Coal news and updates

Essar Oil’s PAT shoots up 62.5% in Q3

February 10: Essar Oil, part of the Essar Group, posted a PAT of Rs 52 crore in Q3 of FY’14, up 62.5% as compared to Rs 32 crore earned during the corresponding period of the previous year, the company said in a release.

Gross revenues for Q3 of FY’14 stood at Rs 27,385 crore, up 6% over Rs 25,909 crore scored in Q3 of FY’13, the statement added.

For the nine-month period ending December 31, 2013, Essar Oil reported strong revenue growth of 12% at Rs 79,498 crore, against Rs 71,040 crore reported during the same period a year ago. Throughput during the nine-month period was up 3% to 15.18 mt.

“We had an excellent quarter during which we demonstrated further improvement in all our operational areas, from refinery to marketing to finance,” said L K Gupta, Managing Director and CEO, Essar Oil.

On the other hand, commenting on the performance, Suresh Jain, CFO, Essar Oil said, “We have witnessed a stable quarter both in terms of oil prices and foreign exchange. In spite of a planned shutdown of about 7 days, we improved our topline and bottomline, demonstrating all-round operational excellence.”