Essar Energy, the London Stock Exchange-listed India-focussed integrated energy company, has reported a net loss of $175 million during the 12 months ended March 31, 2013, against a net loss of $764 million in the previous 15 months ended March 31, 2012.

However, the company beat analysts’ expectation by reporting current price earnings before interest, tax, depreciation and amortisation (EBITDA) of $1.33 billion, against $485 million in the previous 15 month period. Analysts had expected the company to report current price EBITDA of $1.16 billion.

The company reported a total revenue of $27.25 billion as compared to $21.95 billion.

The company’s petroleum refining assets include Stanlow refinery in the U.K., and Vadinar refinery in Gujarat.

Gross refinery margins at Stanlow rose to an average $7.38 from $3.06/barrel in the first eight months of ownership to March 2012. Of this margin uplift, $2.20 a barrel is due to internal initiatives and investments put in place following its acquisition by Essar for $350 million in July 2011.

Gross refinery margins at Vadinar rose to $7.96 from $4.45 a barrel. Following expansion, the capacity of this refinery has increased to 405,000 barrels a day.

In power business, the company commissioned 2,310 MW of new capacity during the year, taking the total to 3,910 MW from 1,600 MW at the end of the previous financial year.

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