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The company reported a net profit of Rs 1,008 crore in the January-March 2014 quarter, up from Rs 200 crore a year earlier.
"A good gross refining margin and forex gains due to rupee appreciation helped the profit rise," said L K Gupta, CEO, Essar Oil on a conference call.
During the quarter, Essar's Gross refining margin or converting every barrel of crude oil into fuel stood at $10.12 per barrel against $9.06 during the January-March 2013 quarter.
Forex gains for the quarter stood at Rs 200 crore against Rs 25 crore during the January-March 2013 quarter.
Revenue during the quarter increased 7.5% to Rs 27,691 crore.
For the financial year 2013-14,the company recorded at a net profit of Rs 126 crore against Rs 1,180 crore loss in the previous financial year
Suresh Jain, CFO Essar Oil said the company's debt declined to Rs 19,109 crore against Rs 21,751 crore in March 2013.
Essar Oil also crossed the Rs 1 lakh crore turnover mark in 2013-14. The company's revenue were up 10.7% to Rs 107,190 crore.
"Having breached the Rs 1 lakh crore revenue mark, Essar Oil is today one of India's top 10 companies by top line, having achieved this distinction in a relatively short span of five years of beginning commercial production. "Operationally, we continue to do well with the refinery further optimising on its crude diet and product slate, which has resulted in the company delivering healthy GRMs," Gupta said in a statement released by the company.
The Vadinar Refinery, at 20 million metric tonnes per annum capacity and 11.8 complexity, is India's second largest single site refinery and amongst the most complex globally for a facility of this scale.
During the quarter, it processed 5.05 MMT of crude, which was almost at the same level of 5.08 MMT processed during Q4FY13. Vadinar Refinery continues to operate above 100% capacity post expansion.
Essar Oil's board approved acquisition of Vadinar Properties Limited, making it a wholly owned subsidiary, for Rs 54 crore. Vadinar Properties owns Essar Oil's existing and the new under construction township for the company employees at Vadinar.
