Essar Oil on Wednesday reported its highest ever quarterly profit of Rs 1,063 crore in April-June when strong refinery margins boost earnings by 54 per cent. The company posted a net profit of Rs 1,063 crore in April-June compared with Rs 691 crore in the same period of the previous fiscal, Essar Oil said.
The company, which operates a 20 million tons a year refinery at Vadinar in Gujarat, earned $11.05 on turning every barrel of crude oil into fuel as opposed to $9.04 a barrel gross refining margin in the first quarter of the previous 2014-15 fiscal. "The gross revenues for the quarter stood at Rs 20,572 crore, which is 25 <g data-gr-id="18">per cent</g> lower than the Rs 27,317 crore reported in Q1FY15. This dip in revenues was mainly because of lower crude oil prices prevailing in the global market," the statement said. During April-June, 2015, the Vadinar Refinery continued to operate above its rated capacity, registering a throughput of 5.17 million tonnes.
"With its increased complexity, post the expansion and optimisation projects that were completed in 2012, the refinery continues to process a high volume of heavy and ultra-heavy crudes that enable better refining margins," it said.
Gets exchanges’ delisting nod
Essar Oil has received approvals from NSE and BSE to delist its shares, company Managing Director & CEO L K Gupta said on Wednesday. Delisting the company would give promoter Ruia brothers, Shashikant and Ravikant, greater flexibility and less regulatory scrutiny while selling a stake in the refiner.