MRPL Q4 PAT seen down 25% at Rs 235 cr

Mangalore Refinery and Petrochemicals (MRPL) is expected to report a profit after tax of Rs 235 crore for the fourth quarter of FY12, down 25% as compared to Rs 313 crore in a year ago period while it is expected to increase 114% quarter-on-quarter, according to CNBC-TV18 poll.

Sales are seen going up by 17.6% YoY and 13% QoQ to Rs 14,600 crore during the same quarter.

EBITDA is likely to fall 49% to Rs 435 crore for the January-March quarter of 2012 as against Rs 847.7 crore in the corresponding quarter of last fiscal while it is likely to rise 44% QoQ.

Operating profit margin is expected to be at 3% versus 6.8% YoY and 2.3% QoQ.

Expectations

* YoY downtrend led by sharp gross refining margin (GRM) decline; GRM in Q4 last year were USD 9.1 a barrel; will halve this quarter.

* GRM is seen around USD 4.6 a barrel in Q4 which is slight sequential improvement (USD 3.8/barrel in Q3)

* Sequential improvement also led by an improvement in throughput (+10% QoQ)

* Bottomline may vary from consensus depending on forex impact