Essar Oil & Gas posts record net profit

NEW DELHI: Essar Oil and Gas Exploration and Production Ltd (EOGEPL) on Monday reported a record net profit of Rs 335 crore in the financial year ending March 31, helped by reduced operating costs and higher prices. Net profit of Rs 335 crore in 2022-23 compared with Rs 212 crore net profit in the previous fiscal, the company said in a statement. The unconventional hydrocarbon producer reported its highest fiscal revenue of Rs 900 crore in FY23, a growth of about 1.8 times compared to the previous year. EBIDTA grew over 205 per cent on a YoY basis to about Rs 700 crore. "The EBITDA margin saw a significant improvement of around 3,100 basis points, reaching 77 per cent, due to reduced operating costs and internal consumption," it said.