Essar Oil is trading higher by over 3% at Rs 75.40 after reporting a net profit of Rs 32 crore for the third quarter ended December 2012 (Q3) against loss of Rs 362 crore in year ago quarter, on back of improved margins.
"The company has registered 350% yoy jump in gross refining margins at $ 9.75/bbl as against $ 3.82/bbl reflecting higher complexity benefits post completion of expansion and optimization of projects,"Essar Oil said in a statement.
Total income from operations surge 86% year-on-year (yoy) at Rs 23,882 crore during the recently concluded quarter, it added.
The stock opened at Rs 73.50 on NSE and has seen a combined 1.67 million shares changing hands on the counter so far on both the exchanges.
