Essar Oil & Gas Posts Record Q1 PAT

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Kolkata: Essar Oil and Gas Exploration and Production (EOGEPL), one of the leading exploration & production (E&P) companies in India, has posted a profit after tax (PAT) of Rs 335 crore for year ending March 31, 2023. The company has CBM (coal bed methane) assets in West Bengal. It has also reported its highest fiscal revenue of Rs 900 crore in FY23, projecting a growth of about 1.8 times compared to the previous year.

The company’s PAT increased by 1.6 times, and EBIDTA grew over 205% on a YoY basis to approximately Rs 700 crore.

“The EBIDTA margin saw a significant improvement of around 3,100 basis points, reaching 77%, due to reduced operating costs and internal consumption. During the 4QFY23 period, the company posted PAT of Rs 83 crore. It achieved a revenue of Rs 190 crore, showing a growth of over 23% on a YoY basis. The EBIDTA grew by over 150% YoY, reaching Rs 140 crore,” the company said.

Originally posted: TOI