MRPL surges after turnaround Q4 results

Mangalore Refinery and Petrochemicals jumped 14.33% to Rs 77.40 at 9:48 IST on BSE after the company reported a net profit of Rs 1067.04 crore in Q4 March 2014 compared with net loss of Rs 61.90 crore in Q4 March 2013.

The result was announced after market hours on Tuesday, 20 May 2014.

Meanwhile, the BSE Sensex was down 61 points, or 0.25%, to 24,315.88.

On BSE, so far 6.07 lakh shares were traded in the counter, compared with an average volume of 1.56 lakh shares in the past one quarter.

The stock hit a high of Rs 80.65 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 72.65 so far during the day. The stock hit a 52-week low of Rs 26.45 on 16 August 2013.

The stock had outperformed the market over the past one month till 20 May 2014, rising 29.45% compared with 7.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 69.25% as against Sensex's 18.70% rise.

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) total income rose 6.36% to Rs 19863.99 crore in Q4 March 2014 over Q4 March 2013.

MRPL reported a net profit of Rs 601.18 crore in the year ended March 2014 (FY 2014) compared with net loss of Rs 756.91 crore in the year ended March 2013 (FY 2013). Total income rose 9.62% to Rs 72134.95 crore in FY 2014 over FY 2013.

Gross refining margin (GRM) jumped to $3.18 a barrel in Q4 March 2014 compared with $1.98 a barrel in Q4 March 2013.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 288% to Rs 1099 crore in Q4 March 2014 over Q4 March 2013.

MRPL has earned foreign exchange gain of Rs 575 crore in Q4 March 2014 as against Rs 86 crore in Q4 March 2013.

MRPL has recognized the deferred tax asset (net of liabilities) during the Q4 March 2014 amounting to Rs 276 crore as against NIL last year. The company has provided for MAT tax of Rs 73 crore in Q4 March 2014. Considering the working capital requirement, past losses and project expenditure the board of directors has not recommended any dividend payout for the FY 2014.

MRPL, a subsidiary of ONGC, is a grassroot refinery. MRPL has a design capacity to process 15 million metric tons per annum and have 2 hydrocrackers producing premium diesel (high cetane). It also has 2 CCRs producing unleaded petrol of high octane.

Powered by Capital Market - Live News