21 July 2009;dailypioneer.com:New Delhi: Essar Oil on Monday reported over four-fold increase in net profit in the first quarter of current year at Rs 169 crore on back of foreign exchange gains. “Last year we had a foreign exchange loss of Rs 258 crore but in Q1 of the current year we had a net foreign exchange gain of Rs 166 crore. So there was a gain of Rs 424 crore,” Essar Oil CEO and Managing Director Naresh Nayyar told the news agency from Mumbai. Essar Oil Ltd has reported strong financial results against the backdrop of volatile crude prices and weak product margins. The company has reported a 104 per cent rise its EBITDA for the first quarter of 2009-10 compared to the first quarter of the last financial. The EBITDA for Q1 FY 2010 stood at Rs 667 crore compared to Rs 326 crore during Q1 of FY 2009. The Profit After Tax (PAT) during the same period stood at Rs 169 crore compared to Rs 30 crore, up by more than 450 per cent . Gross turnover for the first quarter of FY 2010 stood at Rs 7,895 crore. The company earned $6.74 on processing every barrel of crude oil against a gross refining margin of $9.15 a barrel in Q1 of previous year. Nayyar said the company’s Vadinar refiner in Gujarat is currently operating at 14 million tonnes, capacity utilisation of 133 per cent. It also has 1,252 petrol pumps on ground.
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