Companies

Essar Oil Q1 loss at Rs 1,400 cr; targets Rs 1 lakh cr revenue

Our Bureau New Delhi | Updated on November 17, 2017 Published on August 14, 2012

15blEssarOil.eps

Oil refining major Essar Oil on Tuesday announced it had posted a net loss of Rs 1,400 crore for the quarter ending June 30.

In the year ago quarter, the company has posted a profit of Rs 469 crore.

For the current quarter, the loss has been due to lower EBITDA, high interest cost and depreciation.

The company clocked 33 per cent growth in net sales at Rs 19,993 crore (Rs 14,946 crore) in the current quarter, mainly due to higher product price realisation on account of increased domestic sales and rupee depreciation.The gross refining margin (GRM) for the quarter was $4.69 per barrel, compared with $4.20 per barrel in the year ago quarter.

The first phase optimisation project of the Vadinar refinery was completed in June. Post-completion, the refinery has achieved a total refining capacity of 20 million tonnes.

In a media statement, the company said that the full benefit of the higher complexity refinery would be felt from next quarter onwards.

The GRMs are expected to be $7-8 higher than the benchmark IEA margins from current quarter onwards. At the close of trading hours on the BSE, the stock traded at Rs 53.85 — an increase of 0.09 per cent over the previous close.

rahul.wadke@thehindu.co.in

Published on August 14, 2012

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.