More Stories

Informist, Monday, Jan. 20, 2025

--MRPL Oct-Dec net profit INR 3.04 bln vs INR 3.87 bln year ago 

--MRPL Oct-Dec revenue INR 256.01 bln vs INR 283.64 bln year ago 

--MRPL Apr-Dec net loss 3.13 bln vs INR 24.59 bln net profit year ago 

--MRPL Apr-Dec revenue INR 816.76 bln vs INR 760.33 bln year ago 

--MRPL to buy 13.48 mln shares in Mangalore SEZ for INR 656.60 mln

--MRPL Oct-Dec gross refining margin $6.21 per barrel vs $5.00/barrel yr ago 

--MRPL Oct-Dec throughput 4.60 mln tn vs 4.42 mln tn year ago 

--MRPL Oct-Dec EBITDA INR 10.64 bln vs INR 11.99 bln year ago 

By Arya S. Biju 

MUMBAI – Mangalore Refinery and Petrochemicals Ltd. Monday reported better-than-expected earnings for the December quarter, with the bottom line surpassing analysts' estimate. However, the net profit and revenue were down on a year-on-year basis.

MRPL reported a net profit of INR 3.04 billion for the December quarter, topping analysts' estimates of INR 1.00 billion. In the September quarter, the company had reported a net loss of INR 6.82 billion. Year-on-year, the net profit was down 21.4%. 

The public sector enterprise's revenue, including excise duty, for the quarter was INR 256.01 billion against INR 283.64 billion year ago. Excluding excise duty, the revenue was INR 218.71 billion, down 11% on year. The excise duty for the quarter was INR 37.30 billion, against INR 36.97 billion a year ago. Analysts had expected the company's revenue, excluding excise duty, to fall 10.5% on year to INR 220.88 billion.

For the nine months ended December, the company reported a net loss of INR 3.13 billion, against a net profit of INR 24.59 billion for the same period last year. The revenue for Apr-Dec, excluding excise duty, was up nearly 8% on year at INR 700.86 billion.

The company's earnings before interest, tax, depreciation, and amortisation for the quarter was INR 10.64 billion, down 11% on year, but much higher than analysts' expectation of INR 7.13 billion.

MRPL's gross refining margin for the quarter was $6.21 per barrel, up from $5.00 per barrel a year ago. For the Apr-Dec period, the gross refining margin of the company was $3.81 per barrel, down from $9.98 per barrel a year ago. MRPL processed 4.54 million tonnes of gross crude and 4.60 million tonnes of net crude in Oct-Dec, both a record high for the company for the last quarter of a calendar year.

The company's throughput, including crude oil and other commodities, was 4.60 million tonnes for the quarter, higher than 4.42 million tonnes in the year-ago period. For Apr-Dec, the company's throughput was 13.54 million tonnes, higher than 11.99 million tonnes a year ago.

The December quarter also marked the highest ever production of aviation turbine fuel and benzene, MRPL said in a press release after the announcement of the Oct-Dec earnings. The company produced 763,100 tonnes of aviation turbine fuel and 60,600 tonnes of benzene in Oct-Dec. MRPL processed Merey-16, a heavy crude oil blend imported from Venezuela, for the first time in November, it said.

Total expenditure, excluding excise duty, for the quarter was INR 214.35 billion, down 11% on year. The company's cost of materials consumed fell 10% on year to INR 209.38 billion during the quarter. However, other expenses for the December quarter saw a fourfold increase on year to INR 6.89 billion.

Exchange rate fluctuation gains for the quarter were INR 1.61 billion, more than six times the gains a year ago.

MRPL's board has approved the acquisition of 13.48 million shares or around 27% stake in Mangalore Special Economic Zone Ltd. for INR 656.6 million. MRPL expects the acquisition to be completed in one year.    

On the National Stock Exchange, shares of the company closed at INR 143.88, up 2.4% from Friday.  End

Edited by Ashish Shirke

US$1 = INR 86.56              

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.