<p>Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of ONGC is sitting on a debt of Rs 8,000 crore. The debt has prompted the company to not issue dividend.<br /><br /></p>.<p>Announcing the company’s results for the first time in Bengaluru, MRPL MD H Kumar said, “This year we have not announced any dividend owing to future expansion plans, we have completed phase-III project, so a debt of Rs 8,000 crore is sitting on our books. May be this year we have deferred, but for next year we might take appropriate call.”<br /><br />Meanwhile, MRPL on Thursday reported a 15.6% rise in the March quarter net profit on the back of higher margins on turning crude oil into fuel. Net profit of Rs 1,353 crore in January-March was 15.6% higher than Rs 1,170 crore net profit in the same period a year ago, the company said.<br /><br />MRPL made $8.24 on turning every barrel of crude oil into fuels like petrol and diesel, as opposed to a gross refining margin (GRM) of $6.97 per barrel in fourth quarter of the previous 2014-15 fiscal year.<br /><br />“The improvement in GRM is mainly on account of products like polypropylene and pet coke generated out of the new phase-III units and increase in throughput,” MRPL said.<br />Turnover was higher at Rs 13,477 crore in the fourth quarter of 2015-16 financial year as compared to Rs 13,156 crore.<br /><br />The company turned 4.52 million tonnes of crude oil into fuel in Q4, up from 4.12 million throughout in the same period, a year ago.<br /></p>
<p>Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of ONGC is sitting on a debt of Rs 8,000 crore. The debt has prompted the company to not issue dividend.<br /><br /></p>.<p>Announcing the company’s results for the first time in Bengaluru, MRPL MD H Kumar said, “This year we have not announced any dividend owing to future expansion plans, we have completed phase-III project, so a debt of Rs 8,000 crore is sitting on our books. May be this year we have deferred, but for next year we might take appropriate call.”<br /><br />Meanwhile, MRPL on Thursday reported a 15.6% rise in the March quarter net profit on the back of higher margins on turning crude oil into fuel. Net profit of Rs 1,353 crore in January-March was 15.6% higher than Rs 1,170 crore net profit in the same period a year ago, the company said.<br /><br />MRPL made $8.24 on turning every barrel of crude oil into fuels like petrol and diesel, as opposed to a gross refining margin (GRM) of $6.97 per barrel in fourth quarter of the previous 2014-15 fiscal year.<br /><br />“The improvement in GRM is mainly on account of products like polypropylene and pet coke generated out of the new phase-III units and increase in throughput,” MRPL said.<br />Turnover was higher at Rs 13,477 crore in the fourth quarter of 2015-16 financial year as compared to Rs 13,156 crore.<br /><br />The company turned 4.52 million tonnes of crude oil into fuel in Q4, up from 4.12 million throughout in the same period, a year ago.<br /></p>
