Essar Oil gains on healthy Q4 earnings
Q4 net profit at Rs 200 crore against net loss of Rs 608 crore in a year ago quarter.
Essar Oil is trading higher by 4% to Rs 86.85 after reporting a net profit of Rs 200 crore for the quarter ended March 31, 2013 (Q4) due to steep hike in gross refining margins. India's second largest private refiner had a loss of Rs 608 crore in the same quarter last year.
The company’s gross revenues too increased 34% to Rs 25,757 crore from Rs 19,160 crore in the same quarter last year.
“The company earned $9.06 on turning every barrel of crude oil into fuel during January-March quarter as compared to $4.60 per barrel gross refining margin in the same period a year ago,” Essar Oil said in a statement.
The stock opened at Rs 85 and hit a high of Rs 87.50 on NSE. A combined 739,631 shares have changed hands on the counter so far on NSE and BSE.
The company’s gross revenues too increased 34% to Rs 25,757 crore from Rs 19,160 crore in the same quarter last year.
“The company earned $9.06 on turning every barrel of crude oil into fuel during January-March quarter as compared to $4.60 per barrel gross refining margin in the same period a year ago,” Essar Oil said in a statement.
The stock opened at Rs 85 and hit a high of Rs 87.50 on NSE. A combined 739,631 shares have changed hands on the counter so far on NSE and BSE.