At Our Flagship Raniganj CBM Asset
Gross revenues Rs. Thirteen,947 crore in contrast with Rs. 22,220 crore in Q3FY15
– EBITDA at Rs 1,759 crore vs Rs 1,291 crore in Q3FY15
– Revenue after tax Rs 364 crore vs Rs fifty two crore in Q3FY15
– Current Value Gross Refining Margin at $13.25/bbl (highest ever) vs $7.00 /bbl in Q3FY15
Mumbai, ninth February 2016: Essar Oil Ltd. India’s second largest private refiner, today reported outcomes for the third quarter ended thirty first December 2015.
Refinery throughput stood at four.24 MMT, compared with 5.19 MMT in the same interval of the previous yr. The decline in throughput was as a result of planned shutdown of 30 days (accomplished in 28 days from 18th September 2015 to fifteenth October 2015).
Gross revenues for the quarter stood at Rs.13,947 crore, compared with Rs.22,220 crore in the identical interval final year. This decline in revenues was due to the fall in oil prices and lower throughput because of the continuation of shutdown for 15 days in the quarter.
The EBIDTA increased by 36% to Rs 1,759 crore as against 1,291 crore in Q3FY15. The web Profit after Tax soared 7 instances to Rs 364 crore from Rs fifty two crore in the identical quarter of previous year.
The current Value Gross Refining Margin (CP GRM) for the newest quarter was $thirteen.25/bbl, the best ever for Essar Oil, versus $7.00/bbl in the identical quarter final year.
9-Month of FY16 highlights
The refinery throughput for the 9-month period ended December 2015 was thirteen.88 MMT, compared with 15.37 MMT in the same period of earlier yr. Gross revenues for the interval have been Rs 50,080crore, as in opposition to Rs seventy three,731 crore in the same interval of final yr.
The EBIDTA stood at Rs 5,252 crore versus 3,957 crore in the earlier 12 months period. The net profit was Rs.1,628 crore compared with Rs.976 crore within the nine months of the previous financial yr.
The CP GRM for the 9-month period ended December 2015 was $10.Forty five/bbl versus $7.Sixty nine/bbl in the same period final year.
Throughput (in MMT)*
(in Rs. crore)
(in Rs. crore)*
Revenue After Tax
(in Rs. crore)
*Impacted resulting from Shutdown
Within the quarter ended thirty first December 2015, the refinery efficiently completed its planned turnaround shutdown on 15th October 2015. Through the shutdown the corporate undertook the routine inspection and maintenance and transformed VGO-HT unit into a mild Hydrocracker unit to allow the refinery to convert the whole VGO (Vacuum Fuel Oil) into higher margin products. Also, the corporate modified crude blend window to allow the refinery to course of larger amount of ultra-heavy and excessive acidic crudes.
Mr. Lalit Kumar Gupta, Managing Director and Chief Government Officer, on the announcement of the efficiency, stated: “Essar Oil has delivered excellent performance despite very difficult domestic and international macro-financial surroundings. The safe and profitable completion of the turnaround shutdown of the refinery earlier than schedule together with completion of the Diesel Maximisation Challenge will assist us petroleum zimbabwe to sustain our excellent all spherical efficiency in future. We’ve got generated a vibrant momentum in expanding our retail network as well as leveraging the potential of our existing community.”
Mr. Suresh Jain, Chief Monetary Officer, stated:“Our firm has reported excellent monetary performance regardless of shutdown and inventory impact because of fall in oil prices. The refinery clocked a CP GRM of $thirteen.25/bbl through the quarter, which is the highest ever because the commissioning of refinery in 2008. Our profitability is further anticipated to improve pursuant to general improvement in crude combine and product slate publish shut down. Retail enterprise contribution in general revenue has improved to 16% in contrast to 6% in Q3 FY15 and it will likely be the key driver to foster the general progress and profitability of the corporate.”
In the course of the quarter, Essar Oil commissioned 220 new retailers taking the whole operational shops nationwide to 1,910. As many as 2,186 are at different stages of implementation.
Retail sale volumes for the quarter under evaluation advanced 87% to 448 KL from 239 KL in the same period of last 12 months. Retail gross sales accounted for sixteen% of Essar Oil’s revenues in Q3FY16 as towards 6% within the corresponding quarter final fiscal.
Exploration & Production
At our flagship Raniganj CBM Asset, we’ve got achieved production of 655,000 customary cubic meters per day (scm/d).This is being bought to industrial consumers in the catchment area. Essar Oil is presently India’s largest CBM fuel producer. As many as 286 wells have been drilled and the company is on the right track to increase production to 2.5 million scm/d.
The promoters of Essar Oil Ltd. completed the delisting course of from the Nationwide Inventory Exchange and Bombay Stock Trade after agreeing to pay Rs. 262.8 per share to the general public shareholders. Consequently, trading in shares of Essar Oil Ltd will halt from tenth February 2016 and delisting might be efficient from seventeenth February 2016.
Essar Oil has been recognised as one in every of the top Climate Disclosure Leaders for India for the 5th yr in a row in 2015 by Carbon Disclosure Challenge India. CDP publishes an annual index on climate disclosure that ranks firms on the basis of their vitality management strategies and climate change initiatives.
Essar Oil received the Golden Peacock HR Excellence award for 2015.
About Essar Oil Restricted
Essar Oil is a totally built-in oil & gas company of worldwide 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 capability of 20 million tonnes and complexity of 11.8, which is amongst the best globally. It has a portfolio of onshore and offshore oil & fuel blocks with about 1.7 billion barrels of oil equivalent in reserves & assets. There are 1,910 Essar-branded oil retail retailers in various components of India with another 2,186 below numerous phases of implementation.
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