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

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.

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.

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.