MRPL share price tanks 7% on weak Q1FY25 performance; profit falls 93%

MRPL stock ahead of Budget 2024: Shares of Mangalore Refinery and Petrochemicals Limited (MRPL) dropped as much as 7.35 per cent to hit an intraday low of Rs 198.95 per share on Tuesday, July 23. 

The fall in the stock price came after the company announced a weak set of June quarter of financial year 2025 (Q1FY25) results. 

The company’s profit declined 92.8 per cent year-on-year (Y-o-Y) to Rs 73.2 crore in Q1FY25, as compared to Rs 1,014.8 crore in Q1FY24. 

MRPL’s revenue from operations, however, surged 10.4 per cent to Rs 23,247 crore, as opposed to Rs 21,057.6 crore in Q1Fy24. 

At the operating front, earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 70.7 per cent Y-o-Y to Rs 605.6 crore in Q1FGY25, as opposed to Rs 2,068.3 crore in Q1FY24.

Consequently, the Ebitda margin came in at 2.6 per cent in Q1FY25, as opposed to 9.8 per cent in Q1FY24. 

MRPL's Gross Refining Margin (GRM), for the quarter under review, stood at $4.70 per barrel, down from $9.81 per barrel in Q1FY24. 

June 2024 also witnessed a record for the highest crude processed, hitting 1,474.34 TMT.

Furthermore, the company has roped in Yogish Nayak S as chief financial officer effective from July 22, 2024. 

Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Miniratna Central Public Sector Enterprise (CPSE) supervised by the Ministry of Petroleum & Natural Gas. 

Situated in the hilly terrain north of Mangaluru city, in Karnataka's Dakshina Kannada District, MRPL specialises in refining crude oil. 

It operates a 15 million metric tonne (MMT) refinery located north of Mangaluru. MRPL is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which holds a majority equity stake of 71.63 per cent. 

Additionally, MRPL, along with ONGC, oversees ONGC Mangalore Petrochemicals Limited (OMPL), a petrochemical unit based in the nearby Mangalore Special Economic Zone (MSEZ), capable of producing 1 million tonnes of Para Xylene.

At 9:51 AM, shares of MRPL were trading 3.42 per cent lower at Rs 207.40 per share. In Comparison, BSE Sensex was trading flat at 80,508.48 levels.