MRPL Q3 throughput rises by 25%, turnover by 37%
1 Feb 2013 5:54 AM IST
The board of directors of Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of India's national oil and natural gas exploration and production company ONGC and a Category I Mini Ratna firm, approved its unaudited results for the third quarter (October-December) of financial year 2012-13.
The company, with an additional 3 mmtpa crude unit, could get a 25 per cent increase in throughput. It also achieved a 37 per cent increase in turnover compared to the corresponding quarter of the previous fiscal (2011-12). The company has posted negative EBITA during the quarter in view of inventory and exchange losses, although it has earned an operating margin. MRPL has posted an operating margin of $3.27/bbl before considering the inventory loss of Rs 213 crore. Physical performance in the third quarter of 2012-13 was higher with a crude throughput of 3.81 mmt.
However, there was a negative PAT of Rs 360 crore (after considering Rs 155 crore as depreciation, Rs 78 crore as interest cost, net foreign exchange loss of Rs 257 crore) primarily due to exchange and inventory loss as compared to corresponding quarter of 2011-12.
The profit and expenses for the corresponding quarter of 2011-12 are PAT of Rs 110 crore (after considering Rs 117 crore as depreciation, Rs 42 crore as interest cost and foreign exchange loss of Rs 440 crore). During the latest quarter, MRPL has achieved GRM of $1.89 /bbl compared to $7.24 /bbl in the corresponding quarter of 2011-12. The GRM was lower mainly on account of inventory losses. It was also the effect of all the secondary processing units of Phase III projects not becoming operational, resulting in increase of product export with lesser realization and the capitalised units depreciation, interest cost being charged to revenue.
The Department of Public Enterprises has assessed MRPL ‘s performance for the year 2011-12 as 'excellent'.
The company, with an additional 3 mmtpa crude unit, could get a 25 per cent increase in throughput. It also achieved a 37 per cent increase in turnover compared to the corresponding quarter of the previous fiscal (2011-12). The company has posted negative EBITA during the quarter in view of inventory and exchange losses, although it has earned an operating margin. MRPL has posted an operating margin of $3.27/bbl before considering the inventory loss of Rs 213 crore. Physical performance in the third quarter of 2012-13 was higher with a crude throughput of 3.81 mmt.
However, there was a negative PAT of Rs 360 crore (after considering Rs 155 crore as depreciation, Rs 78 crore as interest cost, net foreign exchange loss of Rs 257 crore) primarily due to exchange and inventory loss as compared to corresponding quarter of 2011-12.
The profit and expenses for the corresponding quarter of 2011-12 are PAT of Rs 110 crore (after considering Rs 117 crore as depreciation, Rs 42 crore as interest cost and foreign exchange loss of Rs 440 crore). During the latest quarter, MRPL has achieved GRM of $1.89 /bbl compared to $7.24 /bbl in the corresponding quarter of 2011-12. The GRM was lower mainly on account of inventory losses. It was also the effect of all the secondary processing units of Phase III projects not becoming operational, resulting in increase of product export with lesser realization and the capitalised units depreciation, interest cost being charged to revenue.
The Department of Public Enterprises has assessed MRPL ‘s performance for the year 2011-12 as 'excellent'.
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