Essar Oil posts Rs 32 cr profit for Oct-Dec

Jan 15 2013, 20:25 IST
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Essar Oil posts Rs 32 cr profit for Oct-Dec (Reuters) Essar Oil posts Rs 32 cr profit for Oct-Dec (Reuters)
SummaryThe profit was mainly due to higher refining margin and larger processing of ultra heavy crude oil.

slate further to improve our earnings."

Gupta said Vadinar will continue to have good refining margins in future. He projected USD 7-8 higher than IEA benchmark margins.

"With gross refining margin (GRM) continuing to remain firm, the company has witnessed major jump in its overall earnings performance in the third quarter," Jain said.

The company's EBIDTA and PAT, he said, would have been higher by Rs 260 crore if not for the foreign exchange gain accounted in the previous quarter which showed up as lower sales realisation during the quarter.

In the nine-months ended December 31, 2012, Essar Oil reported a 61 per cent growth in revenue to Rs 71,040 crore.

It reported a net loss of Rs 1,380 crore in April-December against negative Rs 677 crore in the corresponding period of last fiscal.

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