Essar Oil Limited, the India-focused integrated energy company, part of UK listed Essar Energy Plc, today released its results for the quarter ended June 30th, 2012
Key Highlights
- All new units of refinery expansion and optimisation stabilised & refinery now operating at over 20 mmtpa capacity.
- Benefit of higher complexity begins to get reflected. Current price GRM $5.12/bbl over IEA Singapore margins during Q1FY13 against $2.5/bbl over the same benchmark margin in Q1FY12.
- Full margin benefit of approx. $7-8 /bbl over IEA will start getting reflected from next quarter onwards.
- Highest ever quarterly revenue in Q1FY13, up 34% to Rs 22,109 crore as compared to Rs 16,478 crore in Q1 FY12.
- Steep fall in crude oil prices coupled with sharp depreciation in rupee has severely impacted the financial results of Indian refining companies. Q1FY13 PAT at negative Rs 1,400 crore compared to Rs 73 crore (net of Rs 375 crore of sales tax benefit) in Q1FY12. With upward movement of crude oil price and stabilisation of rupee at Rs 56 levels against the US dollar, coupled with higher margins coming out of enhanced refinery complexity and stabilisation of ramped up capacity, the results are expected to witness significant upward movement from next quarter.
- Vadinar Refinery received "Refinery of the Year" Award from Petroleum Federation of India.
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Media contacts:
Rabin Ghosh, Corporate Communications, (Mumbai)
Tel: 91 99 301 36268, email: rabin.ghosh@essar.com
Parikshit Kaul, Corporate Communications (New Delhi),
Tel: +91 98735 70816, Email: parikshit.kaul@essar.com
Priyank Talati, Corporate Communications (Ahmedabad),
Tel: +91 91 9979868817, Email: priyank.talati@essar.com
Jayesh Thanki, Corporate Communications (Vadinar),
Tel: +91 99 798 91425, Email: jbthanki@essar.com
Adfactors PR
Hiral Vora, (Mumbai) : +91 97 699 98892, hiral.vora@adfactorspr.com
Narayan Bhatt, (Ahmedabad): +91 91 9979915777, narayan.bhatt@adfactorspr.com
Investor Relations:
Suresh Jain, Chief Financial Officer, Essar Oil Ltd
Email: suresh.jain@essar.com
Pramod Bhandari, Head-Investor Relations, Essar Oil Ltd
Tel: +91 98197 30915, Email: pramod.bhandari@essar.com
