Mangalore Refinery & Petrochemicals Limited declares second quarter results


Media Release

Mangaluru, Nov 1: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company during its 259th meeting held on October 31 approved it’s standalone and consolidated unaudited financial results for the second quarter (Q2 FY 2023-24) and half year (H1 FY 2023-24) ended September 30.

Major Highlights for the second quarter (Q2 FY 2023-24):

• In the month of July 2023, a record highest gross crude throughput of 1,438.5 TMT was achieved, surpassing the previous record of 1,428.4 TMT set in July 2019.

• Ever highest Reformate dispatch of 102.2 TMT recorded in the month of July 2023 (Previous highest was 89.4 TMT during Oct-2022).

• Highest MS-VI Production - 195 TMT, in the month of August-2023 (Previous highest was 174 TMT during June-23).

• Highest MS-VI Domestic Dispatch-188 TMT, in the month Of July-2023(Previous highest was 178 TMT during June 23).

• Mandatory Maintenance & Inspection Shutdown of Phase-III Refinery was taken during August-September and all the activities completed successfully.

• First Indian refinery to be certified with AS9100D:2016 for production, certification and distribution of Aviation Turbine Fuel (ATF).

 Awards received:

- Government e-Market (GeM) Star Buyer Award.
- Dun & Bradstreet Award for Best Miniratna across all sectors.
- Best Innovation in Refinery award in Energy Technology Meet 2023 (Second time in a Row).
- Water Management Company of the Year 2023 (From Energy & Environment Foundation).

Financial Highlights for the Second quarter Q2 FY 2023-24 (Q2 FY 2022-23):

• Revenue from operations ` 22,844 Crore (Q2 FY 2022-23 ` 28,453 Crore).

• Profit before Tax ` 1,606 Crore (Q2 FY 2022-23 Loss before tax ` 2,576 Crore).

• Profit after Tax of ` 1,059 Crore (Q2 FY 2022-23 Loss after tax ` 1,789 Crore).

• GRM of 17.11 $/bbl (Q2 FY 2022-23 GRM of (4.46) $/bbl).

• Total reduction in interest bearing Long Term Borrowings: ` 2,158 Crore (i.e. from ` 13,783 Crore as on June 30, 2023 to ` 11,625 Crore as on September 30, 2023).


Financial Highlights for the Half year H1 FY 2023-24 (H1 FY 2022-23):

• Revenue from operations ` 47,676 Crore (H1 FY 2022-23 ` 64,368 Crore).

• Profit before Tax ` 3,164 Crore (H1 FY 2022-23 Profit before tax ` 1,577 Crore).

• Profit after Tax of ` 2,072 Crore (H1 FY 2022-23 Profit after tax ` 918 Crore). % increase of PBT of 162.34% for Q2 FY2023-24 vis-a-vis Q2 FY2022-23

• Total reduction in interest bearing Long Term Borrowings: ` 3,212 Crore (i.e. from ` 14,837 Crore as on March 31, 2023 to ` 11,625 Crore as on September 30, 2023). Networth shored up to ` 11906 Cr.

• Debt Equity Ratio improved from 2.24 as on 30th September 2022 to 1.17 as on 30th September 2023.

• Strategic initiatives: With an ambition to improve its retail marketing foot print and reduce its export reliance, the company seeks to expand its retail business under its HiQ brand, with a primary goal of achieving a 1 Million Metric Ton (MMT) sales target in the next 3 to 5 years. Additionally, recognizing the evolving energy landscape toward renewables, MRPL is strategically looking into Green fuels and future expansion configuration studies to further improve its profitability.

 

 

  

Top Stories


Leave a Comment

Title: Mangalore Refinery & Petrochemicals Limited declares second quarter results



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.