Essar Oil, a fully integrated oil and gas company of international scale, reported a net loss of Rs 863 crore in Q1 June 2013, lower than net loss of Rs 1,518 crore in Q1 June 2012. Revenue rose 12 per cent to Rs 24,721 crore in Q1 June 2013 over Q1 June 2012, on the back of 15 per cent improvement of throughput, which stood at 5.14 million metric tonne (mmt) in Q1 June 2013, against 4.48 mmt in Q1 June 2012.
Earnings before interest taxes depreciation and amortisation (EBITDA) was reported at Rs 1,106 crore in Q1 June 2013 compared with a negative EBITDA of Rs 178 crore in Q1 June 2012.
The current price Gross Refining Margin (GRM) jumped 49 per cent to $7.01 per bbl in Q1 June 2013 over Q1 June 2012, reflecting the higher complexity benefits post completion of expansion and optimisation projects. The company reported a net loss of Rs 863 crore during the quarter, mainly due to negative forex fluctuations arising out of 10 per cent rupee depreciation during the quarter.