Essar Energy Plc, the London-listed oil & gas arm of privately owned Indian conglomerate Essar Group, on Monday reported an impressive fall in its losses.

The London-listed company announced that its pre-tax loss fell to $163.2 million (nearly Rs 900cr) in the twelve months ended March 31, 2013, from a huge pre-tax loss of $1.15 billion in the fifteen months ended March 31, 2012.

It is worth-mentioning here that Essar Energy has moved its year-end from December to March, making the preceding comparative period a fifteen month one.

The company's earnings before interest, taxation, depreciation & amortization (EBITDA) jumped to $1.33 billion during the financial year under review, as compared with $484.5 million in the preceding fifteen months.

The increase in the company's earnings was mainly because of enhanced refining capacity at Gujarat-based Vadinar refinery and UK-based Stanlow refinery, which increased margins.

The company's full-year refining margins jumped a whopping 79 per cent to $7.96 a barrel.

Essar Energy also announced its plans to spend $200 million to convert two of its Gujarat-based gas-powered power plants, as the plants have been suffering shortages in domestic gas supplies.