Mumbai: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a leading E&P company in India and a leader in unconventional hydrocarbon space, on Monday, announced a record net profit of Rs 335 crores for the financial year ending March 31, 2023.
The company reported its highest fiscal revenue of Rs 900 crores in FY23, projecting a growth of about 1.8 times compared to the previous year.
Its profit after tax (PAT) increased by 1.6 times, and EBITDA grew over 205 percent on a YoY basis to nearly Rs 700 crores, the company said in a statement.
The EBITDA margin saw a significant improvement of around 3100 basis points, reaching 77 percent, due to reduced operating costs and internal consumption.
During the Q4FY23 period, the company posted a PAT of Rs 83 crores and achieved a revenue of Rs 190 crores, a growth of over 23 percent on a YoY basis. The EBITDA also grew by over 150 percent YoY, reaching Rs 140 crores, Pankaj Kalra, Chief Executive Officer, EOGEPL, said.
Prashant Ruia, Director, Essar Capital, and EOGEPL said, “The company aims to participate in India’s mission of reducing carbon footprint and becoming a gas-based economy by the next decade. EOGEPL aims to provide industries in its vicinity with alternate clean fuel at economical prices by ramping up its gas production at the cheapest cost.”
EOGEPL plans to invest Rs 2,000 crore in the next 18 to 24 months for drilling 200 more wells. It is currently contributing nearly 65 percent to India’s total CBM production, which is likely to go up to 90 percent after the drilling of the additional wells.
The company strives to contribute 5 percent to India’s total gas production in the next 5 years.
(VP)