Essar Oil records

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

[{"selector":"#anim-3dfec151-b9e0-48ed-a2f3-2e36b7f342d3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(64.3579539984575%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-819a3c53-2081-48e7-8959-0d2f88330fc0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.283814133500343%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-a699805c-1f93-468f-a43e-eeb127c5c640 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

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

[{"selector":"#anim-b4d75340-c145-4fc1-8936-791d2b7f2a53 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(12.727272592824763%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

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

[{"selector":"#anim-2a934297-066e-4089-8da1-52ec60be4dd0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(15.34090920311622%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-aa2fb1d9-84e9-4f22-9802-bb60848347df [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(62.81960174758182%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-e4d1969b-f304-4c09-b8be-4b4d3423775d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(54.54545410077893%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The business is investigating alternative opportunities to increase saleable volume

[{"selector":"#anim-ae21c28c-731f-4428-8ba7-692247aeb179 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

One of the primary areas explored is dramatically reducing internal usage

[{"selector":"#anim-f0fb8bf9-6f69-4086-9b7d-3d64ee9d2b50 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(66.15624979463743%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

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

[{"selector":"#anim-95d26f46-04a3-4428-9f02-7ddd96f630da [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]