Mumbai: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a pioneer and leader in unconventional hydrocarbon space, on Monday said it has recorded the highest-ever quarterly revenue of Rs. 219 crores in the third quarter of 2022-23, ended December 31, 2022, with a year-on-year 54 percent growth.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by nearly 100 percent on a YoY basis to Rs. 171 crores, and its profit after tax (PAT) increased by 273 percent as compared to the same period last year to Rs. 97 crores, the firm said in a statement.
In the nine-month period of FY23, the company posted record revenue of Rs. 696 crores growing at over 113 percent on a YoY basis. Its EBITDA of Rs. 552 crore is a 228 percent increase as compared to the same period last year. It also posted its highest-ever PAT of Rs. 284 crores as compared to a loss of minus Rs. 11 crores in last year’s Q3.
Essar Oil achieved an EBITDA margin of 80 percent, witnessing an improvement of 27 percent due to a reduction in operating cost and internal consumption in 9MFY23.
Commenting on the performance, Prashant Ruia, Director, said “Essar aims to participate in India’s vision of reducing carbon footprint and provide industries with alternate clean fuel at economical prices. We are committed to contributing to India’s vision of becoming a gas-based economy in the next decade by ramping up its gas production.”
(VP)