Essar Oil posts Rs 32 cr profit for Oct-Dec
The Vadinar refinery, at 20 million tons 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 5.14 million tons of crude, up 83 per cent from last year.
"Share of ultra heavy crude in the refinery's crude diet rose almost three fold to 67 per cent and production of valuable middle and light distillates (LPG, petrol and diesel) improved to 85 per cent of the refinery's product slate from 69 per cent over the same period last year." he said.
"Heavy and ultra heavy crude constituted 84 per cent of the refinery's crude diet during the quarter, against 74 per cent in Q3FY12".
Gupta said going forward, the company will continue to "optimise crude diet and product slate further to improve our earnings."
Gupta said Vadinar will continue to have good refining margins in future. He projected USD 7-8 higher than IEA benchmark margins.
"With gross refining margin (GRM) continuing to remain firm, the company has witnessed major jump in its overall earnings performance in the third quarter," Jain said.
The company's EBIDTA and PAT, he said, would have been higher by Rs 260 crore if not for the foreign exchange gain accounted in the previous quarter which showed up as lower sales realisation during the quarter.
In the nine-months ended December 31, 2012, Essar Oil reported a 61 per cent
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