OREANDA-NEWS. November 2, 2011. With revenues of Rs 30,283 crore, up from Rs 24,464 crore in H1 FY 2010-11. The quarterly revenues also increased to Rs 13,805 crore, a growth of 11% from Rs 12,415 crore in Q2 FY 2010-11.

EOL’s half-yearly EBITDA grew by more than 13% to Rs 1,172 crore from Rs 1,041 crore in the corresponding period last fiscal. The quarterly EBIDTA was at Rs 259 crore compared to Rs 634 crore in Q2 FY 2010-11.

Half-yearly Profit After Tax (PAT) jumped to Rs 303 crore—an increase of 405% as compared to Rs 60 crore in H1 FY 2010-11. In the quarter, the Company recorded a loss of Rs 166 crore, as against a profit of Rs 130 crore in Q2 FY 2010-11.

The Current Price Gross Refinery Margin (CP GRM; see Appendix for explanation) for the Refinery business in H1 FY 2011-12 increased to USD  7.31 per barrel from USD  6.14 per barrel in H1 FY 2010-11. The CP GRM for the quarter also increased by 11% to USD  7.22/bbl, compared to USD  6.49/bbl in Q2 FY 2010-11.

Naresh Nayyar, EOL’s CEO & Managing Director, said: “The refinery industry environment in Asia continues to remain healthy, reflecting good margins. The Company is at the threshold of achieving a quantum jump in its GRM (Gross Refining Margin), as our Vadinar refinery expansion project is now under start-up. The expanded refinery with much higher complexity will be fully operational in Q1 CY 2012. This will give a boost to our overall cash flow and bottom line, giving us strong operational and financial flexibility.”