Mangalore Refinery and Petrochemicals (MRPL) has soared 16% to Rs 78 after reporting a net profit of Rs 1,067 crore for the fourth quarter ended March 31 2014 (Q4FY14), on account of a one-time foreign exchange gain, higher other income and better operational performance. The company had posted a loss of Rs 62 crore in the same quarter last year.
Net sales grew 3% to Rs 19,128 crore during March quarter as against Rs 18,580 crore in the corresponding quarter of the previous fiscal.
The company has earned foreign exchange gain of Rs 575 crore during the quarter as against Rs 86 crore in same quarter last year. Other income jumped multiple fold to Rs 157 crore from Rs 17 crore during the quarter.
Gross refining margin
improved quite significantly to USD 3.18 a barrel in Q4FY14 versus USD 1.98 a barrel in the year-ago period, Essar Oil said in a statement.
The stock opened at Rs 72.95 and hit a 52-week high of Rs 80.80 on the NSE. The trading volumes on the counter more than doubled, with a combined 2.49 million shares changing hands so far on the NSE and BSE.