ESSAR OIL LTD = RESULTS = FOR Q1 FY 2012 = FIRST QTR ENDING JUNE 2011 = GOOD IMPROVEMENT

Essar Oil Limited

NSE Symbol             ESSAROIL

ESSAR OIL has reported quick progress in the first quarter, of FY 2012 ended 30th, June,2011.

Net Sales has gone up to Rs.14946 Cr  in Q1 FY 12 – up by  12.25% from Q4 FY 11;  up by 22.18% from Q3 FY 11; up by     37.01% from Q2 FY 11; and up by a good 41.92% from Q1 FY 11.

Raw Materials  cost , which is the biggest cost, has increased to Rs.13951 cr – up by 12.47% from Q4 FY 11; Up by 34.31% from Q3 FY 11; up by 45.01% from Q2 FY 11; and up by 39.52% from Q1 FY 11.

Total Expenditure has increased to Rs.14339 Cr – up by 13.33% from Q4 FY 11; up by 22.65% from Q3 FY 11; up by 36.38% from Q2 FY 11; and up by 38.62% from Q1 FY 11;

Profit from Operations has increased to Rs.685 cr – which though down by 2.7% from Q4 FY 11; is up by 18.1% from Q3 FY11; up by 60.05 % from Q2 FY 11; and up by 214.22% from Q1 FY 11.

Profit  before tax has increased to Rs.448 Cr – up by 6.16% from Q4 FY11; up by 31.38% from Q3 FY 11; up by 211.11% from Q2 FY 11; and up almost by about 713.7% from Q1 FY 11

Net Profit  has increased impressively to Rs.469 cr – up by 46.11% from Q4 FY 11; up by 71.79% from Q3 FY 11; up by 260.77% from Q2 FY 11; and up by an impressive 770% from Q1 FY 11 (from  -70 Cr  in Q1 FY 11 to Rs.469 Cr in Q1 FY 12)

On a Face Value of Rs.10 – the Basic EPS has gone up to Rs.3.43 in Q1 FY 12 ; against Rs.2.35 in Q4 FY 12;Rs.2 in Q3 FY 11; Rs.0.95 in Q2 FY 11; and Rs.(-)0.54 in Q1 FY 11.

The current MP is Rs.127.20. On a annualized EPS of Rs.3.43 x 4 = Rs.13.72 for FY 12, the PE Ratio comes to around 9.27. Looking at the fast improving financials – Essar Oil can be considered for medium / long term investment.

The Public Holding in the company is a low 10%

Key Highlights

Overall

• Quarterly gross revenues increasing by 37% to Rs 16,478 crore from Rs 12,048 crore in Q1 FY 2010-11.
• Quarterly EBITDA was at Rs 913 crore, a growth of 124% from Rs 407 crore in the corresponding quarter of last fiscal year
• Quarterly PAT was at Rs 469 crore, compared to a loss of Rs 70 crore in Q1 FY 2010-11. 
• Quarterly Current Price GRM (CP GRM) registered a 27% growth to US$ 7.38 /bbl compared to $ 5.79/bbl in Q1 FY 2010-11.

Refining

• Vadinar Refinery achieved quarterly throughput  of 3.62 MMT (million metric tonnes), signifying over 135% capacity utilisation
• Phase I expansion project, which will increase the refining capacity from 14 MMTPA to 18 MMTPA and complexity from 6.1 to 11.8, is 92% completed:
• Isomerisation Unit and many other units achieved mechanical completion in the quarter
• Rest of the units, excluding DCU, to achieve mechanical completion in Q3 of CY 2011
• Start-up activity of all expansion units to commence in phases during Q3 & Q4 of CY 2011
• 35-day shutdown planned, starting 18 September 2011, for tie-in of new units
• Revamp of CDU, FCCU & SRU to be completed during this shutdown 
• Optimisation project to enhance refinery capacity to 20 MMTPA on track; 56% already completed and mechanical completion by September 2012
• Refinery continues to maintain excellent safety track record, with 1,185 Lost Time Incident (LTI) free days as on 30 June 2011

Marketing

• Essar Oil has 1,639 retail outlets, including operational and under construction outlets
• On the back of high crude prices, HSD & MS pricing at outlets maintained higher than PSUs 
• Company increasing focus on non-fuel retailing at its outlets 
• Four CNG stations commissioned
• Tapping the opportunity of retailing Auto LPG & CNG in Essar Oil outlets through tie-ups with Aegis Logistics, Sabarmati Gas, GAIL India and Adani Gas.
• Formed new non-fuel retail alliances with Kerala Tourism, Rajasthan Tourism, Heritage Foods and United Phosphorus Group

Exploration & Production

• Raniganj CBM to start commercial sales shortly post statutory approval; block generating controlled production of about 33,000 scmd
• All supporting infrastructure for delivery of gas to customers completed
• Tie-ups with local customers at Durgapur Industrial Estate

QUARTERLY RESULTS TABLE

ESSAR OIL	30-Jun-11	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10
Net Sales	1494600	1331500	1223300	1090900	1053100
Raw Materials	1395100	1240400	1038700	962100	999900
Total Expenditure	1433900	1265200	1169100	1051400	1034400
Profit from Operations	68500	70400	58000	42800	21800
Other Income	4700	2700	6200	2200	800
Interest	28400	30900	30100	30600	29900
Profit  before tax	44800	42200	34100	14400	-7300
Net Profit	46900	32100	27300	13000	-7000
Paid Up Equity	136600	136600	136600	136600	136600
Basic EPS	3.43	2.35	2	0.95	-0.54
Diluted EPS	3.22	2.21	1.89	0.9	-0.54
Public Holding (%)	10.04	10.04	10.04	10.04	10.04

ANNOUNCEMENTS TO NSE

11-07-2011      standalone Results for the quarter ended on 30-JUN-2011 as follows: Net Sales of Rs. 1519900 lacs for quarter ending on 30-JUN-2011 against Rs. 1053100 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 46900 lacs for the quarter ending on 30-JUN-2011 against Rs. (7000) lacs for the quarter ending on 30-JUN-2010. -

03-05-2011      standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 4698800 lacs for year ending on 31-MAR-2011 against Rs. 3650500 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 65400 lacs for the year ending on 31-MAR-2011 against Rs. 2900 lacs for the year ending on 31-MAR-2010. 

28-03-2011      Essar Oil Limited has informed the Exchange vide its letter dated March 28, 2011 that "planned shutdown of Refinery at Jamnagar." 

17-01-2011      Essar Oil Limited has informed the Exchange that at a meeting of the Board of Directors of the Company held on January 17, 2011 the following business was transacted: The Company has planned a 35-day shutdown during May-June 2011 to complete the revamp of its Crude Distillation Unit to 18 MMTPA and FCCU (Fluidized Catalytic Cracking Unit) to 3.9 MMTPA, and carry out the tie-in jobs for the expansion units. The Company will also take advantage of the period of shutdown to carry out routine maintenance work at the Refinery. 

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Essar Oil Limited = RESULTS = FOR Q4 FY 2011 = QTR ENDING MARCH 2011 = EXCELLENT PROGRESS

Essar Oil Limited

NSE Symbol     ESSAROIL

ESSAR OIL has declared its stand alone results for the 4^th quarter of FY 11.

Net Sales : is Rs.13315 Cr -  up by 8.84% from the previous Qtr of Q3 FY 11; up by 22.06% from Q2 FY 11; Up by 26.44% from Q1 FY 11; and up by 27.37% from the corresponding qtr of Q4 FY 10. This increase in Net Sales reflects consistent progress in each quarter.

Total Expenditure :  is Rs.12652 cr – up by 8.22% from Q3 FY 11; 20.33% from Q2 FY 11; up by 22.31% from Q1 FY 11; and up by 25.95% from Q4 FY 10. The increase in expenditure is less than proportionate to the Net Sales and therefore contributing more to profits. Other Expenditure is very high in Q1 FY 11, and Other Income, on the other hand, is very low in Q1 FY 11 – both of which had depressed profits in Q1 FY 11 compared to all other quarters.

Profit from Operations        : is Rs.704 cr – up by 21.38% from Q3 FY 11; up by 64.49% from Q2 FY 11; up by a huge 222.94% from Q1 FY 11; and up by 61.1% from Q4 FY 10.

Profit before tax : is Rs.422 cr – up by 23.75% from Q3 FY 11; up by 193.06% from Q2 FY 11; up by 678.08% from Q1 FY 11; and up by 134.44% from Q4 FY 10.

Net Profit       is Rs.321 cr – up by 17.58% from Q3 FY 11; up by 146.92% from Q2 FY 11; up by 558.57% from Q1 FY 11; and up by 78.33% from Q4 FY 10.

Basic EPS has registered consistent increase  every quarter to Rs.2.35 in Q4 FY 11; Rs.2  in Q3 FY 11; Rs.0.95 in Q2 FY 11; Rs.0.54 in Q1 FY 11; and Rs.1.5 in Q4 FY 10 – against a Face Value per share of Rs.10.

The Public Share holding in this company is low at around 10.04%

The Rs.10 shares are currently trading at Rs.135.

RESULTS TABLE :

ESSAR OIL-SA	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10
Net Sales	1331500	1223300	1090900	1053100	1045400
Net Sales	1331500	8.84	22.06	26.44	27.37
Other Oprtg Income	4100	3800	3300	3100	2800
Incr/decr in SIT /WIP	-48400	32000	-34600	-64000	19500
Raw Materials	1240400	1038700	962100	999900	925800
traded Goods	19600	44900	86500	43400	37800
Employees Cost	3100	2900	3300	2700	2900
Depreciation	18100	18500	18400	18100	18100
Other Expenditure	32400	32100	15700	34300	400
Total Expenditure	1265200	1169100	1051400	1034400	1004500
Total Expenditure	1265200	8.22	20.33	22.31	25.95
Profit from Operations	70400	58000	42800	21800	43700
Profit from Operations	70400	21.38	64.49	222.94	61.1
Other Income	2700	6200	2200	800	6300
Interest	30900	30100	30600	29900	32000
Profit before tax	42200	34100	14400	-7300	18000
Profit before tax	42200	23.75	193.06	678.08	134.44
Tax expense	10100	6800	1400	-300	-
Net Profit	32100	27300	13000	-7000	18000
Net Profit	32100	17.58	146.92	-558.57	78.33
Face Value (In Rs	10	10	10	10	10
Paid Up Equity	136600	136600	136600	136600	120200
Basic EPS	2.35	2	0.95	-0.54	1.5
Diluted EPS	2.21	1.89	0.9	-0.54	1.48
Public Holding (%)	10.04	10.04	10.04	10.04	11.42

ANNOUNCEMENTS

TO NSE

11-04-2011        standalone Results for the quarter ended on 31-MAR-2011 as follows: Net Sales of Rs. 1331500 lacs for quarter ending on 31-MAR-2011 against Rs. 1045400 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 32100 lacs for the quarter ending on 31-MAR-2011 against Rs. 18000 lacs for the quarter ending on 31-MAR-2010.

28-03-2011        "planned shutdown of Refinery at Jamnagar."

17-01-2011        The Company has planned a 35-day shutdown during May-June 2011 to complete the revamp of its Crude Distillation Unit to 18 MMTPA and FCCU (Fluidized Catalytic Cracking Unit) to 3.9 MMTPA, and carry out the tie-in jobs for the expansion units. The Company will also take advantage of the period of shutdown to carry out routine maintenance work at the Refinery.

17-01-2011        standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 1249500 lacs for quarter ending on 31-DEC-2010 against Rs. 992700 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 27300 lacs for the quarter ending on 31-DEC-2010 against Rs. (22600) lacs for the quarter ending on 31-DEC-2009.

10-11-2010        "Essar Oil to further increase Vadinar refinery capacity to 20 million tonnes per annum".    

18-10-2010        standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 1111900 lacs for quarter ending on 30-SEP-2010 against Rs. 956300 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 13000 lacs for the quarter ending on 30-SEP-2010 against Rs. (9400) lacs for the quarter ending on 30-SEP-2009.

18-10-2010        "Essar Oil Limited (EOL) reports revenues of Rs.12,415 crore in Q2 FY 10-11, up over 11 percent from the corresponding quarter in last year".

27-07-2010        "Essar Oil Limited (EOL) reports revenues of over Rs.12,000 crore up 52 percent from the corresponding quarter in FY2010?.

27-07-2010        standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 1072700 lacs for quarter ending on 30-JUN-2010 against Rs. 677400 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. (7000) lacs for the quarter ending on 30-JUN-2010 against Rs. 16900 lacs for the quarter ending on 30-JUN-2009.

27-07-2010        consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 3731900 lacs for year ending on 31-MAR-2010 against Rs. 3755600 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 3200 lacs for the year ending on 31-MAR-2010 against Rs. (48300) lacs for the year ending on 31-MAR-2009.

27-07-2010        standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 3731900 lacs for year ending on 31-MAR-2010 against Rs. 3755600 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 2900 lacs for the year ending on 31-MAR-2010 against Rs. (51400) lacs for the year ending on 31-MAR-2009.

09-07-2010        "The Company has today, 9th July, 2010 issued second tranche of Foreign Currency Convertible Bonds due September, 2028 (FCCBs) aggregating to US$147 million to Promoter Company, Essar Energy Holdings Limited for part financing expansion programmes of the Company. The FCCBs are convertible into Global Depository Shares (GDSs) or equity shares of the Company, at the option of the Bondholders, at a conversion price of Rs.153 per share".

25-06-2010        "Essar Oil declared winner of four Coal Bed Methane blocks".

16-06-2010        "The Company has today, 15th June, 2010 issued US$ 115 million Foreign Currency Convertible Bonds due June 2028 (FCCBs) to Promoter Company, Essar Energy Holdings Limited for part financing expansion programmes of the Company. The FCCBs are convertible into Global Depository Shares (GDSs)or equity shares of the Company, at the option of the Bondholders, at a conversion price of Rs.138/- per share".

04-06-2010        "At the Extra Ordinary General Meeting held on April 22, 2010 for raising of funds by issue of ADRs/ GDRs/ FCCBs aggregating to an amount not exceeding US$ 1700 million to Promoters / Promoter Group, the Company has decided today to raise upto US$ 300 million by issue of Foreign Currency Convertible Bonds (FCCBs) in one or more tranches, on Preferential basis to Promoter Company, Essar Energy Holdings Ltd."

28-05-2010        the company has on May 28, 2010, issued and allotted 71,292,951 equity shares of Rs.10/- each (face value) fully paid up at a price of Rs.144/- per share in favour of Overseas Depository, The Bank of New York Mellon, being the underlying shares for the issue of 465,967 GDSs aggregating to US $ 225 million. Further, the GDSs have been subscribed by Promoter Company, Essar Energy Holdings Limited.

14-05-2010        the Hon'ble High Court of Gujarat at Ahmedabad has sanctioned a Scheme of Amalgamation of the 100% subsidiary, Essar Oil Vadinar Ltd. with the Company. Certified true copies of the orders sanctioning the scheme have been issued by the Hon'ble Court on May 13, 2010.

07-05-2010        "We have been updated by our promoters that their holding company, Essar Energy plc has raised approximately a sum of US $ 1.95 billion through offer of its shares which have today been admitted to the official list of the UK Listing Authority and to trading on the London Stock Exchange main market for for listed securities ".

27-04-2010        the Company has on April 27, 2010, issued and allotted 92,844,531 equity shares of Rs.10/- each (face value) fully paid up at a price of Rs. 144 per share in favour of the overseas Depository, The Bank of New York Mellon, being the underlying shares for the issue of 606,827 GDSs aggregating to US $293.30 million. The GDSs have been subscribed by Promoter Company, Essar Energy Holdings Limited.

22-04-2010        passed an enabling resolution for raising of funds by issue of ADRs/GDRs/FCCBs aggregating to an amount not exceeding US$ 1,700,000,000 (United States Dollar One Thousand seven hundred million only) to the Promoters/Promoter Group on preferential offer basis.

13-04-2010        standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 1045400 lacs for quarter ending on 31-MAR-2010 against Rs. 679300 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 18000 lacs for the quarter ending on 31-MAR-2010 against Rs. 66000 lacs for the quarter ending on 31-MAR-2009.         -

05-04-2010        "The Company has received a letter dated March 30, 2010 from Shri Ravi Ruia tendering his resignation from the Board of Directors of the Company with immediate effect due to other commitments. The same will be placed before the Board at its next meeting".

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