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Nayara Energy Ltd Unlisted Shares

Nayara Energy Ltd.

Nayara Energy Ltd. was incorporated in the year 12-09-1989. Its today’s share price is 262.6. Its current market capitalisation stands at Rs 38094.55 Cr. In the latest quarter, company has reported Gross Sales of Rs. 855114.7 Cr and Total Income of Rs.721490.4 Cr. The company’s management includes Elena Sapozhnikova, Alexander Romanov, Krzysztof Zielicki, Chin Hwee Tan, Andrew Balgarnie, Jonathan Kollek, Didier Casimiro, Charles Anthony, Mayank Bhargava, R Sudarsan, Naina Lal Kidwai, Deepak Kapoor, C Manoharan. It is listed on the BSE with a BSE Code of 500134 , NSE with an NSE Symbol of ESSAROIL and ISIN of INE011A01019. It’s Registered office is at Khambhalia Post,Post Box No. 24,Dist. Devbhumi DwarkaKhambhalia-361305, Gujarat. Their Registrars are ACC Ltd. It’s auditors are Deloitte Haskins & Sells, Deloittee Haskins & Sells, SR Batliboi & Co LLP.

Promoters And Management:
1. B Anand, Chief Executive Officer

a) Experience in corporate finance, strategy, investment banking, and commodity trading.
b) Previously was the CFO of Trafigura India Private Limited; prior to Trafigura, was Group Director of Finance for Future Group and held senior positions with Vedanta Resources Group.

2. C Manoharan ,Director & Head of Refinery

a) Handled variety of assignments in key positions in Refining Operations, maintenance and Technical Services at Gujarat Refinery, Panipat Refinery as well as Head Office (Refinery Division).

b) Prior to Nayara Energy, he was Executive Director with IOCL at the Panipat Refinery.

3. Anup Vikal, Chief Financial Officer

a) Rich experience in the Banking and Finance industry.
b) Prior to Nayara Energy, he was the CFO of Snapdeal and has held senior positions with Aircel, Interglobe Aviation, COLT Telecom & Bharti Airtel.
Shareholding Pattern:
The Company has three biggest shareholders Namely Rosneft, Trafigura, and UCP Investment Group. Let us see their stakes percentage and brief about them.

1. Rosneft (49.13% Stake)

a) World’s largest publicly traded petroleum company – 6% of world oil production and a market capitalization of US$69.6bn
b) Ownership structure- : Russian Government – ~50%, BP – 19.75%, QH Oil Investments – 18.93%, Public / others – ~11.32%
c) FY2017 Key figures (as at 31 December 2017) : Revenue – US$104.3bn, Total Assets – US$212 Bn

2. Trafigura (24.07% Stake)

a) One of the leading commodity traders in the world and the largest independent LNG trader.
b) Two main lines of business: physical trading and industrial assets portfolio.
c) FY2017 Key figures (as at 30 September 2017): Revenue – US$136.4bn, Total Assets – US$48.6bn

3. UCP Investment Group (24.07%)

a) Independent, private investment group established in 2006.
b) Focused on investing in high-growth private companies or mature enterprises with a proven business model and stable cash-flow.
c) Total assets under management exceed US$3bn.

Financials of Nayara Energy (Formerly Essar Oil) Limited Unlisted Shares:

(Figures in Crores)

Year Revenue EBITDA OPM Finance Cost PAT Shares EPS
2017 74,923 11169 14.9% 3772 -2523 150.716 -16.74
2018 86,992 7984 9.2% 3367 530 150.716 3.5
2019 1,00,313 5630 5.6% 2562 688 150.716 4.56
2020 1,00,641 5697 5.66% 2749 *2500 150.716

*The higher PAT showed in FY19-20 as compared to FY18-19 is due to the addition of deferred tax.

FY19-20 Business Performance

Retail Business
1. The Retail segment yet again delivered a stupendous performance in FY 2020. The year over year volume growth was 18% against the industry’s year over year volume growth of 1%.
2. This year they have added 574 new petrol pumps. With 574 new outlets added last fiscal year, Nayara Energy stood at 5,702 fuel stations at the end of FY 2020 with a pan-India presence.

Supply and Distribution
1. The Company continues to focus on improving domestic supply infrastructure and hired a coastal terminal at Mangalore and Ennore for ensuring supply at Karnataka and Tamil Nadu.
2. It also commenced supplies from Bina and Kanpur hospitality locations to improve local product availability in Madhya Pradesh and Uttar Pradesh respectively.
3. Commissioned in 2019, the Company’s rail-fed Wardha depot uniquely caters to Nayara Energy’s retail outlets as well as product requirements from other oil companies in and around the Vidarbha region of Maharashtra. The Company finalized another rail-fed smart automated depot in Pali, which is expected to be completed by 2021.
4. Nayara Energy did the complete conversion of its own locations to BSVI grades in January 2020, ahead of the mandatory guidelines.

Institutional Business
1. Right channeling in priority markets resulted in increased sales for Petcoke. The Company also augmented new geographies of Orissa and Nepal for the Petcoke supply.
2. The Company recorded the highest-ever Sulphur sales in a year since the inception of the refinery and re-entered the Bitumen business after moving out last year.

FY19-20 Financial Performance

1. Revenue from operations was at ₹ 1,00,641 Crores for the financial year ended March 31, 2020, as compared to ₹1,00,313 Crores for the financial year ended March 31, 2019.
2. Current Price Gross Refinery Margin (CP GRM) was lower at USD 5.88/bbl in FY 2019-20 as against USD 6.97/bbl in FY 2018-19.
3. Total Debt has been reduced from 17566 Crores in FY19 to 10757 Crores.
4. D/E Stands at 0.55x.
5. Trade receivables have also come down from 3689 Crores to 1270 Crores. This has helped Nayara Energy to clocked 12612 Crores of Cash-flow from operations.

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Nayara Energy Limited Delisted Share – Company Overview

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 fulfill about 10% of India’s petro products demand. In 2016, Rosneft along with an investment consortium comprising 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 a 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 to 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.

Nayara Energy Delisted Share Details as of March 31, 2022

Nayara Energy Outstanding Shares:                                                                   1,490,561,155
Face Value of Nayara Energy Unlisted Share: Rs. 10 Per Equity Share
ISIN of Nayara Energy Unlisted Share: INE011A01019
Lot Size of Nayara Energy Unlisted Share: 100 Shares
Nayara Energy Current Share Price: Best in Industry
PAN Number of Nayara Energy: AAACE0890P
Date of Delisting of Nayara Energy 31-Dec-15
Rate of Delisting of Nayara Energy Rs. 258.10
Reason of Delisitng of Nayara Energy SEBI (Delisting of Equity Shares) Regulations 2009 and SEBI (Delisting of equity shares) (Amendments) Regulations 2015. 

Nayara Energy Incorporation Details

Nayara Energy Limited CIN Number

U11100GJ1989PLC032116

Nayara Energy Limited Registration Date

12-Sep-89

Category / Sub-Category of Nayara Energy

Public Limited Company

Nayara Energy Registered Office Address

Khambhalia Post, Dist. Jamnagar, Gujarat – 361305

Nayara Energy Registrar & Transfer Agent Address and Contact Details

Link Intime India Private Limited, C-101, 247 Park, 1 st Floor L.B.S. Marg, Vikhroli (West), Mumbai – 400083
Tel: 022 – 49186270

Nayara Energy Principal Business Activities

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%

Particulars of Subsidiary Companies of Nayara Energy

 

Name of the Company

% of shares held
Nayara Energy Singapore Pte. Limited 100%
Coviva Energy Terminals Limited 100%

Shareholding Pattern of Nayara Energy (As of 31-03-2022)

S. No. Shareholder’s Name No. of Shares % of total Shares of the company
1. Promoters group 0
2. Public Shareholding 1,49,05,61,155 100%
Total 1,49,05,61,155 100%

Board of Directors of Nayara Energy

Charles Anthony Fountain (Executive Chairman)

Chin Hwee Tan (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)

Sachin Gupta (Non-Executive Director)

Andrey Bogatenkov (Non-Executive Director)

Energy Industry Outlook

The Indian oil and gas market is expected to register a CAGR of more than 3% during the forecast period (2022-2027). The COVID-19 pandemic negatively affected the market. The revenue of oil and gas companies declined due to the unexpected lockdown. The demand for diesel, the most used fuel in the country, has fallen due to a significant reduction in traffic volumes on the roads. Factors such as the increasing natural gas pipeline capacity and the increasing demand for petroleum products are expected to drive the Indian oil and gas market during the forecast period. However, a huge dependence on imports of crude oil and natural gas for satisfying domestic demand and high volatility of crude oil prices are expected to hinder the growth of the Indian oil and gas market.

The refining capacity has been growing considerably over the recent past, owing to the expansion of several refinery projects. Therefore, the downstream sector is expected to witness growth during the forecast period.

There have been significant gas hydrate discoveries in the KG Basin. Economically feasible extraction of the gas hydrates may create immense opportunities for the companies, which may become a boom in natural gas production.

Owing to the increase in gas imports, the Indian government is increasing its investments in oil and gas pipelines and LNG terminals across the country. Therefore, the increasing investments in the midstream oil and gas sector are expected to drive the market.

The Indian energy demand is anticipated to grow by 50% in the next two decades. This growth in demand can be attributed to the growing world population and an improvement in living standards in developing countries. Even though new and renewable energy sources are gaining popularity around the world, petroleum fuel remains a major energy source globally. This trend is expected to continue for the next few decades and favors the growth of the oil and gas downstream market.

New refineries were set to be established in various parts of the country. For instance, in August 2021, Indian Oil Corporation Limited announced its plan to invest USD 15 billion to increase its refining capacity three times by 2025.

In January 2021, the state-run oil refiner Indian Oil’s board of directors approved setting up a new refinery in Nagapattinam in Tamil Nadu. The refinery is expected to have an annual refining capacity of 9 million metric tons and an investment of INR 31,500 crore.

Nayara Energy Limited Balance Sheet (In Rs. Millions)

PARTICULARS 2023 2022 2021
ASSETS      
Non-current assets      
Property, plant and equipment 4,24,411 4,18,562 4,31,611
Capital work-in-progress 40,533 22,711 8,985
Goodwill 1,08,184 1,08,184 1,08,184
Other Intangible assets 229 238 280
Intangible assets under development 15 18 11
Right-of-use assets 12,997 34,849 36,507
Financial assets      
Investments
Loans 372 376 62
Other Financial assets 765 2,592 2,821
Deferred tax assets (net) 36 69
Other non-current assets 4,960 6,040 2,888
Non-current tax assets (net) 2,242 2,513 4,738
Total non-current assets 5,94,744 5,96,152 5,96,087
Current assets      
Inventories 95,952 1,23,441 93,448
Financial assets      
Investments 17801  
Trade receivables 52,648 50,866 19,679
Cash and cash equivalents 72,118 12,126 33,191
Bank balances other than above 7,124 13,162 8,511
Loans 327 217 49
Other financial assets 2,179 13,196 10,346
Other current assets 5,521 4,294 4,615
Total current assets 2,53,670 2,17,302 1,69,839
TOTAL ASSETS 8,48,414 8,13,454 7,65,926
EQUITY AND LIABILITIES      
EQUITY      
Equity share capital 15,072 15,072 15,072
Other equity 2,90,259 2,01,345 1,91,505
Total equity 3,05,331 2,16,417 2,06,577
LIABILITIES      
Non-current liabilities      
Financial liabilities      
Borrowings 1,06,996 1,12,217 72,559
Lease liabilities 14,345 44,686 43,968
Other financial liabilities 87,275 89,876 72,693
Deferred tax liabilities (net) 74,631 54,453 51,528
Other non-current liabilities 12,296
Total non-current liabilities 2,83,247 3,01,232 2,53,044
Current liabilities      
Financial liabilities      
Borrowings 13,429 24,756 56,620
Lease liabilities 1,201 1,916 2,138
Trade payables 1,45,873 1,62,921 1,17,559
Other financial liabilities 79,444 68,851 71,295
Other current liabilities 17,991 35,247 57,037
Provisions 819 1,035 961
Current tax liabilities (net) 1,079 1,079 695
Total current liabilities 2,59,836 2,95,805 3,06,305
TOTAL EQUITY AND LIABILITIES 8,48,414 8,13,454 7,65,926

Nayara Energy Limited Profit & Loss Statement (In Rs. Millions)

PARTICULARS 2023 2022 2021
Income      
Revenue from operations 13,81,125 11,96,902 8,75,006
Other income 7,538 3,146 10,650
Total Income 13,88,663 12,00,048 8,85,656
Expenses      
Cost of raw materials consumed 7,96,728 7,04,235 4,30,464
Excise duty 2,07,257 2,58,014 2,47,596
Purchases of stock-in-trade 1,17,146 1,65,135 1,37,408
Changes in inventory of finished goods, stock-in-trade and workin-progress 19,010 -31,507 -8,786
Employee benefits expense 8,349 7,610 6,702
Finance costs 23,767 18,396 20,968
Depreciation, amortisation and impairment expense 34,012 19,411 19,238
Other expenses 57,048 46,544 34,901
Total expenses 12,63,317 11,87,838 8,88,491
Profit before tax 1,25,346 12,210 -2,835
Tax expense:      
Current tax expenses 9660 382 3
Deferred tax expense 21,424 2,618 -7,420
Total tax expenses 31,084 3,000 -7,417
Profit for the year 94,262 9,210 4,582
Other comprehensive income      
Items that will not be reclassified to profit and loss -16 -1 25
Re-measurement (loss) on defined benefit plans -21 -1 33
Income tax effect 5 0 -8
  -16 -1 25
Items that will be reclassified to profit and loss -5332 631 12489
Effective portion of cash flow hedges (net) -7147 878 16605
Income tax effect 1799 -221 -4179
  -5348 657 12426
Foreign currency monetary item translation difference account 52 69 86
Income tax effect -13 -17 -22
  39 52 64
Exchange difference arising on translation of foreign operation -23 -78 -1
  -23 -78 -1
Other comprehensive (loss)/income for the year, net of tax -5348 630 12514
       
Total comprehensive income for the year 88,914 9,840 17,096
(comprising profit for the year and other comprehensive (loss)/income for the year)      
Earnings per share (Face value Rs.10 per share)      
Basic and Diluted (in Rs. ) 63.24 6.18 3.07

Nayara Energy Limited Consolidated Cash Flow Statement (In Rs. Millions)

PARTICULARS 2023 2022 2021
Cash flow from operating activities      
Profit before tax 1,25,346 12,210 -2,835
Adjustments for:      
Interest income -1,902 -1,511 -2,912
Depreciation, amortisation and impairment expense 34,012 19,411 19,238
Loss on disposal/discard of property, plant and equipment (net) 187 53 84
Gain on investment/financial assets measured at FVTPL -524 -26
Gain on re-measurement of leases -31 -83
Export obligation deferred income -286 -11 -100
Unrealised foreign exchange differences (net) 4,488 1,781 -938
Mark to market (gain) on derivative contracts (net) -660 -1,479 6,358
Expected credit loss (net) 1281 633 106
Provision for doubtful debts/ doubtful debt written off 1429 353 24
Trade payable written back -115 -851
Finance costs 23,767 18,396 20,968
Operating profit before working capital changes 1,86,992 49,810 39,059
Adjustments for working capital changes:      
Decrease/(increase) in inventories 27,489 -29,993 -34,167
(Increase) in trade and other receivables -2,554 -29,570 6,603
(Decrease)/increase in trade and other payables -23,323 20,598 2,408
Cash generated from operating activities 1,88,604 10,845 13,903
Income tax (payment)/refund (net) (including interest) -8,417 2,681 4,412
Net cash generated from operating activities 1,80,187 13,526 18,315
Cash flow from investing activities      
Payments for property, plant and equipment (including capital work in progress, Intangible assets, Capital advances, Capital creditors and Intangible assets under development) -37,885 -16,884 -7,958
Proceed from sale of property, plant and equipment 137
(Payments for purchase )/Proceeds for sale of short term investments/Mutual fund (net) -17277 26
Encashment/(Placement) of short term bank deposits (net) 4,604 -3,123 2,607
Interest received 1382 947 1246
Net cash (used in) investing activities -49,039 -19,034 -4,105
Cash flow from financing activities      
Proceeds from long-term borrowings 19,001 66,422 15,428
Repayment of long-term borrowings -30,364 -53,926 -18,516
Proceeds from short-term borrowings 3,500 22,297
Repayment of short-term borrowings -17,273 -15,297
(Repayment)/proceed from short term borrowings of less than 3 months (net) -9,526 6,740 7,443
Payment of principal portion of lease liabilities -28,039 -2,324 -2,173
Payment of interest on lease liabilities -2,458 -3,089 -3,146
Finance cost paid -20,695 -14,756 -16,642
Net cash (used in) financing activities -72,081 -14,706 -10,606
Net increase/(decrease) in cash and cash equivalents 59,067 -20,214 3,604
Net exchange differences on foreign currency bank balances 78 54
Cash and cash equivalents at the beginning of the year 12,991 33,205 29,601
Cash and cash equivalents at the end of the year 72,136 12,991 33,259

Let ‘s break down the Cash Flow Statement of Nayara Energy Limited for the years 2023, 2022, and 2021, activity-wise:

Cash Flow from Operating Activities:

The operating profit before working capital changes increased significantly from 2021 to 2023. Working capital changes, including a decrease in inventories and a decrease in trade and other payables, contributed positively to cash flow in 2023. Net cash generated from operating activities increased over the years, indicating improved cash generation from the core business operations.

Cash Flow from Investing Activities:

Payments for property, plant, and equipment were substantial in all three years, with the highest amount in 2023.

Proceeds from the sale of property, plant, and equipment occurred only in 2022.

The net cash used in investing activities was negative in all three years, indicating cash outflows for investments.

Cash Flow from Financing Activities:

There were proceeds from long-term borrowings in all three years, with the highest amount in 2022. Repayment of long-term borrowings exceeded proceeds in all three years, resulting in a net outflow.

Short-term borrowings showed fluctuations, with a significant repayment in 2023.

Payments of lease liabilities, both principal and interest, occurred in all three years.

Net cash used in financing activities was negative, indicating overall cash outflows from financing activities.

Net Increase/(Decrease) in Cash and Cash Equivalents:

There was a substantial net increase in cash and cash equivalents in 2023, indicating an improvement in overall cash position.

In 2022, there was a significant decrease in cash and cash equivalents, primarily due to negative cash flows from operating and investing activities.

Net Exchange Differences on Foreign Currency Bank Balances:

There were minimal net exchange differences on foreign currency bank balances in 2023.

Cash and Cash Equivalents at the Beginning and End of the Year:

The cash and cash equivalents at the end of 2023 are significantly higher than those at the beginning of the year, indicating a positive cash position.

Nayara Energy Limited Financial Ratios for the year 2023:

Particulars 2023
EBITDA  269.39 %
Net-worth  40.86 %
Debt/Equity Ratio 0.26
Return on Equity 0.3131
Total Assets  3.28 %
Fixed Assets  0.39 %
Current Assets  12.58 %
Current Liabilities  -14.40 %
Trade Receivables  2.70 %
Trade Payables  -14.25 %
Current Ratio 0.94

Let’s break down and analyze each of these financial indicators of Nayara Energy Limited for the year 2023:

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): This metric represents the company ‘s operating profitability and is expressed as a percentage of revenue. In this case, it is 269.39%, which is a high value and suggests strong earnings relative to revenue.

Net-worth (%): Net worth is the difference between a company ‘s total assets and total liabilities. The value of 40.86% indicates that the company ‘s net worth is a significant portion of its total assets.

Debt/Equity Ratio: This ratio measures the proportion of debt used to finance the company ‘s assets relative to the equity. A ratio of 0.26 suggests that the company has a relatively low level of debt compared to its equity.

Return on Equity (ROE): ROE is a measure of a company ‘s profitability that compares net income to shareholders ‘ equity. An ROE of 0.3131 (31.31%) indicates a decent return on shareholders ‘ equity.

Total Assets (%): This represents the total assets of the company as a percentage of some reference value (possibly the revenue or another benchmark). A value of 3.28% suggests a relatively low level of total assets compared to the reference value.

Fixed Assets (%): Similar to total assets, this represents the percentage of fixed assets (e.g., property, equipment) in relation to the reference value. A value of 0.39% suggests a relatively low proportion of fixed assets.

Current Assets (%): This represents the percentage of current assets (e.g., cash, accounts receivable) in relation to the reference value. A value of 12.58% suggests a higher proportion of current assets.

Current Liabilities (%): This represents the percentage of current liabilities (e.g., short-term debt, accounts payable) in relation to the reference value. A value of -14.40% seems unusual; it might be an error or requires clarification.

Trade Receivables (%): This represents the percentage of trade receivables (amounts owed by customers) in relation to the reference value. A value of 2.70% indicates a moderate level of trade receivables.

Trade Payables (%): This represents the percentage of trade payables (amounts owed to suppliers) in relation to the reference value. A value of -14.25% seems unusual; it might be an error or requires clarification.

Current Ratio: This ratio measures a company ‘s ability to cover its short-term liabilities with its short-term assets. A current ratio of 0.94 suggests that the company may have a slight liquidity concern, as a ratio below 1 indicates potential difficulty in meeting short-term obligations.

Dividend History of Nayara Energy Limited:

Particulars 2023 2022 2021
Dividend (final + interim) (In Rs.)

 

Annual Report- 2018-19

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