MRPL slides as Q1 PAT slumps 94% YoY to Rs 66 cr; GRM drops to $4.70/barrel

Mangalore Refinery & Petrochemicals (MRPL) slipped 3.26% to Rs 207.75 after it reported 93.53% drop in standalone net profit to Rs 65.57 crore in Q1 FY25 from Rs 1,012.74 crore recorded in Q1 FY24.

Revenue from operations (excluding excise duty) rose 10.4% to Rs 23,247.02 crore in June 2024 quarter as compared to Rs 21,057.6 crore recorded in corresponding quarter previous year.

The companys throughput for Q1 FY25 stood at 4.35 MMT from 4.36 MMT in same period last year.

Gross refining margin (GRM) reduced to $4.70 per barrel in Q1 FY 2024-25 as compared with $9.81 per barrel in Q1 FY 2023-24.

EBIDTA for the first quarter of FY25 stood at Rs 650 crore, down 69.34% compared with Rs 2,120 crore posted in the same quarter last year.

Profit before tax declined by 93.54% year on year (YoY) to Rs 100.63 crore in the quarter ended 30 June 2024.

Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery has flexibility to process crudes of various API, delivering a variety of quality products. As on 30 June 2024, ONGC held 71.63% stake while Hindustan Petroleum Corporation (HPCL) held 16.96% stake in the company.

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