Essar Oil says posted record Rs 2,162 crore net profit last fiscal on improved refining margins

Essar Oil says posted record Rs 2,162 crore net profit last fiscal on improved refining margins

Essar Oil on Monday said it earned a record net profit of Rs 2,162 crore in the 2015-16 fiscal on back of robust refining margins.

At the company’s annual general meeting at Vadinar in Gujarat, Essar Oil informed shareholders that it earned a highest-ever $10.81 on turning every barrel of crude oil into fuel during the fiscal as compared to a current price gross refining margin of $8.37 a barrel in the previous year.

Essar Oil got delisted from stock exchanges last year and is therefore, not obliged by regulations to report quarterly numbers and this is the first time it is giving financial earnings for 2015-16.

“In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35 oer cebt higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore — a rise of 42% from FY2014-15,” a company statement said here. Read More…

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