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Informist, Saturday, Apr. 26, 2025

 

--MRPL Jan-Mar net profit INR 3.63 bln vs INR 11.37 bln year ago 

--MRPL Jan-Mar revenue INR 276.01 bln vs INR 291.91 bln year ago 

--MRPL FY25 net profit INR 505.80 mln vs INR 35.96 bln year ago 

--MRPL FY25 revenue INR 1.09 tln vs INR 1.05 tln year ago 

--MRPL Jan-Mar gross refining margin $6.23/barrel vs $11.35/barrel year ago 

--MRPL Jan-Mar throughput 4.64 mln tn vs 4.60 mln tn year ago 

--MRPL Jan-Mar EBITDA INR 11.68 bln vs INR 23.61 bln year ago 

 

By J. Navya Sruthi

 

MUMBAI – Mangalore Refinery and Petrochemicals Ltd. Saturday reported weak earnings for the March quarter, as expected by analysts, primarly due to lower sales and higher cost of materials. The company's net profit slumped nearly 70% on year.

 

MRPL reported a net profit of INR 3.63 billion for the March quarter. Analysts had expected the net profit at INR 1.80 billion-INR 3.94 billion, according to estimates by three brokerages. For the December quarter, the company had reported a net profit of INR 3.04 billion.

 

Despite reporting a net profit in the last two quarters, the company's profit for 2024-25 (Apr-Mar) was nearly wiped out, impacted by a huge loss in the September quarter. It managed to report a net profit of only INR 505.80 million for FY25, sharply lower than the net profit of INR 35.96 billion for FY24. 

 

The public sector enterprise's revenue from operations during the quarter was INR 276.01 billion, down 5.4% from the corresponding quarter last year. Excluding excise duty, the net revenue was INR 245.96 billion. Analysts had estimated the company's net revenue at INR 214.74 billion-INR 225.70 billion. For FY25, the company's revenue grew rose 4% on year to INR 1.09 trillion.

Higher input cost was the major reason behind the sharp fall in profit during the quarter. The company's cost of materials consumed during the quarter rose over INR 8 billion, or 4% on year, to INR 229.55 billion. Overall, the company's total expenses fell 1.4% on year to INR 270.55 billion.

 

While overall expenses fell during the quarter, the drop in sales was much higher, which impacted profitability. Owing to this, its operating margin for Jan-Mar fell to 3.22% from 7.93% a year ago.

 

The company's earnings before interest, tax, depreciation, and amortisation for the quarter was down over 50% on year at INR 11.68 billion, it said in a press release after the announcement of the quarterly earnings. However, the EBITDA was higher than analysts' expectation of INR 8.40 billion-INR 10.83 billion. For FY25, the EBITDA fell sharply to INR 24.69 billion from INR 78.93 billion the previous year.

MRPL's gross refining margin for the quarter was $6.23 per barrel, sharply lower than $11.35 per barrel a year ago. For the whole year, the gross refining margin of the company was $4.45 per barrel, also sharply lower than $10.36 per barrel a year ago.

 

The company's throughput, including crude oil and other commodities, was 4.64 million tonnes for the quarter, against 4.60 million tonnes in the year-ago period. For FY25, the company's throughput was 18.18 million tonnes, higher than 16.59 million tonnes a year ago.

 

The company produced 2.72 million tonnes of aviation turbine fuel in FY25 and 210,000 tonnes of benzene. It started 66 new retail outlets during the financial year, taking the total number of outlets to 167.  

On Friday, shares of Mangalore Refinery and Petrochemicals closed at INR 137.11, down nearly 3% on the National Stock Exchange.  End

 

US$1 = INR 85.45

 

Edited by Avishek Dutta

 

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