Media Release

Mangaluru, Jul 22: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC and a Schedule "A" Mini Ratna Category I Company, approved its limited reviewed standalone and consolidated financial results for the first quarter (Q1 FY 2024-25) ending on June 30, 2024, during its 264th meeting held on July 22, 2024.

Major highlights for first quarter (Q1 FY 2024-25):

• Highest Crude Processed: The highest crude processed in any month was recorded in May 2024 at 1,593.2 TMT, surpassing the previous highest of 1,557.3 TMT in January 2016.

• Highest ATF Dispatch: The highest ATF dispatch was recorded in May 2024 at 230.416 TMT, exceeding the previous highest of 227.515 TMT in February 2024.

• New Crude Processing: MRPL processed VARANDEY crude from Russia (API—37.63) for the first time in June 2024, EOCENE crude from the Saudi-Kuwait Neutral Zone (API—18.07) for the first time in June 2024, and KALININGRAD crude from Russia (API—39.43) for the first time in April 2024.

• June Crude Processed: The highest ever crude processed in June 2024 was 1,474.34 TMT, surpassing the previous highest of 1,463.3 TMT in June 2015.

Financial highlights for first quarter (Q1 FY 2024-25) compared to Q1 FY 2023-24

• Revenue from Operations: Rs 27,289 crore (Q1 FY 2023-24: Rs 24,825 crore)
• Profit Before Tax (PBT): Rs 101 crore (Q1 FY 2023-24: Rs 1,559 crore)
• Profit After Tax (PAT): Rs 66 crore (Q1 FY 2023-24: Rs 1,013 crore)
• Gross Refining Margin (GRM): US$ 4.70 per bbl (Q1 FY 2023-24: US$ 9.81 per bbl)
• Debt Equity Ratio: Improved from 0.94 as of March 31, 2024, to 0.89 as of June 30, 2024.

Physical & financial performance

Standalone:

• Throughput (Crude + Others): Q1 FY 24-25: 4.35 MMT, Q1 FY 23-24: 4.36 MMT
• Revenue from Operations: Q1 FY 24-25: Rs 27,289 crore, Q1 FY 23-24: Rs 24,825 crore
• Exports (Including Deemed Exports): Q1 FY 24-25: Rs 7,564 crore, Q1 FY 23-24: Rs 6,907 crore
• EBITDA: Q1 FY 24-25: Rs 650 crore, Q1 FY 23-24: Rs 2,120 crore
• PBT: Q1 FY 24-25: Rs 101 crore, Q1 FY 23-24: Rs 1,559 crore
• PAT: Q1 FY 24-25: Rs 66 crore, Q1 FY 23-24: Rs 1,013 crore
• TCI: Q1 FY 24-25: Rs 64 crore, Q1 FY 23-24: Rs 1,012 crore

Consolidated:

• PAT (Attributable to Owners of the Company): Q1 FY 24-25: Rs 73 crore, Q1 FY 23-24: Rs 1,015 crore

• TCI (Attributable to Owners of the Company): Q1 FY 24-25: Rs 72 crore, Q1 FY 23-24: Rs 1,015 crore

The company continues to show resilience and growth in its operations and financial performance amidst challenging market conditions.