Essar Oil, Essar Energy's 87.09 per cent-owned Indian oil subsidiary, saw a sharp drop in earnings in the year to March 31st due to the reversal of a sales tax benefits and a planned plant shutdown.
Full-year earnings before interest, tax, depreciation and amortisation (EBITDA) fell 24% from 2,799 crore rupees (£324m) to 2,106 crore rupees (£244m) "mainly due to sales tax incentive not available in Q4FY12 and lower throughput due to planned shutdown," the firm said.
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