ESSAR ENERGY INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2013
RESULTS HIGHLIGHTS: Resilient performance in tough global refining market environment
Group revenue in H1 FY2014 of US$13.4bn, up 5% against H1 FY2013 revenue of US$12.8bn
Group CP EBITDA in H1 FY2014 of US$543.7mn (H1 FY2013: US$582.6mn)
Year on year increase in refining margins at Vadinar due to increased complexity helping limit the impact of lowest global industry margins since 2011
CP loss before tax of US$44.4mn (H1 FY2013: profit before tax of US$52.7mn) reflecting increased financing and depreciation charges following commencement of operations at new power projects in late 2012
Foreign exchange impact of US$483 million due to the depreciation of the Rupee, the majority of which is unrealised
Loss before tax of US$498.8mn (H1 FY2013: loss before tax of US$282.8mn) as higher operational EBITDA was offset by higher interest and depreciation costs and high foreign exchange losses
