Nayara Energy Q3 profit up 2%
Records a net profit of Rs 869.8 cr in Oct-Dec compared with Rs 850.3 cr profit in the same period a year back
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New Delhi: Nayara Energy, India's second largest private oil refining and fuel marketing company, saw its net profit rise by a marginal 2 per cent in the third quarter ended December 31 as the company undertook a month-long maintenance shutdown and windfall tax impacted margins.
Records a net profit of Rs 869.8 crore in October-December compared with Rs 850.3 crore profit in the same period a year back, according to a stock exchange filing by the company. Revenue from operations dropped to Rs 24,757.7 crore in the third quarter of the current fiscal from Rs 32,412.9 crore a year back. This was mainly because the company fully shut its 400,000 barrels per day or 20 million tonnes per annum Vadinar refinery in Gujarat for about a month in November for routine maintenance.
The firm also operates a network of 6,497 petrol pumps or 7.5 per cent of all fuel stations in the country. For the first nine months of the current fiscal, Nayara reported a net profit of Rs 6,226.9 crore on a turnover of Rs 1 lakh crore. It had a net profit of Rs 1029.9 crore on a turnover of Rs 1.19 lakh crore for the full 2021-22 fiscal year. The current quarter and year to date performance was impacted by external factors such as imposition of special additional excise duties and suppressed retail margins. This was more than compensated by strong operational performance by the refinery.
