not clear at that time. In the warning letter, the regulator said Sun Pharma failed to ensure laboratory records had complete data and that manufacturing staff had inadequate training and experience.
Zee Entertainment Enterprises, Zee Media Corporation, Uco Bank and NIIT, among others, will announce their January-March 2014 earnings today, 21 May 2014.
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Elder Pharmaceuticals will be watched. With reference to the news captioned "India Inc. invested $5.58 billion in overseas markets in April" in various newspapers, mentioning, inter alia, that Elder Pharmaceuticals had committed $1.3 billion in the form of loans to its wholly owned subsidiary in the United Arab Emirates, Elder Pharma has clarified that there is no such proposal or commitment made by Elder Pharmaceuticals with respect to its wholly owned subsidiary in Dubai.
Thomas Cook (India) turns ex-dividend today, 21 May 2014, for the final dividend of 38 paise a share for the year ending 31 December 2013 (FY 2013).
Arvind Remedies said that Mr. G. Ramachandran, Chief Financial Officer of the company has resigned. Mr. S. Balakrishnan, has taken over as Financial Controller of the company with immediate effect.
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