Essar’s CFO Steps Down to Join Back the Univ

On Thursday, Essar Energy, an India-based energy Company, announced that its half-yearly earnings before interest and tax depreciation and amortization witnessed a drop, as compared to the same period last year. Also, it’s Chief Financial Officer, Gerry Bacon would resign from his post at the end of August to join university again.

The two reported news were indeed shocking for the Company and its investors, which is endeavouring to grow aggressively in the domestic market.

P. Sampath, the Chief Financial Officer of Essar Oil, will be the new CFO of Essar Energy. The Company got listed with the London Stock exchange in May.

As expressed by the Company, its robust plans of power generation projects are on agenda and have been planned and budgeted that would relieve the pain of bureaucratic delays. By the end of 2014, the Company would raise its power generating capacity to over 11,000 MW from 1,220 MW. This capacity would expand to 6,100 by 2012.

Earlier, the Company raised an IPO worth $1.85 billion, which also had an impact on it earnings. Its half-yearly EBITDA slumped 25% to $320.2 million from the last year’s figures. On the other hand, the half-yearly revenue of the Company surged 66% to $4.76 billion in comparison to the revenue last year in the same period.