Essar Oil & Gas Exploration profit at Rs 334 crore in FY23

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NEW DELHI: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a leader in unconventional hydrocarbon space, on Monday posted a net profit of Rs 335 crore for the year ending March 31, 2023.

The company reported revenue of Rs 900 crore, its highest, during the period under review, projecting a growth of about 1.8 times compared to the previous year, it said in a statement.

The company’s EBIDTA grew over 205% on a YoY basis to approximately Rs 700 crore. The EBIDTA margin saw a significant improvement of around 3100 basis points, reaching 77%, due to reduced operating costs and internal consumption.

For the fourth quarter of 2022-23, the company’s PAT stood at Rs 83 crore. It achieved a revenue of Rs 190 crores, showing a growth of over 23% on a YoY basis. The EBIDTA also grew by over 150% YoY, reaching Rs 140 crore.

“Our team is consistently beating its estimates and delivering strong operating performance year on year backed by ramp up in gas production, and by optimizing and reducing internal consumption significantly. The company remains committed to key priorities of field upgradation, bringing in new technologies enhancing production while optimizing cost,” the company statement quoted CEO Pankaj Kalra as saying.

“The company aims to participate in India’s mission of reducing carbon footprint and becoming a Gas Based Economy by the next decade. EOGEPL aims to provide industries in its vicinity with alternate clean fuel at economical prices by ramping up its gas production at the cheapest cost,” it quoted Prashant Ruia, director – Essar Capital and EOGEPL as saying.

Originally posted: ET