OREANDA-NEWS. Essar Oil, India's second largest private refiner, today reported gross revenues of Rs.24,194 crore for the July - September 2014 (Q2FY15) quarter, which was down 12% as compared Rs.27,392 crore reported in Q2FY14. The dip in revenues is mainly due to lower crude oil price during the quarter.

Current Price Gross Refining Margin (CP GRM) for Q2FY15 was USD 7.03/bbl, as compared to USD 6.93/bbl in Q2FY14.

EBITDA during the quarter stands at Rs.1,025 crore, against Rs.1,033 crore in Q2FY14. Profit after Tax (PAT) for the quarter was at Rs.226 crore against a loss after tax of Rs.71 crore during the same period last year.

During the quarter, Vadinar Refinery processed 5.04 MMT of crude, vs 5.18 MMT during the same period last year. Throughput during the quarter was lower by 3% due to seven days planned shutdown and five days of capacity slowdown.

Talking on the results, Mr. L.K. Gupta, Managing Director and CEO, Essar Oil, said: “Inspite of a partial planned shutdown of seven days, Vadinar Refinery's throughput continues to be above its rated capacity, demonstrating strong ability of the company to sweat its assets in the most optimized yet safe manner. We remain focused towards achieving operational and performance excellence.”

Mr. Suresh Jain, CFO, Essar Oil said, “ Financials for the quarter were impacted on account of decline in cracks of key products and weakness in oil prices which is partly offset by operational efficiency and reduction in interest and financial charges due to part dollarization of our debt. We expect to complete our balance dollarization programme by end of FY15 to further reduce our overall cost of debt."