MRPL posts 15 pc rise in net profit

Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a 15.6 per cent rise in the March quarter net profit on back of higher margins on turning crude oil into fuel.
Net profit of Rs 1,353 crore in January-March was 15.6 per cent higher than Rs 1,170 crore net profit in the same period a year ago, the company said in a statement.
MRPL made USD 8.24 on turning every barrel of crude oil into fuels like petrol and diesel, as opposed to a gross refining margin (GRM) of USD 6.97 per barrel in fourth quarter of the previous 2014-15 fiscal year.

"The improvement in GRM is mainly on account of products like polypropylene and pet coke generated out of the new Phase-III units and increase in throughput," the statement said.
Turnover was higher at Rs 13,477 crore in the fourth quarter of 2015-16 financial year as compared to Rs 13,156 crore.
The company turned 4.52 million tons of crude oil into fuel in the fourth quarter, up from 4.12 million throughput in the same period a year ago.
For the full fiscal year ended March 31, 2016 (2015-16), MRPL posted a net profit of Rs 1,148 crore on a turnover of Rs 50,864 crore. It had a net loss of Rs 1712 crore on a turnover of Rs 62,412 crore in the previous financial year.

Exports rose 45 per cent to Rs 22,790 crore.