Essar Oil Limited Announced Results for Full Year Ended 31 March 2011
OREANDA-NEWS. April 11, 2011. Essar Oil Limited announced results for full year ended 31 March 2011.
Key Highlights Overall
• Essar Oil Limited (EOL) reports strong financial performance, with annual gross revenues increasing by 25% to Rs 53,119 crore in FY 2010-11 from Rs 42,402 crore in FY 2009-10. Quarterly gross revenues stand at Rs 14,846 crore, a growth of 24% from Rs 11,942 crore in the corresponding quarter last fiscal year
• Current Price GRM registered an 87% growth to USD 6.91/bbl in FY 2010-11 from USD 3.70/bbl in FY 2009-10. Quarterly current price GRM was at USD 8.15/barrel, up from USD 5.37/barrel in the corresponding quarter of last fiscal year
• Annual EBITDA increase by 43% to Rs 2,780 crore in FY 2010-11 from Rs 1,938 crore in FY 2009-10. Quarterly EBITDA was at Rs 912 crore, a growth of 34% from Rs 683 crore in the corresponding quarter of last fiscal year
• Annual PAT registers a 23-fold increase, at Rs 654 crore in FY 2010-11 from Rs 29 crore in FY 2009-10. Quarterly PAT grows 78 percent, up to Rs 321 crore from Rs 180 crore.
• Infused USD 528 million through Equity/FCCBs
• Vadinar Refinery achieves highest annual throughput at 14.76 MMT
• Refinery Phase 1 expansion to 18 MMTPA on track- mechanical completion in a phased manner in Q2 & Q3 of CY2011
• Optimisation project to enhance refinery capacity to 20 MMTPA on track; completion by September 2012
• Refinery continues to maintain excellent safety track record, with almost 1,100 Lost Time Incident (LTI) free days as on 31 March 2011
• Essar Oil has 1,635 retail outlets,1,381 operational and
• Company increasing focus on non-fuel retailing at its outlets
• Signed contracts for 4 Indian Coal Bed Methane (CBM) blocks with estimated resources of over 7.6 tcf
• Raniganj producing about 35,000 scmd from 33 production wells
• Raniganj to start commercial production in the next few months; construction of 48-km gas evacuation pipeline from Raniganj to
• Gas sale price approval received from MoPNG; Field Development Plan approved for drilling 500 production wells in Raniganj
Essar Oil Ltd (EOL) today reported strong revenue growth of 25% in FY 2010-11, at Rs 53,119 crore, up from Rs 42,402 crore in the previous fiscal. Quarterly figures show a similar increase, up to Rs 14,846 crore in Q4 of 2010-11 from Rs 11,942 crore in the corresponding quarter last fiscal. This growth can be attributed to increase in throughput and higher oil prices.
The Current Price Gross Refinery Margin (CP GRM) for the Refinery business increased to USD 6.91 per barrel in FY2010-11 from USD 3.7 per barrel in FY2009-10. Quarterly CP GRM increased to USD 8.15/bbl from USD 5.37/bbl in the corresponding quarter in the previous financial year (see Appendix for understanding CP GRM).
EOL's EBITDA grew by more than 43% to Rs 2,780 crore from Rs. 1,938 crore last fiscal. Quarterly EBITDA registered a 34% increase—at Rs 912 crore from Rs 683 crore.
Annual Profit After Tax (PAT) jumped to Rs 654 crore in FY 2010-11 from Rs 29 crore in FY 2009-
Key Performance Indicators (Unaudited)
(In Rs crore)
|
Full Year ended 31 March 2011 |
FY 2010 |
FY 2011 |
% change |
|
Revenue (Gross) |
42,402 |
53,119 |
25% |
|
EBITDA |
1,938 |
2,780 |
43% |
|
Profit Before Tax |
29 |
835 |
2817% |
|
Profit After Tax |
29 |
654 |
2117% |
|
Cash Profit |
757 |
1,566 |
107% |
|
Property, Plant and Equipment |
16,628 |
20,197 |
21% |
|
Debt |
10,089 |
13,472 |
34% |
|
Net Worth |
4,674 |
6,538 |
40% |
|
| |||
|
Quarter ended 31 March 2011 |
Q4 FY 2010 |
Q4 FY 2011 |
% change |
|
Revenue (Gross) |
11,942 |
14,846 |
24% |
|
EBITDA |
683 |
912 |
34% |
|
Profit Before Tax |
180 |
422 |
134% |
|
Profit After Tax |
180 |
321 |
78% |
|
Cash Profit |
362 |
603 |
67% |
Naresh Nayyar, EOL's CEO & Managing Director, said: "This is a strong financial result driven by record refinery throughput of 14.76 MMTPA and a healthy uplift of over 80% in GRMs. Demand for petroleum products in India is expected to continue to grow sharply and we remain focused on delivering our key projects, which in 2011 includes the first phase of our Vadinar refinery expansion. With the successful completion of the IPO of our parent company last year and the subsequent
strong financial performance, we also have a robust financial position to fund our expansion programme."
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