Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a 92 per cent jump in its third quarter net profit on the back of higher refining margins.
Net profit in October-December at Rs 566 crore was 91.8 per cent more than Rs 295 crore net profit in the same period a year back, the company said in a statement here.
MRPL, a unit of state explorer Oil and Natural Gas Corp (ONGC), earned USD 7.43 on turning every barrel of crude oil into fuel in Q3 of 2016-17 as compared to a gross refining margin of USD 4.83 per barrel in the same period in the previous fiscal.
Turnover climbed to Rs 15,740 crore from Rs 11,193 crore in October-December 2015.
The turnover was higher mainly on account of increased dispatches and also rise in product prices which in turn is linked to the increase in crude prices.
The company processed 4.35 million tonnes of crude oil in Q3 FY 2016-17 as against 3.82 million tonnes in Q3 FY 2015-16.
"The increase in throughput is on account of sustained operations during the third quarter," it said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
