Essar Oil slips on weak Q4 numbers, down over 3%
Essar Oil Ltd slipped over 3% in early trade Monday after the firm reported a net loss of 515 crore over the weekend for the March quarter against a net profit of Rs 321 cr.
By ET Online | Updated:
NEW DELHI: Essar Oil Ltd slipped over 3% in early trade Monday after the firm reported a net loss of 515 crore over the weekend for the March quarter against a net profit of Rs 321 crore in the year-ago period, despite a 29% growth in gross revenue to 19,160 crore.
Essar Oil Managing Director and Chief Executive L K Gupta attributed the loss to expenditure on corporate debt restructuring as well as non-availability of sales tax benefits. The company has already provided Rs 4,015 crore as an exceptional item in its books as a reversal of sales tax incentive income in the third quarter, he said.
The gross refinery margin stood at $4.60 a barrel compared to $5.29 a year ago.
At 10:08 a.m., the company’s shares were trading 2.8% lower at Rs 50.40. It has hit a low of Rs 49.10 and a high of Rs 52.20 in trade today.
Essar Oil Managing Director and Chief Executive L K Gupta attributed the loss to expenditure on corporate debt restructuring as well as non-availability of sales tax benefits. The company has already provided Rs 4,015 crore as an exceptional item in its books as a reversal of sales tax incentive income in the third quarter, he said.
The gross refinery margin stood at $4.60 a barrel compared to $5.29 a year ago.
At 10:08 a.m., the company’s shares were trading 2.8% lower at Rs 50.40. It has hit a low of Rs 49.10 and a high of Rs 52.20 in trade today.
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