MRPL Q2 net profit zooms to Rs 1,185 crore

The company's net profit is several times higher than Rs 24 crore a year ago

Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a manifold jump in second quarter net profit at Rs 1,185 crore on back of higher refining margins and inventory gains.

The company's net profit in July-September at Rs 1,185 crore was several times higher than Rs 24 crore a year ago, the company Chairman Sudhir Vasudeva told reporters here.

"The refinery had a record throughput of 3.59 million tonnes as against 3.08 million tonnes in Q2 last year," he said adding the company earned USD 9.19 on turning every barrel of crude oil into fuel as opposed to a Gross Refining Margin (GRM) of $4.80 per barrel in July-September.

The company had an inventory gain of Rs 705 crore and a foreign exchange gain of Rs 284 crore, he said.

"This year's GRM has been higher on account of increased throughput and distillate yield, favourable movement of rupee against US dollar and availability of higher cracks in the market for diesel, petrol and ATF," he said.

The company's turnover was up 38% to Rs 17,148 crore.

Vasudeva said MRPL posted a net loss of Rs 335 crore as it had a net loss of Rs 1,521 crore in first quarter. "The loss has almost been wiped out and we are confident to wipe the remaining loss in the second half and make a decent profit at year end."

Exports were up 15% to 1.54 million tonnes. MRPL achieved a turnover of Rs 30,163 crore for the half year ended September 30 compared to Rs 26,914 crore a year ago.