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MRPL net zooms to Rs 2,707 crore in Q1 on bumper refining margins

Net profit of Rs 2,707 crore in April-June compared with a loss of Rs 230 crore in the same period a year back, the company said in a statement.

July 29, 2022 / 04:17 PM IST
MRPL MD Venkatesh optimistic they would be able to capitalise on the strengthened Singapore GRMs even as crude supply issues persist.

MRPL MD Venkatesh optimistic they would be able to capitalise on the strengthened Singapore GRMs even as crude supply issues persist.

Mangalore Refinery and Petrochemicals Ltd (MRPL) net profit zoomed to Rs 2,707 crore in the first quarter of the current fiscal on the back of record refining margins.

Net profit of Rs 2,707 crore in April-June compared with a loss of Rs 230 crore in the same period a year back, the company said in a statement.

The company, which is a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), earned $24.45 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin of $4.94 per barrel in the year-ago period.

With international oil prices surging, PL’s turnover more than doubled to Rs 35,915 crore from Rs 15,069 crore in April-June 2021.

PL said it recorded the highest ever Q1 net throughput of 4.29 million tonnes with a capacity utilisation of 114.34 per cent. The previous best of 3.98 million tonnes (capacity utilisation of 106.13 per cent) was achieved in Q1 of the 2017-18 fiscal.

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The refinery also achieved the highest-ever diesel dispatch of 737,000 tonnes in May.
PTI
first published: Jul 29, 2022 04:17 pm
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