MRPL declines on reporting reverse turnaround in Q2 results

Mangalore Refinery and Petrochemicals declined 3.95% to Rs 59.55 at 15:25 IST on BSE after the company reported net loss of Rs 951.47 crore in Q2 September 2014 compared with net profit of Rs 235.77 crore in Q2 September 2013.

The company announced Q2 results during market hours today, 13 November 2014.

Meanwhile, the S&P BSE Sensex was down 75.53 points or 0.27% at 27,933.37

On BSE, so far 7 lakh shares were traded in the counter as against average daily volume of 1.9 lakh shares in the past one quarter.

The stock hit a high of Rs 62.15 and a low of Rs 58.20 so far during the day. The stock had hit a 52-week high of Rs 80.65 on 21 May 2014. The stock had hit a 52-week low of Rs 38 on 13 November 2013.

The stock had underperformed the market over the past one month till 12 November 2014, rising 1.56% compared with the Sensex's 6.51% rise. The scrip had also underperformed the market in past one quarter, gaining 0.98% as against Sensex's 8.22% rise.

The large-cap firm has an equity capital of Rs 1752.60 crore. Face value per share is Rs 10.

MRPL''s total income fell 14.33% to Rs 16101.42 crore in Q2 September 2014 over Q2 September 2013. MRPL reported a negative gross refining margin (GRM) of $4.04 per barrel in Q2 September 2014 compared with positive GRM of $5.04 per barrel in Q2 September 2013. The company achieved a throughput of 3.47 MMT in Q2 September 2014 as against 3.69 MMT in Q2 September 2013. The decrease in throughput is mainly due to plant upsets while commissioning of new units, resulting in non availability of secondary processing units.

MRPL, a schedule 'A' CPSE and a subsidiary of ONGC is a State of Art Grassroot Refinery located in a hilly terrain, north of Mangalore city, in Dakshin Kannada region.

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