MRPL drops after reporting poor Q2 results

Mangalore Refinery and Petrochemicals shed 4.77% to Rs 53.90 at 13:00 IST on BSE after the company reported net loss of Rs 910 crore in Q2 September 2015 compared with net loss of Rs 951 crore in Q2 September 2014.

The result was announced after market hour yesterday, 29 October 2015.

Meanwhile, the S&P BSE Sensex was down 45.65 points or 0.17% at 26,792.49.

On BSE, so far 4.18 lakh shares were traded in the counter as against average daily volume of 3.96 lakh shares in the past one quarter.

The stock hit high of Rs 54.10 and low of Rs 50.95 so far during the day. The stock hit a 52-week high of Rs 82.90 on 7 August 2015. The stock hit a 52-week low of Rs 45.10 on 17 December 2014.

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

Mangalore Refinery and Petrochemicals (MRPL)'s total turnover fell 25.53% to Rs 12488 crore in Q2 September 2015 over Q2 September 2014. The reduction in turnover was due to fall in exports and also on account of decrease in product prices. The company's operating gross refining margin (GRM) of $5.34 per barrel in Q2 September 2015 was impacted by inventory loss due to steep fall in prices of crude and products resulting in GRM of $0.34 per barrel in Q2 September 2015 as against negative GRM of $4.04 per barrel in Q2 September 2014.

The company reported net loss at EBITDA (earnings before interest, taxes, depreciation and amortization) level of Rs 695 crore in Q2 September 2015, due to depreciation of rupee against the dollar during the quarter by 3.05%.

MRPL is a subsidiary of ONGC with ONGC holding 71.63% stake in the firm (as per the shareholding pattern as on 30 September 2015).

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