MRPL posts ₹2,224 crore net profit in 2017-18

Company achieves a turnover of ₹63,067 crore, including exports of ₹16,996 crore, during the year

May 18, 2018 12:58 am | Updated 09:10 am IST - MANGALURU

MRPL’s 6.063 MWp solar power project is spread across 34 locations on its premises in Mangaluru, including atop parking lots and water storage facilities.

MRPL’s 6.063 MWp solar power project is spread across 34 locations on its premises in Mangaluru, including atop parking lots and water storage facilities.

Mangalore Refinery and Petrochemicals Ltd. (MRPL) has announced recording ₹2,224 crore net profit for the financial year 2017-18 as against ₹3,644 crore net profit recorded in 2016-17.

During the fourth-quarter that ended on March 31, 2018, the company posted a net profit of ₹542 crore as against ₹1,942 crore during the corresponding period in the previous fiscal, MRPL stated in a release. Its Board of Directors approved the audited financial results for Q4 along with the audited financial results for 2017-18 on May 15.

It said the company achieved a turnover of ₹63,067 crore, including exports of ₹16,996 crore during 2017-18 as against ₹59,415 crore including exports of ₹14,457 crore. The increase in turnover was owing to increase in throughput and also increase in product prices, the release said.

While MRPL recorded a throughput of 4.31 million tonnes in Q4, it recorded a cumulative throughput of 16.31 million tonnes for the whole 2017-18, as against 4.23 million tonnes and 16.27 tonnes during the corresponding periods of the previous financial year. The gross refining margin, however, came down slightly, from ₹1,667 crore to ₹1,601 crore in Q4 and from ₹6,028 crore to ₹5,809 crore for the whole year in the corresponding year.

Dividend mooted at 30%

The Board has recommended dividend at 30%, that is, ₹3 per share, amounting to ₹525.78 crore, to shareholders.

The release said MRPL has successfully commissioned the largest solar power project in a refinery site in the country. The project, with a total capacity of 6.063 MWP, is spread across 34 roof-tops within the refinery premises, comprising both RCC and sloping sheet steel roofs.

It inaugurated a state of the art company-owned, company-operated retail outlet at Panambur in Mangaluru in February, as part of MRPL’s retail expansion plans in Karnataka, Goa and Kerala. The company also commissioned its first-ever dealer-owned, dealer-operated retail outlet at Mandya in March 2018, the sixth retail outlet in Karnataka.

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