MRPL reports earnings for Q1FY22

The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule "A" Mini Ratna Category I Company during its 238th Meeting held on July 29, 2021, approved it's Standalone and Consolidated unaudited Financial Results for the First Quarter (Q1 FY'22) ended June 30, 2021.

Financial Performance for Q1 FY'22:

MRPL declared Net loss of Rs. 86 crore and Average Gross Refining Margin (GRM) of 4.50 $/bbl. The crude throughput has been adversely impacted during the current quarter on account of reduction in demand arising out of the COVID 19 situation however the reduction in demand was relatively lower as compared to that of the corresponding quarter of previous year. Management has assessed the potential impact of COVID 19 based on the current circumstances and expects no significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on long term financial position etc. though there may be lower revenues and refinery throughput in the near future.

Financial Highlights for the First quarter Q1 FY'22 (Q1 FY'21):

- Gross revenue from operations Rs. 15,148 Crore (Q1 FY'21 Rs. 6,408 Crore).

- Loss before Tax Rs. 133 Crore (Q1 FY'21 Loss before tax Rs. 804 Crore).

- Loss after Tax of Rs. 86 crore (Q1 FY'21 Loss after tax Rs. 524 Crore).

- GRM of 4.50 $/bbl (Q1 FY'21 Negative GRM of 1.49 $/bbl).

Shares of MANGALORE REFINERY & PETROCHEMICALS LTD. was last trading in BSE at Rs. 46.35 as compared to the previous close of Rs. 46.5. The total number of shares traded during the day was 91641 in over 735 trades.

The stock hit an intraday high of Rs. 46.85 and intraday low of 45.5. The net turnover during the day was Rs. 4233279.

Source : Equity Bulls

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