Essar Oil records a 118% jump in revenue YoY at Rs 148 cr

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) recorded a 118 per cent increase in revenue year on year in the fourth quarter ending March 31, 2022, at Rs 148 crore

The film earned Rs 68 crore in sales in the preceding fiscal quarter.

Core EBITDA increased by 32% year on year to Rs 115 crore, up from Rs 87 crore in the same period

Sales volume climbed by 42% year on year, while sales price realisation increased by 55% year on year, and gas production increased by 17% to 0.77 mmscmd

EOGEPL produced a solid fourth-quarter performance, boosted by an increase in gas production

The commissioning of the Urja Ganga pipeline and the availability of 100% gas offtake and tailwinds in global gas prices

Prashant Ruia, Director-Essar Capital and EOGEPL, commented on the preceding, saying, "Along with sales realisations from direct gas production ramp-up

The business is investigating alternative opportunities to increase saleable volume

One of the primary areas explored is dramatically reducing internal usage

The organisation is keeping a deliberate strategy to field upgradation, which will work as a comprehensive cost rationalisation while also boosting the company's bottom line