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Essar Oil Reports Revenues of Rs13,897 Crore for Q3 FY11-12

  • Essar Oil registered a net loss of Rs3,986 crore in Q3 FY11-12 on account of an exceptional debit of Rs4,015 croreEssar Oil reported revenues of Rs13,897 crore in the quarter ended 31 December 2011, compared to Rs13,809 crore in Q3 FY10-11. Its quarterly EBITDA was at Rs490 crore compared to Rs827 crore in the corresponding period last fiscal. The company registered a net loss of Rs3,986 crore in Q3 FY11-12, on account of an exceptional debit of Rs4,015 crore towards reversal of sales tax deferral income accounted during May 2008 to December 2011 pending decision on its review petition in the Supreme Court, compared to net profit of Rs273 crore in Q3 of the last fiscal.
  • Revenues for nine months ended 31 December 2011 was Rs44,180 crore, compared to Rs38,273 crore for the nine months ended 31 December 2010.LK Gupta, Essar Oil's CEO and managing director said, "Our single-minded focus is on completing the Phase I expansion and optimisation projects at the Vadinar refinery by March 2012 and September 2012, respectively. This will unlock substantial value for our shareholders by way of gross refinery margins and higher EBITDA and better cash flows."

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