Annual Report: 2024
Energetic. Nayara Energy Limited's Annual Report 2023-24 highlights India's transformative growth and Nayara's role in fueling the economy. The report details Nayara's commitment to "EXCEL" values, securing energy supplies for India, and contributing to its energy security by providing consistent and affordable energy.
Highlights of FY 2023-24. Nayara Energy is expanding into petrochemicals with a polypropylene plant.
Executive Chairman's Statement. India's record petroleum consumption and coal production, alongside automobile sales growth, underscore its economic rise. Nayara Energy is committed to supporting India's ambition to become a Viksit Bharat by 2047. The company plans to commission Phase 1 of its petrochemicals project in Q2 FY 2024-25, a 450 KTPA polypropylene project, and is also undertaking major turnaround projects to boost operational excellence.
CEO's Letter. Nayara Energy registered a 12% y-o-y growth in revenue from operations, standing at 1,546,293 million, and a 26% y-o-y growth in net PAT, reaching 120,852 million in FY 2023-24. Nayara Energy processed 20.32 MMT of crude, achieving 99.74% availability. The refinery processed 129 grades of crude and was ranked among the best in Asia Pacific for lowest Cost of Transportation Fuel (CTF). Nayara Energy is planning significant investments in ethanol manufacturing, retail network expansion to 10,000 outlets by 2030, and feed study of Phase 2 of the petrochemical project, consisting of a 1.2 MMTPA steam cracker unit. The company also strengthened its presence in the institutional business.
Industry Overview. The global economy grew 3.2% in CY 2023. India showed resilience, registering 8.2% GDP growth in FY 2023-24. India’s energy security, affordability, and sustainability are critical. The allocation of 3.3% of GDP to the infrastructure sector by the Government of India in FY 2024-25 will boost the Oil & Gas sector. India witnessed a record consumption of petroleum products at 233.3 MMT, the highest ever.
Refinery. The Vadinar Refinery processed 20.32 MMT of Crude Oil in FY 2023-24 and maximized the processing of a variety of economically viable crude grades achieving an overall operational availability of 99.74% during FY 2023-24.
International Supply & Trade (IST) and Economic Planning & Scheduling (EPS). Nayara Energy processes 129 total distinct crude grades. The company maintained effective risk management and well-planned strategies.
Marketing. Nayara Energy achieved a historic milestone of 5,000 Nayara branded outlets, and achieved highest-ever Market Effectiveness (ME) for MS.
Asset Development. Nayara Energy’s Phase 1 petrochemicals project is at 98.3% completion, aiming to maximize propylene recovery from the Refinery. The company is considering commencement of work on Front End Engineering for Phase 2 Petrochemicals Project.
Safety and Occupational Health. Nayara Energy’s Total Recordable Injury Rate (TRIR) is 0.171. The company is reinforcing safety through initiatives, measures, and training.
Environment and Sustainability. The company planted 250 hectares of mangroves for carbon sequestration.
People. At Nayara Energy, our people are our greatest strength, and we are committed towards building a culture that empowers employees to reach their full potential and excel. The foundation stone was laid for Nayara Learning Academy.
CSR Program. The company had an approved CSR expenditure of 284.6 million, focusing on health, sanitation, sustainable livelihoods, education, and skilling.
Information Technology. The company is strengthening IT infrastructure, focusing on digital transformation in operations.
Financial Performance. The company's revenue was ₹1,546,293 million and Profit After Tax was ₹120,852 million in FY 2023-24.
Governance. The Board includes both Executive and Non-Executive Directors. Nayara has a policy for appointment and remuneration of Directors and employees. The Board conducts performance evaluations. The Audit Committee consists of independent directors.
Risk Management. Nayara Energy has a robust risk management framework for safety and operational excellence. The company also has in place a robust system and framework of Internal Financial Controls.
Auditors and Audit. The report given by S. R. Batliboi & Co. LLP, Statutory Auditors, on the Company's financial statements for FY 2023-24, forms a part of this Annual Report.
Directors' Responsibility Statement. Directors confirm the preparation of accounts following the applicable standards and are of a going concern basis.
Financial Highlights. *Revenue from Operations: ₹1,546,293 Mn. *Profit After Tax: ₹120,852 Mn. *Higher EBITDA: ₹202,478 Million
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