MRPL Q4 net up 15.7% at Rs 1,353 cr

This is on account of higher refinery margins and lower inventory loss

Mangalore Refinery and Petrochemicals Ltd (MRPL), a downstream subsidiary of state-run explorer Oil and Natural Gas Corp (ONGC), today posted a 15.7 per cent jump in net profit for the quarter ended March 2016 on account of higher refinery margins and lower inventory loss.

The company recorded a net profit of Rs 1,353 crore during the three months ended March as compared to Rs 1,169 crore during the same period previous financial year (2014-15). MRPL's GRM during the quarter rose 18 per cent to $8.24 per barrel from $6.97 per barrel in the corresponding quarter.

"The improvement in GRM is mainly on account of products like polypropylene and Pet Coke generated out of the new Phase III secondary units and increase in throughput of 0.40 million tonne during the current quarter (up by 9.71 per cent)," the refiner said in a statement. The firm's throughput rose to 4.52 MT from 4.12 MT in the corresponding quarter.

Total income of the company dipped 16.9 per cent to Rs 9,532 crore during the fourth quarter as compared to Rs 11,474 crore in the same period previous fiscal. MRPL's inventory loss during the quarter also declined to Rs 170 crore in the three months between January and March 2016 from Rs 302 crore in the corresponding quarter.

The company's share price at the Bombay Stock Exchange (BSE) today closed at Rs 69.75, down 3.19 per cent as compared to previous close.