Essar Oil net profit at Rs 30 crore

CORPORATE SCORECARD

Essar Oil, a subsidiary of the Essar group, posted Rs 29.93 crore net profit in the first quarter of the financial year as its refinery in Gujarat started operations in full capacity in the quarter.

Essar Oil, which operates a 10.5-million-tonne refinery at Vadinar in Gujarat, had reported a loss of Rs 5.67 crore in the first quarter of the last financial year. With the launch of full operations in May this year, the company’s total income rose to Rs 9,016.03 crore during the quarter compared with Rs 197.95 crore in the corresponding quarter last year.

While 99 per cent of the revenue in the quarter was due to the refinery, the remaining came from trading operations and exploration and production of oil and gas.