Essar Oil recently conveyed to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat.
In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore–a rise of 42% from FY2014-15. The total throughput of the refinery stood at 19.1 MMT in FY 2015-16, compared to 20.49 MMT in the previous year. The lower throughput during the year was on account of the planned shutdown of 28 days undertaken during the September-October period.
In the year ended 31st March 2016, Essar Oil clocked a record high current price Gross Refining Margin (CP-GRM) of US $10.81 per barrel, compared with US $8.37 in the previous year.
In the exploration and production segment, the financial year 2015-16 marked an inflection point for Essar Oil’s flagship CBM Project at Raniganj East that is located in West Bengal. The CBM production from Raniganj registered a significant growth during this year, with production of close to 800,000 scmd as of 31 March 2016. Essar Oil has since become the first player to cross the 1 million scmd production milestone in the country in July 2016.