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MRPL back in black with Rs 1,067-crore Q4 profit

MRPL, a unit of state-owned Oil and Natural Gas Corp (ONGC), had posted a net loss of Rs 62 crore in January-March 2013, company Chairman Dinesh K Sarraf said on Tuesday.The company returned to black on the back of Rs 575 crore gain from rupee appreciating against the US dollar and an inventory gain of Rs 503 crore.

MRPL earned $3.18 on turning every barrel of crude oil into fuel as compared to a gross refining margin of $1.98 a barrel.‘Going forward, GRMs are going to be higher because of the completion of expansion,’ he said.Turnover rose by about 3 per cent to Rs 20,032 crore, he said adding the refinery processed 3.84 million tonnes in January-March, down from 4.12 million tonnes a year ago.

For full fiscal 2013-14, the company earned a net profit of Rs 601 crore as opposed to a loss of Rs 179 crore.Turnover was up 9.3 per cent at Rs 75,226 crore as export revenue rose 6.15 per cent to Rs 35,392 crore. GRMs rose marginally to $2.67 per barrel as compared to $2.45 in 2012-13.
The company embarked into bulk sales of HSD after the introduction of dual pricing for HSD. The turnover of direct marketing stood at Rs 2,291 crore in FY14 as compared to Rs 2,583 crore in FY13. The Phase III upgradation and expansion project has achieved an overall progress of 99.68 per cent as on 15.5.2014. MRPL has already commissioned the SPM facility in August 2013. During the month of April/ May 2014 the delayed coker unit and coker hydro treater unit and one SRU unit have been commissioned. PFCC and two trains of SRU shall be commissioned shortly.
The physical progress of polypropylene unit is 95.6 per cent and is expected to be commissioned by July 2014. The total capital expenditure incurred for all these projects so far is Rs13,005 crore.

MPRL’s joint venture (Shell MRPL Aviation Fuel services Limited) for marketing ATF has performed well and  has increased its turnover by 34 per cent in FY14 as compared to the preceding financial year.EBIDTA in fourth quarter improved to Rs 1099 crore against the figure of  Rs 283 crore in the corresponding period last year.Shares of MRPL rose 6.5 per cent to end at Rs 67.70 apiece on the Bombay Stock Exchange (BSE)
on Tuesday.
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