Essar Oil has reported gross revenues of Rs 27 317 crore for the first quarter of its 2015 financial year which went from April – June 2014. This was up 11% in comparison to Q1 2014. Current price gross refining margin for the quarter was US$ 9.04 /bbl, up 29% compared to the same time last year. EBITDA for the quarter was Rs 1573 croroe and profit after tax stood at Rs 684 crore, a loss of Rs 863 crore during the same period in the last financial year. During the quarter, the Vadinar refinery processed 5.14 million t of crude oil, the same as Q1 last year and is consistently operating above its rated capacity.
During Q1 of the 2015 financial year, Essar Oil realised 66% of its revenue came from the domestic market. The company has 1400 retail outlets across India and over 300 in other various stages of commissioning. Essar are now working to restart the sale of diesel from its retail outlets and will do so in phases.
Exploration and production
Production at the flagship Raniganj CMB block is at 220 000 m3/d and is being sold locally through pipelines and cascades. The company has drilled 209 wells and laid requisite infrastructure, including pipelines to supply CBM gas to end consumers. Three gas gathering stations are also complete and one more is under construction.
L.K. Gupta, MD and CEO, Essar Oil said, ‘operationally we continue to do well with the refinery operating at over 100% capacity. Our capability of sourcing, blending and processing of heavy and ultra heavy crude, coupled with a product mix geared towards light and middle distillates have resulted in healthy margins.’
Suresh Jain, CFO, Essar Oil said, ‘consistency in operating performance coupled with stable forex and crude prices helped us to sustain our CP GRM and profitability.’
Adapted from press release by Claira Lloyd
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