Moneycontrol Bureau
Essar Oil's third quarter net profit plunged 78 percent sequentially to Rs 52 crore on the back of inventory loss of Rs 592 crore.
India's second largest private refiner booked inventory loss due to month-on-month steep and unprecedented fall in global prices of crude oil during the quarter ended December 2014. Brent crude fell more than 40 percent during the quarter.
Revenue in December quarter declined 9.6 percent quarter-on-quarter to Rs 20,295 crore from Rs 22,448 crore. The forex loss was Rs 354 crore in Q3FY15 against loss of Rs 289 crore in previous quarter.
The company achieved a throughput of 5.19 million tonnes of crude for the quarter against 5.04 million tonnes in previous quarter.
However, operating profit jumped 31.3 percent to Rs 1,350 crore and margin expanded 210 basis points to 6.7 percent on sequential basis.
Gross refining margin for the quarter stood at USD 7 a barrel against USD 7.93 a barrel in the year-ago period.
The scrip of Essar Oil closed at Rs 116.20, up Rs 2.15, or 1.89 percent on the BSE.
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