Kolkata: Essar Oil and Gas Exploration and Production (EOGEPL), one of the leaders in the unconventional hydrocarbon space, witnessed a 12% jump in in the first quarter net to Rs 81 crore. The company which has significant presence in Bengal has posted a revenue of Rs 190 crore during the period.
EOGEPL said that its quarterly revenue and EBIDTA were lower owing to softening of crude oil prices by 24%, which was cushioned by an increase in sales volume by 8.5%. In the first quarter of FY24, the company reported its highest quarterly sales volume of 2.2 billion cu ft per day, growing 8.5% compared to the same quarter last year. The company’s EBIDTA margins saw an improvement of 380 basis points.
