Essar Oil spurted 15.79% to Rs 89.85 at 9:19 IST on BSE after net profit surged 404.6% to Rs 1008 crore on 7.5% rise in gross revenue to Rs 27691 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after market hours on Tuesday, 20 May 2014.
Meanwhile, the BSE Sensex was down 1.90 points, or 0.01%, to 24,374.98.
On BSE, so far 6.18 lakh shares were traded in the counter, compared with an average volume of 8.08 lakh shares in the past one quarter.
The stock hit a high of Rs 91.25 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 85.20 so far during the day. The stock hit a 52-week low of Rs 44.50 on 31 January 2014.
The stock had outperformed the market over the past one month till 20 May 2014, rising 26.38% compared with 7.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 51.12% as against Sensex's 18.70% rise.
The large-cap company has an equity capital of Rs 1511.44 crore. Face value per share is Rs 10.
Essar Oil reported a 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.
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 compared with 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."
Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & 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.
Powered by Capital Market - Live News
