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Last updated: 16 May, 2018  

Oil.Rig.9.Thmb MRPL net profit down by 72% in Q4

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SME Times News Bureau | 16 May, 2018
Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), on Tuesday reported a 72 per cent fall in its standalone net profit to Rs 542.08 crore in the quarter ended March 31, 2018 as compared to Rs 1,942.42 crore in the year-ago period.

The company said it posted the net profit after considering Rs 162 crore as depreciation, Rs 112 crore as interest cost and net foreign exchange loss of Rs 147 crore during the three months ended March.

During the quarter under review, MRPL has achieved a turnover of Rs 18,746 crore, up 4 per cent from Rs 18,100 crore in the corresponding period previous year. Its exports revenue grew by 31 per cent to Rs 5,128 in the March quarter of 2017-18, as against Rs 3,913 crore in the year-ago period.

"The company has achieved turnover of Rs 63,067 crore (exports of Rs 16,996 crore) during 2017-18 as against Rs 59,415 crore (exports of Rs 14,457 crore) during the 2016-17," it said in a statement.

It has posted net profit of Rs 2,224 crore (after considering Rs 671 crore as depreciation, Rs 440 crore as interest cost and net foreign exchange gain of Rs 13 crore), as against profit after tax of Rs 3,644 crore during FY17.

The company has achieved highest-ever throughput of 16.31 MMT for the FY18 as against 16.27 MMT the previous year.

Its gross refining margin for March quarter stood at US $7.87 a bbl as against US $8.25 per bbl in corresponding quarter of previous year and US $7.54 per bbl for FY18 as against US $7.75 a bbl in previous year.
 
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