Essar Oil Q2 net profit Rs.1.3 billion

MUMBAI - Essar Oil Monday reported a net profit of 1.3 billion for the quarter ended Sep 30 as against net loss of Rs 0.94 billion for the same period last fiscal.

The total income rose by 14 percent at Rs.109.64 billion compared to Rs.96.03 billion same period last year, the company said in a regulatory filing.

“A series of internal optimization initiatives and favourable external factors helped better our operating performance significantly and register a quantum jump in earnings,” said Naresh Nayyar, managing director.

The refinery generated its highest throughput since commissioning, our PAT (profit after tax) grew manifold, he added.