Essar Oil Q2 net dips 14% to Rs 201 crore

Essar Oil on Friday reported a 14 per cent drop in second quarter net profit as its Vadinar refinery in Gujarat processed lesser crude due to a maintenance shutdown. 

Net profit in July-September at Rs 201 crore was 14 per cent lower than Rs 234 crore profit in the same quarter of the previous fiscal, the company said in a statement here. The 20 million tonnes (mt) a year Vadinar refinery in Gujarat turned 4.47 mt of crude oil into fuel, down 11 per cent from 5.04 mt crude processed in Q2 of previous fiscal.