OREANDA-NEWS. Essar Oil, India's second largest private refiner, today reported gross revenues of Rs. 27,317 crore for the April-June 2014 (Q1FY15) quarter, which was up 11% as compared to Rs. 24,721 crore reported in Q1FY14.

Current price gross refining margin (CP GRM) for Q1FY15 was USD 9.04/bbl, which was up 29% compared to USD 7.01/bbl in Q1FY14.

EBITDA during the quarter stood at Rs. 1,573 crore, against Rs. 414 crore in Q1FY14. Profit after tax (PAT) for the quarter was at Rs. 684 crore against a loss of Rs. 863 crore during the same period last year.

During the quarter, Vadinar Refinery processed 5.14 MMT of crude, vs 5.14 MMT during the same period last year.

Talking on the results, Mr. L.K. Gupta, Managing Director and CEO, Essar Oil, said: "Operationally we continue to do well with the refinery operating at over 100% capacity. Our capability of sourcing, blending, and processing of heavy and ultra heavy crude, coupled with a product mix geared towards light and middle distillates have resulted in healthy margins."

Mr. Suresh Jain, CFO, Essar Oil, said, "Consistency in operating performance coupled with stable forex and crude prices helped us to sustain our CP GRM and profitability."