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Nayara Energy's Profits Surge 9X on Strong Operational Performance
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    Nayara Energy's Profits Surge 9X on Strong Operational Performance

    06 September 2023

    Nayara Energy posted a record 9X net profit growth in FY23, soaring on refining profits from Russian oil.

    The imposition of sanctions and price caps on Russia caused a significant shift in trade patterns, with Russian crude oil exports to the EU ceasing and redirecting to countries like India and China. Russian oil product exports also found new markets in Africa, the Middle East, and the Far East.

    • Nayara Energy achieved an impressive operational availability rate of 99.8% for major process units in the refinery, excluding the scheduled turnaround period. The refinery turnaround was successfully concluded in 29 days, surpassing the planned duration of 30 days.
    • The company has made significant strides in enhancing ethanol blending in Motor Spirit (MS) supplied through its retail outlets. Nayara Energy has achieved a commendable milestone of 10% blending compliance in MS in FY 2022-23.
    • With a focus on disciplined investment in high-quality assets, Nayara Energy achieved a return on capital employed of 43.25%. The company also strengthened its balance sheet, reducing its net debt to EBITDA ratio to 0.27.
    • Nayara Energy's efficient deployment of capital is expected to drive the growth of its businesses while continuing to deliver strong returns to investors.
    • The company is committed to the green transition and sees it as an unprecedented multidecadal opportunity for sustainable and inclusive growth. Over 1,000 retail outlets and two Nayara owned depots already have solar installations, along with a planned pilot capacity of 10 MW solar generation at the Vadinar refinery.

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