Essar Oil & Gas Exploration & Production (EOGEPL) achieves highest fiscal revenue
Posts record PAT of Rs.335 crores in FY23, grows 58% YoY~
Mumbai, July 31, 2023: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), one of the largest E&P companies in India and a leader in unconventional hydrocarbon space, today announced a record PAT of Rs 335 crores for year ending Mar 31, 2023.
The company has reported its highest fiscal revenue of Rs 900 crs in FY23, projecting a growth of about 1.8 times compared to the previous year.The company’s PAT increased by 1.6 times, and EBIDTA grew over 205% on a YoY basis to approximately Rs 700 crores. The EBIDTA margin saw a significant improvement of around 3100 basis points, reaching 77%, due to reduced operating costs and internal consumption.
During the 4QFY23 period, the company posted PAT of Rs 83 crores. It achieved a revenue of Rs 190 crores, showing a growth of over 23% on a YoY basis. The EBIDTA also grew by over 150% YoY, reaching Rs 140 crores. Below is a snapshot on the performance for FY23:Commenting on the performance, Mr. Pankaj Kalra, Chief Executive Officer, EOGEPL, said, “Our team is consistently beating its estimates and delivering strong operating performance year on year backed by ramp up in gas production, and by optimizing and reducing internal consumption significantly. The company remains committed to key priorities of field upgradation, bringing in new technologies enhancing production while optimizing cost.”
Mr. Prashant Ruia, Director – Essar Capital and EOGEPL said, “The company aims to participate in India’s mission of reducing carbon footprint and becoming a Gas Based Economy by the next decade. EOGEPL aims to provide industries in its vicinity with alternate clean fuel at economical prices by ramping up its gas production at the cheapest cost”.
