Esssar oil posts profit of Rs 684 cr in Q1

The company reported a loss of Rs 863 cr in the year-ago period

Essar Oil, India’s second largest private refiner, reported a net profit of Rs 684 crore against a loss of Rs 863 crore during the same period last year.

During the quarter earnings before interest, tax, depreciation and amortization stood at Rs 1,573 crore, against Rs 414 crore in the first quarter of FY14.

Income from operations jumped 10.6% at Rs 24,855 crore for the first quarter against Rs 22,461 crore for the corresponding previous quarter.

L K Gupta, Managing Director 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”.

Gross refining margin during the quarter came in at $9.04 per barrel, up 29%  compared to $7.01 per barrel in first quarter of FY14.

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."

Vadinar Refinery processed 5.14 MMT of crude during the quarter against 5.14 MMT during the same period last year.