Motilal Oswal's research report on MRPL
MRPL delivered a beat on our EBITDA and PAT estimates led by higher-thanestimated reported GRM of USD15.1/bbl in 4QFY23. Refining throughput was at 4.41mmt (v/s our estimate of 4.47mmt and 4.39mmt in 3QFY23). MRPL achieved its highest ever throughput of 17.14mmt in FY23. The company also added 31 retail outlets during the year. Total retail outlets stood at 63 at end of FY23. Singapore GRM (SG GRM) has declined sharply to USD3.8/bbl during Apr’23 to date from USD8.2/bbl during 4QFY23. It averaged USD10.8/bbl during FY23 and had even touched a record high of USD21.7/bbl in 1QFY23.
Outlook
Considering the above factors, we maintain our Neutral rating with a TP of INR70 (valuing the entity at 4.5x FY25E EBITDA of INR57b).
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