OREANDA-NEWS. For the 12 month period ending Mar 31, 2014, Essar Oil, India's second largest private refiner, today reported revenue growth of 10.7% to Rs 1,07,190 crore, against Rs 96,797 crore reported for FY13, thereby surpassing the rupees one lakh crore revenue mark for the first time. Throughput for the year was up 2.3% to 20.23 MMT.

CP GRM for the year was at USD 7.98/bbl compared to USD 7.96/bbl in FY13. Premium over benchmark IEA margin for the full year was at USD 8.82/bbl against USD 6.80/bbl in FY13. This was achieved on the back of improved crude diet-93% heavy and ultra heavy crude processed in FY14 vs 86% in FY13-and a stable product slate.

EBITDA for the year stood at Rs 4,703 crore against Rs 3,651 crore in FY13. PAT stood at Rs 126 crore against a loss of Rs 1,180 crore in FY13.

Quarter highlight

Essar Oil reported gross revenues of Rs 27,691 crore for the January-March 2014 (Q4FY14) quarter, which was up 7.5% over Rs 25,757 crore in Q4FY13.

Essar Oil's current price gross refining margin (CP GRM) for Q4FY14 was at USD 10.12/bbl, compared to USD 9.06/bbl in Q4FY13.

EBITDA during the quarter stood at Rs 2,053 crore, against Rs 1,556 crore in Q4FY13. Profit after tax for the quarter was at Rs 1,008 crore against Rs 200 crore in the same period last year.

The Vadinar Refinery, at 20 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 Q4FY13. 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 USD 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.”