 "stocks, funds, small-caps, large-caps, india inc, tech, markets, investment, shares, dividends, brokers, shares, company, firms, BSE, exchange, earnings, results, profit, loss, dividend payout, tax")
Don't want to miss the best from Business Standard?
BENGALURU (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd (MRPL) swung to a third-quarter loss from a year-ago profit on Monday, hurt by the government's windfall tax on some fuel exports and a surge in the cost of materials consumed.
The crude oil refiner reported a net loss of 1.88 billion rupees ($23.1 million) for the quarter ended Dec. 31, compared with a profit of 5.86 billion rupees a year earlier.
The government levied a windfall tax on exports of gasoline, diesel and aviation fuels midway through last year, which, MRPL said, hits its results by 20.46 billion rupees in the quarter.
MRPL, a subsidiary of the government-owned Oil and Natural Gas Corp Ltd, said its cost of materials consumed surged 32.2% to 244.95 billion rupees.
Its throughput rose to 4.48 million metric tonnes (MMT) from 4.35 MMT. Revenue from operations increased nearly 24% to 309.66 billion rupees.
Also Read
MRPL's shares have gained 2.6% so far this month, following a roughly 5.5% drop in the last quarter of 2022.
($1 = 81.4910 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Savio D'Souza)
Don't want to miss the best from Business Standard?
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
