Weak rupee hurts Essar profit

Earnings decline 7% in first-half

Power plant operator and oil refiner Essar Energy Plc reported a 7% decline in first-half core earnings as the impact of a weak rupee offset higher margins at the company's key Vadinar refinery.

The London-listed power, oil and gas arm of privately held Indian conglomerate Essar Group said it had taken a $483 million hit due to the rupee's depreciation, the majority of which was unrealised.

Current price earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $543.7 million in the six months ended September 30 from $582.6 million a year earlier.

Revenue rose 5% to $13.4 billion.