Essar Oil Q4 net up 78 pct

Essar Oil earned USD 8.15 for turning every barrel of crude oil into fuel in January-March quarter as against USD 5.37 per barrel gross refining margin (GRM) in the same period a year ago.

Revenues soared 24 per cent to Rs 14,846 crore in the fourth quarter.

For the full year 2010-11,net profit jumped to Rs 654 crore as against Rs 29 crore in the previous year.

“Demand for petroleum products in India is expected to continue to grow sharply and we remain focused on delivering our key projects,which in 2011 includes the first phase of our Vadinar refinery expansion,” he said.

Expansion of Vadinar refinery in Gujarat to 18 million tonnes per annum is on tract for mechanical completion in Q2 and Q3,2011 calendar year.

“Optimisation project to enhance refinery capacity to 20 million tonnes a year is on track for completion by September,2012,” he said.

Essar Oil has 1,635 petrol pumps,of which 1,381 are operational and 254 are in various stages of construction.

For full year,gross revenues increased 25 per cent to Rs 53,119 crore from Rs 42,402 crore in FY 2009-10.

Current price GRM registered an 87 per cent growth to USD 6.91 per barrel in FY 2010-11 from USD 3.70 a barrel in FY 2009-10.

Nayyar said Vadinar refinery continued to operate well above its nameplate capacity of 10.5 million tonnes per annum,processing a record 14.76 million tons of crude oil in 2010-11,9 per cent higher than the 13.50 million tonnes of crude oil processed during 2009-10.