MRPL reports turnaround Q1 numbers

Mangalore Refinery & Petrochemicals (MRPL) reported a standalone net profit of Rs 2,707.51 crore in Q1 FY23 as compared to a net loss of Rs 229.68 crore in Q1 FY22.

Gross revenue from operations climbed 138.34% to Rs 35,915.46 crore in Q1 FY23 over Q1 FY22. Revenue from operations (excluding excise duty) zoomed 187.82% to Rs 32,289.73 crore in Q1 FY23 from Rs 11,218.58 crore recorded in corresponding quarter previous year.

The company reported a pre tax profit of Rs 4,152.95 crore in the first quarter as against a pre tax loss of Rs 299.23 crore registered in Q1 FY22. MRPL's EBIDTA surged to Rs 4,751 crore in Q1 FY23 as compared to Rs 299 crore posted in Q1 FY22.

Total expenses spiked 106.73% to Rs 31,799.24 crore in Q1 FY23 over Q1 FY22. During the quarter, cost of raw materials consumed jumped 147.39% to Rs 27,226.59 crore while employee benifits expense rose 24.28 % to Rs 175.26 crore.

The company's gross refining margin (GRM) stood at $24.45/bbl in Q1 FY23, steeply higher than $4.94/bbl recorded in Q1 FY22.

MRPL has recorded highest ever Q1 net throughput of 4.29 million metric tonne per annum (MMTPA) from 3.07 MMTPA reported in Q1 FY22. Capacity utilization stood at 114.34% in Q1 FY23.

The company has achieved highest ever High Speed Diesel (HSD) Dispatch of 737 thousand metric tonnes (TMT) in the month of May 2022. (Previous highest was 665 TMT in the month of Mar 2022). This achievement was made possible by the commissioning of new HSD tanks and new HSD product evacuation facilities.

MRPL has processed new crudes, Kuwait Super Light crude (Kuwait, API 48.91) & Khafji crude (Neutral Zone, API-29.07) during the quarter.

The company has commissioned 4 new Retail outlets in the quarter taking the total to 36.

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 30 June 2022, Oil and Natural Gas Corporation (ONGC) held 71.63% stake in the company.

Shares of MRPL declined 1.88% to Rs 73.20 on the BSE.

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