Millennium Post

MRPL 2nd quarter net up at Rs 1,185 cr

Mangalore Refinery and Petrochemicals Ltd (MRPL) on Friday reported a manifold jump in second quarter net profit at Rs 1,185 crore on back of higher refining margins and inventory gains.

The company's net profit in July-September at Rs 1,185 crore was several times higher than Rs 24 crore a year ago, the company Chairman Sudhir Vasudeva told reporters here.

‘The refinery had a record throughput of 3.59 million tonnes as against 3.08 million tonnes in Q2 last year,’ he said adding the company earned USD 9.19 on turning every barrel of crude oil into fuel as opposed to a Gross Refining Margin (GRM) of USD 4.80 per barrel in July-September.The company had an inventory gain of Rs 705 crore and a foreign exchange gain of Rs 284 crore, he said.‘This year's GRM has been higher on account of increased throughput and distillate yield, favourable movement of rupee against USD and availability of higher cracks in the market for diesel, petrol and ATF,’ he said.

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