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MRPL net zooms to Rs 2,707 cr in Q1 on bumper refining margins

03:31 PM Jul 29, 2022 | PTI |

Mangalore Refinery and Petrochemicals Ltd (MRPL) net profit zoomed to Rs 2,707 crore in the first quarter of the current fiscal on the back of record refining margins.

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Net profit of Rs 2,707 crore in April-June compared with a loss of Rs 230 crore in the same period a year back, the company said in a statement.

The company, which is a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), earned USD 24.45 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin of USD 4.94 per barrel in the year-ago period.

With international oil prices surging, MRPL’s turnover more than doubled to Rs 35,915 crore from Rs 15,069 crore in April-June 2021.

MRPL said it recorded the highest ever Q1 net throughput of 4.29 million tonnes with a capacity utilisation of 114.34 per cent.

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The previous best of 3.98 million tonnes (capacity utilisation of 106.13 per cent) was achieved in Q1 of the 2017-18 fiscal.

The refinery also achieved the highest-ever diesel dispatch of 737,000 tonnes in May.

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