MRPL reports dismal Q3 performance

Mangalore Refinery & Petrochemicals (MRPL) reported a standalone net loss of Rs 187.96 crore in Q3 FY23 as compared to a net profit of Rs 586.37 crore in Q3 FY22.

Gross revenue from operations rose 23.7% to Rs 30,966 crore in Q3 FY23 over Q3 FY22.

Revenue from operations (excluding excise duty) jumped 30% to Rs 26,557.44‬ crore in Q3 FY23 from Rs 20,419.45 crore recorded in corresponding quarter previous year.

The company reported a pre tax loss of Rs 288.49 crore in the quarter as against a pre tax profit of Rs 1,234.73 crore registered in Q3 FY22.

MRPL's EBIDTA slipped to Rs 347 crore in Q3 FY23 as compared to Rs 1,760 crore posted in Q3 FY22.

Total expenses spiked 31.34% to Rs 31,314.45 crore in Q3 FY23 over Q3 FY22. During the quarter, cost of raw materials consumed jumped 32.15% to Rs 24,495.04 crore while finance costs surged 43.11% to Rs 337.66 crore.

The company's gross refining margin (GRM) stood at $3.88/bbl in Q3 FY23, lower than $9.01/bbl recorded in Q3 FY22.

MRPL, a subsidiary of ONGC, is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery has flexibility to process crudes of various API, delivering a variety of quality products. As on 31 December 2022, Oil and Natural Gas Corporation (ONGC) held 71.63% stake in the company.

Shares of MRPL rose 0.43% to Rs 57.85 on the BSE.

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