Reporting its fourth quarter results on Friday, Essar Oil said that its net profit during the quarter was Rs 200 crore, which marked a noteworthy improvement over a Rs 608 crore loss which the company reported in the same quarter last year. However, for the year ending 2012-2013, the annual profits of Essar continued to be in red, with the company posting an annual loss of Rs 1,180 crore.

According to the figures shared by Essar, the company's revenue during the fourth quarter increased 34 percent to Rs 25,757 crore, vis-a-vis the same quarter last year revenue of Rs 19,160 crore. The increase in revenue was essentially a result of the fact that Essar gained from its refinery expansion as well as its upgradation to refine heavy crude oil.

For the year ending 2012-13, Essar reported the company's highest ever revenue figures of Rs 96,797 crore, underscoring a growth of 53 percent over the same quarter previous year revenue figures of Rs 63,340 crore.

In addition, Essar also posted an EBIDTA at Rs 3,651 crore, which marked an increase of 213 percent over the previous year figures of Rs 1,167 crore. Essar Oil's CFO Suresh Jain said that the company is hopeful of maintaining the 'run rate' of their annual EBITDA at Rs 5,454 crore going ahead well.

About Essar's fourth quarter results, Jain said that "such quarters are rare," and added: "This quarter, we were immune from forex and commodity losses, and what we earned from GRM's is directly reflected in EBIDTA."