Essar Oil records 118% jump in revenue YoY at Rs 148 cr

Core EBITDA grew by 32% QoQ to Rs 115 crore from Rs 87 crore in the same quarter previous fiscal

AgenciesUpdated: Monday, May 30, 2022, 01:51 PM IST
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The company had posted a revenue of Rs 68 crore for the same quarter previous fiscal. / Representative image |

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) today reported 118 percent jump in its revenue YoY at Rs 148 crore in the fourth quarter ended March 31, 2022.

The company had posted a revenue of Rs 68 crore for the same quarter previous fiscal. Core EBITDA grew by 32 percent QoQ to Rs 115 crore from Rs 87 crore in the same quarter previous fiscal.

Sales volume grew by 42 percent YoY whereas sales price realization increased by 55 percent YoY and Gas production grew by 17 percent YoY at 0.77 mmscmd.

EOGEPL delivered a strong Q4 performance due to an increase in gas production after the commissioning of Urja Ganga pipeline with availability of 100 per cent gas offtake further buoyed by tail winds in global gas prices.

Commenting on the above, Prashant Ruia, Director-Essar Capital and EOGEPL, said, "Along with sales realizations from direct gas production ramp-up, the company is exploring additional avenues to enhance the saleable volume. One of the key identified areas is to reduce internal consumption drastically. The company is maintaining a conscious approach to field upgradation which will be acting as a holistic rationalisation of the cost while also adding to the company's top line."

Along with strengthening the bottom-line of the company, the connectivity to the National Gas grid will also lead to a meaningful contribution to the domestic gas basket and to the state fiscal exchequer.

EOGEPL outlined that its growth remained broad-based and will have a robust momentum with technological trials in place. This period recorded the highest CNG and CBM quarterly sales for the company post-COVID and the momentum is expected to continue.

The E&P sector is technology-driven and EOGEPL has always been abreast with latest technology innovations in unconventional hydrocarbon development and marketing.

The company aims to participate in India's vision of reducing the carbon footprint in the region and provide industries in the vicinity with alternate clean fuels at very economical prices.

(With inputs from IANS)

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