Essar Oil posts Rs 515 cr quarterly loss

Essar Oil on Saturday reported a loss of Rs 515 crore for the three months ended March, 2012, due to reversal in sales tax benefits and provisioning related to corporate debt restructuring.

It had a profit of Rs 321 crore in the year-ago period.

Meanwhile, gross revenues of Essar Oil rose to Rs 19,160 crore in the 2012 March quarter from Rs 14,846 crore in the same period a year ago, it said in a statement. The higher revenues came on the back of increase in product prices.

However, the quarterly performance was hit by decline in gross refinery margin, reversal of sales tax benefits and provision of Rs 322 crore for Corporate Debt Restructuring (CDR) exit proposal.

For the full year ended March 2012, Essar Oil posted a loss of Rs 4,199 crore. The company had a profit of Rs 654 crore in 2010-11 financial year.