Essar Oil posts Q3 profits of Rs. 32 crore

Mumbai, Jan 15 (IANS) Refining major Essar Oil Tuesday declared a profit after tax of Rs. 32 crore for the third quarter of the current fiscal versus a loss of Rs.362 crore in the same period last year.

The company's gross revenues for the quarter at Rs.25,909 crore, was up 86 percent over that of the third quarter of 2011-12 at Rs.13,897 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 8.4 times at Rs.1,242 crore compared to Rs.148 crore in the corresponding quarter of the last fiscal.

Essar Oil, which is part of Britain-listed Essar Energy Plc, reported a gross refining margin of $9.75 per barrel, for the October-December 2012 quarter, up 350 percent compared to $2.82 per barrel in the same quarter of the previous fiscal. The company said it was a reflection of higher complexity benefits post-completion of expansion and optimization projects.

The refiner had posted a gross refining margin of $7.86 a barrel in the previous quarter.

This is the first quarter to show the full impact of the capacity expansion of the company's Vadinar refinery (Gujarat) to 20 MMTPA (million metric tonnes per annum). During the quarter, it processed 5.14 MMT of crude, up 83 percent over the same quarter of 2012 fiscal.

The refinery's production of valuable middle and light distillates improved to 85 percent of the refinery's product slate from 69 percent over the same period last year.

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