Essar Oil plans to raise Rs 3000 crore in 15 months to boost liquidity
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Essar Oil's Records Net Loss Of Rs 3,986 Crore In Third Quarter
Essar Oil registered a Rs 3,986 crore net loss for the third quarterly period of the current financial year after accounting for sales tax that it had not been making up since the year 2008 under a tax deferral plan that the SC ruled the company was not entitled to profit from.
The company had registered a net profit of Rs 273 crore during the same period of 2010-11.
In a declaration, Essar Oil said, "The company registered a net loss of Rs 3,986 crore for the third quarter of the current fiscal (Q3 FY 2011-12) on account of an exceptional debit of Rs.4,051 crore towards reversal of sales tax deferral income accounted during May 2008 to December 2011 pending decision on its review petition in the Supreme Court."
On Jan 17, 2012, the Supreme Court had reserved a Gujarat High Court judgment allowing the company to avail sales tax deferral advantage from the state administration.
Essar Oil stated that it has filed a review appeal in the apex court.
As per the company, its net worth dropped 54% to Rs 2,854 crore.
Its total income during Oct-Dec period surged 4.92% at Rs.12,941 crore as against Rs 12,333 crore for the same period of last year.
The gross margin for the refinery biz during the third quarterly period stood at $6.07 a barrel as against $7.21 a barrel in the same quarterly period of 2010-11.
Essar Oil stated that it was concentrating on finishing phase-I expansion and optimization of projects at the Vadinar plant by March-September for better cash flows.
L.K.Gupta, chief executive and managing director, stated that Essar Oil envisages elaborating refining capacitance to hit 20 million metric tonnes annually by September 2012.
Essar Oil plans to raise Rs 3000 crore in 15 months to boost liquidity
the company's scrip decline over Q3 loss; equity issue in 12-15 months
Sales tax dispute turns the company in the 'high risk' bet for Citi
Essar Oil announces commissioning of Diesel Hydrotreater Unit 1
Essar Oil completes Vadinar expansion project
