The company announced Q4 results after market hours on Friday, 10 May 2013.
Meanwhile, the S&P BSE Sensex was up 14.25 points or 0.07% at 20,096.87.
On BSE, 1.04 lakh shares were traded in the counter as against average daily volume of 11.21 lakh shares in the past one quarter.
The stock hit a high of Rs 87.35 and a low of Rs 85 so far during the day. The stock had hit a 52-week high of Rs 96.15 on 4 February 2013. The stock had hit a 52-week low of Rs 46 on 31 August 2012.
The stock had underperformed the market over the past one month till 10 May 2013, rising 6.8% compared with the Sensex's 9.06% rally. The scrip had also underperformed the market in past one quarter, declining 10.1% as against Sensex's 3.07% rise.
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The large-cap company has equity capital of Rs 1427.59 crore. Face value per share is Rs 10.
Essar Oil's gross revenue rose 34% to Rs 25757 crore in Q4 March 2013 over Q4 March 2012. 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.
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.
Essar Oil is a fully integrated oil & 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 & gas blocks with about 1.7 billion barrels of oil equivalent in reserves & resources. There are more than 1,600 Essar-branded oil retail outlets in various parts of India.
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