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Informist, Friday, Oct. 18, 2024

--MRPL Jul-Sept cost of materials INR 225.39 bln vs INR 156.18 bln year ago 
--MRPL Apr-Sept revenue INR 560.75 bln vs INR 476.69 bln year ago 
--MRPL Apr-Sept net loss INR 6.17 bln vs INR 20.72 bln net profit year ago 
--MRPL Jul-Sept revenue INR 287.86 bln vs INR 228.44 bln year ago 
--MRPL Jul-Sept net loss INR 6.82 bln vs INR 10.59 bln net profit year ago 

By Anand JC

MUMBAI – Mangalore Refinery and Petrochemcials Ltd. reported a net loss of INR 6.82 billion for the September quarter because of higher inventories and a rise in the cost of materials consumed. The public sector undertaking had reported a net profit of INR 10.59 billion in the same quarter a year ago. Total expenses shot up 40% on year to INR 298.87 billion during the quarter.

MRPL's revenue from operations in Jul-Sept was INR 287.86 billion, 26% higher than INR 228.43 billion a year ago. An average of three analyst estimates had forecast revenue for the quarter at INR 220.79 billion. The company reported revenue of INR 272.89 billion in the June quarter. MRPL's revenue growth of 26% in the September quarter is the highest in the last seven quarters.

MRPL's other income for the September quarter was INR 599 million, 19.5% lower than INR 744 million in the September quarter of last year. Other income in the June quarter was INR 447 million.

The company's net loss for Apr-Sept was INR 6.17 billion, against a net profit of INR 20.72 billion a year ago. Revenue from operations in Apr-Sept was INR 560.75 billion, 17.6% higher than INR 476.69 billion reported a year ago. 

Cost of materials consumed in the September quarter was INR 225.39 billion, 44.31% higher than INR 156.61 billion a year ago. The jump in this particular expenditure in Jul-Sept is the highest in eight quarters. Inventories held in the September quarter increased to INR 21.60 billion, up from INR 4.43 billion a year ago. Depreciation and amortisation for the quarter was INR 3.42 billion, 15.67% higher than INR 2.96 billion in the same quarter a year ago.

MRPL got a tax-write back of INR 172.5 million in the September quarter, in addition to INR 3.42 billion as deferred tax gains. Total tax gains for the quarter were INR 3.59 billion, higher than the tax outgo of INR 5.46 billion in the year ago period.

On Friday, shares of MRPL closed at INR 165.53 on the National Stock Exchanges, down almost 2% from the previous close.  End

Edited by Ashish Shirke

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