Essar Oil Ltd. announced its standalone audited financial results for the year ending March 31, 2011 on Tuesday. The company recorded a net profit of Rs. 6,540 million for the same period as compared to net profit of Rs. 290 million reported during the corresponding period in 2010.
The drastic increase in the net profit was basically due to the increase in the other income which stood at Rs. 1280 crore for FY 11 in comparison to Rs. 830 million for FY10. While, the total Income of the company during the year ending March 31, 2011 stood at Rs. 471,200 million, which increased from Rs. 366,330 million for corresponding year of 2010., i.e. a growth of around 28.62%.
Moreover, the EPS of the company during the twelve months i.e. from April - March 2011, increased to Rs. 4.85 as against Rs. 0.25 in the year ago period of 2010.
On the segment front, revenue posted by Refining including expansion and marketing segment was Rs. 471,590.0 million in comparison to Rs. 372,180.0 million, exploration and production activities contribution stood at Rs. 100 million in comparison to Rs. 140 million and contribution from others have stood at Rs. 280 million in comparison to Rs. 60 million.
While, Refining including expansion and marketing posted a profit before tax of Rs. 17430 million followed by exploration and production activities at Rs. 10 million and others posted a loss of Rs. 1,530 million.