MRPL Q3 net rises 48% at Rs 566 crore

MRPL Q3 net rises 48% at Rs 566 crore

Mangalore Refinery and Petrochemicals (MRPL), a Miniratna public sector oil company, on Tuesday reported 48% increase in its net profit at Rs 566 crore for the third quarter ending December 30, compared with Rs 295 crore in the same period last fiscal.

The net profit increased by 26% on a sequential basis at Rs 416 crore for the second quarter ending September 30, 2016.

MRPL’s total income stands at Rs 15,741 crore, registering a growth of 29% on a year-on-year (YoY) basis. It was Rs 11,195 crore for the same period last year.

On a sequential basis, total income reached Rs 13,990 crore, registering a growth of 11%.
The gross refinery margin (GRM) for Q3 improved to $7.43 per barrel when compared with $4.83 per barrel in the same period last fiscal.

The improvement in GRM is on account of increased throughput and also on account of increased margin on the products.

The company has established its strong market presence by direct marketing of its products petcoke, sulphur and polypropylene.

The company is increasing the product grades of polypropylene to enhance polypropylene market share and thereby fetch higher margins.

MRPL also announced its game plan to further strengthening its retail business by opening up more retail outlets.

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