Essar Oil & Gas posts record ₹335 cr net profit in FY23
₹335 crore in the financial year ended March against ₹212 crore net profit in the previous fiscal, helped by reduced operating costs and higher prices. The company said it has reported its highest fiscal revenue of ₹900 crore in FY23, projecting a growth of about 1.8 times over the previous year. The company’s Ebitda grew over 205% on a YoY basis to approximately ₹700 crore.
Its Ebitda margin saw a significant improvement of around 3,100 basis points, reaching 77%, due to reduced operating costs and internal consumption. During the 4QFY23 period, the company posted PAT of ₹83 crore. It achieved a revenue of ₹190 crore, showing a growth of over 23% on a YoY basis.
Ebitda also grew by over 150% YoY, reaching ₹140 crore. “Our team is consistently beating its estimates and delivering strong operating performance year on year backed by ramp up in gas production, and by optimizing and reducing internal consumption significantly. The company remains committed to key priorities of field upgradation, bringing in new technologies enhancing production while optimizing cost," said Pankaj Kalra, Chief Executive Officer, EOGEPL.
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,“ said Prashant Ruia, Director - Essar Capital and EOGEPL. EOGEPL plans to invest ₹2,000 crore in the next 18 to 24 months for drilling 200 more wells.
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