Essar Oil and Gas Exploration and Production Ltd (EOGEPL) has released its financial results for the quarter ending December 31, 2022. The company achieved its highest ever quarterly revenue of ₹219 crore in Q3 FY23, with a YoY growth of 54%. During the quarter, EOGEPL’s EBIDTA increased by ~100% YoY to ₹171 crore, and its PAT rose by 273% compared to the same period last year, reaching ₹97 crore.
For the 9M FY23 period, the company posted revenue of ₹696 crore, growing 113% YoY. Its EBIDTA of ₹552 crore is a 228% increase from last year’s period. The company also posted a record PAT of ₹284 crore, compared to a loss of -₹11 crore in the previous year’s Q3. EOGEPL achieved an EBIDTA margin of 80%, an improvement of 27% due to reduced operating costs and internal consumption in 9MFY23.
EOGEPL’s strong operational performance was driven by a doubling of its coal bed methane (CBM) production to over 0.8 million metric standard cubic meters per day (mmscmd) following the commissioning of the Urja Ganga Pipeline and favourable global gas prices. The company operates approximately 350 wells in the block and uses world-class technology and stimulation techniques to enhance gas production.
EOGEPL is working towards remaining the leader in the unconventional hydrocarbon space by doubling its CBM reserve base and increasing production to over 3 MMSCMD in the coming years. The company has brought in leading service providers and technical consultants to help achieve this goal, including drilling new directional and horizontal wells and expediting the development of the Deeper CBM Area of the Raniganj block. The company is also exploring new frontiers such as Shale Gas to solidify its position as one of the largest unconventional hydrocarbon players in the region.