Net profit of EOGEPL rises 12% to Rs 81 crore

Post-tax profit of Essar Oil and Gas Exploration and Production Ltd (EOGEPL) increased 12 per cent to Rs 81 crore during the first quarter of the current fiscal as compared to Rs 72.3 crore in the similar previous period.

A company spokesman said that the revenue of the company, engaged in unconventional hydrocarbon space, stood at Rs 190 crore during the current quarter, registering a decline of 14 per cent year-on-year.

EBITDA of the firm during the current first quarter also stood lower at Rs 150 crore.

The company, which produces coal bed methane (CBM) from its wells at Ranigunj in West Bengal, saw an improvement in net profit due to a rise in sales volumes.

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The company said that after the completion of the Urja Ganga Pipeline in June 2021, the company's Ranigunj gas project is now seamlessly connected to the national grid, granting it unrestricted access to the market and helping unlock the growth potential.

CEO of EOGEPL Pankaj Kalra said that the company was now on track to create India's largest unconventional gas platform, contributing to the country's vision of becoming a gas-based economy by the next decade.

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