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Shri Venkatesh Refineries Limited reports strong Q4 and FY23 performance
Shri Venkatesh Refineries Limited (SVRL) reported a robust set of results for the fourth quarter and full financial year ended March 31, 2023, driven by strong refining margins and higher sales.
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Shri Venkatesh Refineries Limited to invest in renewable energy projects
Shri Venkatesh Refineries Limited (SVRL) announced plans to invest in renewable energy projects as part of its commitment to sustainability and reducing its carbon footprint.
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Shri Venkatesh Refineries Limited launches new product line
Shri Venkatesh Refineries Limited (SVRL) has launched a new line of high-performance lubricants and greases, expanding its product portfolio and catering to the growing demand in the automotive and industrial sectors.
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Shri Venkatesh Refineries Limited reports strong Q3FY23 results
Shri Venkatesh Refineries Limited (SVRL), one of India's leading oil refining companies, today announced its financial results for the third quarter and nine months ended December 31, 2022.
The company reported a strong set of results, with revenue from operations increasing by 31.4% YoY to Rs. 3,621.6 crore. This was driven by higher refining margins and increased sales volumes.
SVRL's EBITDA grew by 21.7% YoY to Rs. 502.6 crore, while net profit increased by 17.1% YoY to Rs. 265.2 crore.
The company's gross refining margin (GRM) for the quarter was $10.5/bbl, which is higher than the previous quarter's GRM of $9.2/bbl.
SVRL's performance in Q3FY23 was driven by a number of factors, including:
Strong demand for refined products in the domestic market
Increased exports of refined products
Higher crude oil prices
The company's management said that it is optimistic about the outlook for the refining industry in India. The company is expecting to benefit from the growing demand for refined products in the country, as well as from the government's focus on promoting domestic refining capacity.
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Shri Venkatesh Refineries Limited to invest Rs 1,000 crore in new projects
Shri Venkatesh Refineries Limited (SVRL), one of India's leading oil refining companies, today announced that it will invest Rs 1,000 crore in new projects over the next two years.
The company plans to use the funds to expand its existing refining capacity, as well as to set up new projects in the renewable energy sector.
SVRL's expansion plans include increasing its refining capacity from 1.5 million tonnes per annum (MTPA) to 2.5 MTPA. The company is also planning to set up a new crude oil storage terminal with a capacity of 1.5 million barrels.
In the renewable energy sector, SVRL is planning to set up a solar power plant with a capacity of 50 MW. The company is also exploring the possibility of setting up a wind power plant.
SVRL's investment plans are in line with the government's focus on promoting domestic refining capacity and renewable energy.
The company's management said that it is confident of achieving its growth targets. The company is expecting to benefit from the growing demand for refined products in the country, as well as from the government's supportive policies.
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Shri Venkatesh Refineries net profit down 13% in Q3
Shri Venkatesh Refineries Limited reported a 13% decline in its net profit to Rs 52.93 crore for the quarter ended December 31, 2022, compared to Rs 60.74 crore in the corresponding quarter of the previous year.
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Shri Venkatesh Refineries to invest Rs 1,000 crore in refinery expansion
Shri Venkatesh Refineries Limited is planning to invest Rs 1,000 crore in expanding its refinery capacity by 50% to 2.25 million tonnes per annum (mtpa) by 2025.
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Shri Venkatesh Refineries signs MoU with IOCL for supply of crude oil
Shri Venkatesh Refineries Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for the supply of crude oil to its refinery at Mangalore.
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Shri Venkatesh Refineries Ltd Announces Capacity Expansion Plans, Aims for Leadership in Solvent Sector
Shri Venkatesh Refineries Limited (SVRL), the leading manufacturer of solvents in India, has announced plans to expand its production capacity to cater to the growing demand for solvents in various industries.
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Shri Venkatesh Refineries Ltd (SVRL) Reports Q3 FY23 Results, Strong Revenue Growth
Shri Venkatesh Refineries Limited (SVRL) has announced its financial results for the third quarter of the fiscal year 2022-23, showcasing strong revenue growth and profitability.
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Shri Venkatesh Refineries Ltd Launches Solvent Distribution Centers in New Regions to Enhance Customer Reach
Shri Venkatesh Refineries Limited (SVRL) has announced the opening of new solvent distribution centers in strategic locations to improve accessibility and customer service.
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Shri Venkatesh Refineries Ltd Posts 23% Jump in Q3 Profit at Rs 107 Crore
Shri Venkatesh Refineries Ltd (SVRL) on Wednesday reported a 23.40 per cent rise in its consolidated net profit to Rs 107.03 crore for the quarter ended December 2022.
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Shri Venkatesh Refineries Plans Rs 1,000 Crore Capex for Expansion
Shri Venkatesh Refineries Ltd (SVRL) is planning to invest Rs 1,000 crore in capital expenditure over the next two years to expand its refining capacity and other facilities.
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Shri Venkatesh Refineries Q2 Net Profit Jumps Over Six-Fold to Rs 109 Crore
Shri Venkatesh Refineries Ltd (SVRL) on Tuesday reported a over six-fold jump in its consolidated net profit to Rs 109.28 crore for the quarter ended September 2022.
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Shri Venkatesh Refinery Limited achieves highest ever refining throughput in Q3 FY23
Shri Venkatesh Refining Limited (SVRL), a leading player in the refining sector, has achieved its highest ever refining throughput of 9.65 MMTPA in Q3 FY23, a significant milestone in the company's journey.
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Shri Venkatesh Refineries Limited reports strong financial performance in Q3 FY23
Shri Venkatesh Refineries Limited (SVRL), a leading player in the refining sector, has reported strong financial performance for the third quarter (Q3) of the financial year 2022-23 (FY23).
