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×

nayara energy Limited

151.00
+ 0.67 %
Scrip Name
Nayara Energy
ISIN No.
INE011A01019
PAN No.
AAACE0890P
Face Value
10
No. of Outstanding Shares
1,490,561,155
Market Capitalization
22,507.47 Crore

NAYARA ENERGY LIMITED UNLISTED SHARE

About Nayara Energy Limited


Nayara Energy Limited (formerly Essar Oil Limited) is a globally integrated oil refining company that covers the entire hydrocarbon value chain from refining to production and marketing, across segments, including retail. The company has positioned itself to fulfil about 10% of India’s petro products demand. In 2016, Rosneft along with an investment consortium comprising of global commodity trading companies Trafigura & UCP Investment Group acquired Essar Oil Limited.


Nayara Energy Limited owns the Vadinar refinery of Gujarat, which is India’s second-largest single site, a state-of-the-art refinery. It constitutes approximately 8% of India’s refining capacity. The Vadinar refinery is one of the most modern and complex refineries in the world having a Nelson Complexity index of 11.8. The refinery has an annual capacity of 20 million metric tonnes (MMT) or 405,000 barrels per day (BPD). It is capable of processing some of the toughest crudes and yet produces high-quality Euro IV and Euro VI grade products. They are now producing high-quality Bharat Stage (BS-VI) compliant fuels that meet international standards.


The company is known for business across the entire hydrocarbon value chain from refining to retail and is working with vision to deliver crude to chemicals. Nayara Energy Limited has a well-developed Process Safety Management (PSM) system, which covers the monitoring of multiple vital aspects of the Refinery functions, including Chemical Safety Management, Hazard Identification & Risk Analysis, Management of Change, and Asset Reliability.


Nayara Energy Limited is planning to invest Rs. 1.3 Lakh Crore to expand its capacity from 20 million metric tonnes (MMT) per annum by an additional 26 million metric tonnes (MMT) and a 10.75 million metric tonnes per annum (MMTPA) petrochemical complex. The expansion project is estimated to be completed by 2022 to 2024.





INCORPORATION DETAILS 

CIN

U11100GJ1989PLC032116

Registration Date

12 September 1989

Category / Sub-Category of the Company

Public Limited Company

Address of the Registered office and contact details 

Khambhalia, Post Box No-24, Dist. Devbhumi Dwarka, Gujarat,

Tel: +91-2833-661444, Fax: +91-2833-662929,

Email: CompanySec@nayaraenergy.com

Name, Address & contact details of the Registrar & Transfer Agent, if any

M/s Link Intime India Private Limited,

Unit: Nayara Energy Limited, C-101, 247 Park,

L.B.S. Marg, Vikhroli (West), Mumbai - 400083,

Tel: +91-22-49186000, Fax: +91-22-49186060,

Email: rnt.helpdesk@linkintime.co.in


Principal Business Activities of the Company

Name and Description of main products/services 

NIC Code of the Product/ service

% to the total turnover of the company

Refining and Marketing

19201

100


NAYARA ENERGY LIMITED UNLISTED SHARE DETAILS

Total Available Shares:

1,49,05,61,155

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE011A01019

PAN No.

AAACE0890P

Lot Size:

100 Shares

Last Traded Price

Rs. 200

Market Cap:

Rs. 29811.22 Crore


PARTICULARS OF SUBSIDIARY COMPANIES

Name of the Company

% of shares held

Nayara Energy Global Limited (Formerly ‘Essar Oil Trading Mauritius Limited.)

100%

Vadinar Oil Terminal Limited

97.63%

Coviva Energy Terminals Limited

100%



SHAREHOLDING PATTERN

(As on 31-03-2020)

S. No.

Shareholder's Name

No. of Shares

% of total Shares of the company

1

Kesani Enterprises Company Limited

25,65,94,520

17.21%

2

Rosneft Singapore Pte. Limited (Formerly Petrol Complex Pte Limited)

73,23,26,446

49.13%

3

Shares held by Custodian for GDRs & ADRs

47,57,31,927

31.92%

4

Others

2,59,08,262

1.74%


Total

1,49,05,61,155

100


BOARD OF DIRECTORS

Charles Anthony Fountain (Executive Chairman)

Jonathan Kollek (Non-Executive Director)

Chin Hwee Tan (Non-Executive Director)

Krzysztof Zielicki (Non-Executive Director)

Victoria Cunningham (Non-Executive Director)

Avril Conroy (Non-Executive Director)

Alexander Romanov (Non-Executive Director)

Deepak Kapoor (Independent Director)

Naina Lal Kidwai (Independent Director)

Alexey Lizunov (Non-Executive Director)

Prasad K Panicker (Director & Head of Refinery)

B Anand (Chief Executive Officer)

Anup Vikal (Chief Financial Officer)


INDUSTRY OUTLOOK

In the past few years, the oil industry had faced several speed-breakers including sanctions and other supply outages. The USA announced sanctions on oil trade against Venezuela after Iran. Sour Crude supplies were further hampered by the issue of contamination of organic chlorides in Urals crude delivered from pipelines into Europe.


The Oil Industry was one of the worst affected sectors amid COVID 19 Pandemic. Oil Companies lost around 40% of demand during the early lockdowns, and globally more than 10% across the year. The industry saw a steep drop in oil prices even before producers have made huge cuts.


Refinery margins have been at the very bottom end of the all-time lows. This was mainly due to lower-than-expected demand growth.


 The global oil demand growth realized for 2019 was 1.0 million BPD (barrels per day) as against projections of 1.3 million BPD at the beginning of the year.  In the end of FY 2020, the oil markets were impacted by two key events. First, the OPEC+ cooperation for restricting oil production faced a breakdown. Secondly, COVID 19 pandemic, leading to widespread lockdowns and shutdowns globally. This has led to global oil demand falling off the cliff, with estimates of global oil demand loss ranging between 20-30%. The low demand of oil products led to reduced crack margins while the oversupply of crude oil led crude prices to fall by more than 50%. After a difficult 2020, global economic activity is expected to rebound more strongly as the world recovers from COVID 19.


The world’s third-largest oil consumer, India continues to be the engine of world energy demand. The impact of COVID 19 plunged the country’s oil demand by 2.18 mb/d (Millions of Barrels per Day) year over year to 2.58 mb/d in April (the lowest since October 2008).


Asia’s oil demand growth is expected to be the main impetus driving the expansion in global oil consumption and India, along with China, continues to be the largest contributor to this growth. Domestic retail margins on auto fuels continue to remain strong partly offsetting the impact of softer refining margins during the year. This continues to benefit the entire business model of refining and retail.


PROFIT & LOSS STATEMENT OF NAYARA ENERGY LIMITED                              (In Rs. Lakhs)

PARTICULARS

2020

2019

2018

2017

Revenue from Operations

99,86,830

98,65,940

85,52,800

7,20,845.7

Total Revenue including Other Income

1,00,54,990

1,00,31,320

86,69,270

7,48,746.2

EBIDTA

6,40,520

5,63,090

7,98,400

1,11,182.0

Profit before Exceptional items and Tax

1,43,210

1,23,170

2,91,510

56,650

Exceptional items

-45,440

-17,730

1,84,470

52,755.50

Profit before discontinued operations and tax

97,770

1,05,440

1,07,040

3,896.20

Profit / (Loss) from discontinued operation

0

0

-9,230

-22,085.30

Profit / (Loss) before Tax

97,770

1,05,440

97,810

-18,189.10

Tax

-1,52,230

36,590

40,110

9,359

Net Profit after Tax

2,50,000

68,850

57,700

-27,548.10

EPS (In Rs.)

16.61

4.55

3.86

-18.92

 

BALANCE SHEET OF NAYARA ENERGY LIMITED (In Rs. Lakhs)

PARTICULARS

31ST March 2020

31ST March 2019

ASSETS



NON-CURRENT ASSETS



Tangible Assets

44,85,160

46,28,220

Intangible Assets

3,85,710

2,660

Goodwill

10,81,840

10,81,840

FINANCIAL ASSETS



Investments

0

0

Other financial assets

17,700

56,000

Other non-current assets

27,320

32,020

Non-current tax assets (net)

87,460

87,130

TOTAL NON CURRENT ASSETS

60,85,190

58,87,870

CURRENT ASSETS



Inventories

5,92,810

9,45,500

FINANCIAL ASSETS



Receivables

1,27,030

3,68,910

Cash and Cash equivalents

4,10,760

1,33,420

Other financial assets

3,15,710

66,830

Other Current Assets

59,800

59,300

TOTAL CURRENT ASSETS

15,06,110

15,73,960

TOTAL ASSETS

75,91,300

74,61,830

EQUITY AND LIABILITIES



Equity share capital

1,50,720

1,50,720

Other equity

17,42,090

17,44,610

Non-controlling Interests

28,680

26,320

TOTAL EQUITY

19,21,490

19,21,650

LIABILITIES



NON-CURRENT LIABILITIES



FINANCIAL LIABILITIES



Borrowings

9,88,000

11,82,660

Other financial liabilities

16,00,960

7,01,570

Deferred tax liabilities (net)

5,47,390

8,07,060

Other non-current liabilities

2,28,850

3,58,210

TOTAL NON-CURRENT LIABILITIES

33,65,200

30,49,500

CURRENT LIABILITIES



FINANCIAL LIABILITIES



Borrowings

87,730

5,74,020

Trade payables

9,64,160

9,27,110

Other financial liabilities

9,77,400

7,20,200

Other current liabilities

2,60,340

2,60,410

Provisions

8,030

8,110

Current tax liabilities (net)

6,950

830

TOTAL CURRENT LIABILITIES

23,04,610

24,90,680

TOTAL EQUITY AND LIABILITIES

75,91,300

74,61,830

 

DIVIDEND HISTORY

Particulars

2020

2019

2018

Dividend (Interim + Final) (In Rs.)

Nil

Nil

Nil


PERFORMANCE OF THE COMPANY

Vadinar refinery (A subsidiary of Nayara Energy Limited) continued operating beyond its rated capacity. It processed 20.62 MMT (Million Metric Ton) of crude during the year, as against its capacity of 20 MMTPA (Million Metric Ton Per Annum).


The company’s year-over-year growth in Volume for FY 2019-20 was 18% against the industry’s year-over-year volume growth of 1%.


Nayara Energy Limited added 574 new outlets in FY 2019-20.


Revenue from Operations increased by 1.24% to Rs. 99,94,110 lakhs in FY 2020 as compared to Rs. 98,71,290 lakhs in FY 2019. The increase was mainly due to higher operating performance.


Current Price Gross Refinery Margin (CP GRM) was lower at USD 5.88/bbl (Barrel of oil) in FY 2019-20 as against USD 6.97/bbl in FY 2018-19.


EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) increased by 27% to Rs.5,69,740 lakhs in FY 2020 from the Rs. 4,49,770 lakhs in FY 2019.


The company earned a Net profit of Rs. 1,48,510 lakhs in FY 2020 against Rs. 34,420 lakhs in the previous year. In FY 2019-2020, the company has reassessed its tax positions in line with the new tax rate regime, which contributed the most in increasing the Profit After Tax (PAT).


One of its subsidiary companies, Enneagon Limited was liquidated on 14 January 2020.


The company’s EPS has improved consistently both standalone and consolidated-wise. In FY 2020, the standalone EPS jumped by 331.17% to Rs. 9.96 as compared to 2.31 in FY 2019. While Consolidated EPS increased by 265.05% in FY 2020 to 16.61 from 4.55 in FY 2019.


Current liabilities of FY 2020 are exceeding the Current assets of FY 2020. Total current liability stands at Rs. 23,04,610 lakhs against the Total current assets of Rs. 15,06,110 lakhs. As the current ratio is less than 1, the company might face a liquidity crisis in the near term.


Nayara Energy Limited has not given any dividend for the past 3 years.


It can be clearly stated that among the subsidiaries of Nayara Energy Limited, Vadinar Oil Terminal Limited contributes the most for Net Assets and Profit/Loss to the consolidated financial statements of Nayara Energy Limited. In fact, it has contributed 39.80% to the consolidated Profit and Loss Statement.5

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