Essar Oil, on Tuesday, reported a Rs.1,400-crore net loss in the June quarter compared to Rs. 469 crore net profit in the year ago period due to higher interest costs and fall in oil prices.
Company CFO Suresh Jain, in a media conference call, said the company’s earnings had been impacted due to significant drop in crude oil prices coupled with rupee depreciation.
Also, the company incurred higher interest and depreciation cost due to ramp up in its Vadinar refinery capacity.
“We had an inventory loss of close to Rs.700 crore. Also, sharp depreciation in the rupee led to a foreign exchange loss of Rs.150-200 crore,” he said. — PTI
