Mangalore Refinery & Petrochemicals (MRPL) recorded a net profit of Rs 968.98 crore in Q3 FY22 as against a net loss of Rs 75.58 crore in Q3 FY21.
Net sales during the quarter surged 159.4% to Rs 20,623.68 crore from Rs 7,951.53 crore recorded in the same period last year.
Gross refining margin (GRM) in Q3 FY22 was $9.29 per barrel, up by 185% as compared with $ 3.26 per barrel in Q3 FY21. Throughput was 4.37 MMT in Q3 FY22 as against 3.08 MMT in Q3 FY21, up 41.9% YoY.
"The demand for petroleum products was lower during the first half of the current year due to COVID 19 related lockdowns, resulting in lower crude throughput. However, the demand for petroleum products during the current quarter has improved as compared to the previous quarter of current year resulting in higher throughput, the company said in a statement.
MRPL is a subsidiary of ONGC and schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.
The scrip had surged 7.14% to end at Rs 46.50 on the BSE on Friday.
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