India's Mangalore Refinery and Petrochemicals Ltd. (MRPL) swung to a third-quarter loss from a year-ago profit on Monday, hurt by the government's windfall tax on some fuel exports and a surge in the cost of materials consumed.
The crude oil refiner reported a net loss of ₹1.88 billion ($23.1 million) for the quarter ended December 31, compared with a profit of ₹5.86 billion a year earlier.
The government levied a windfall tax on exports of gasoline, diesel and aviation fuels midway through last year, which, MRPL said, hits its results by ₹20.46 billion in the quarter.
MRPL, a subsidiary of the government-owned Oil and Natural Gas Corp Ltd, said its cost of materials consumed surged 32.2% to ₹244.95 billion.
Its throughput rose to 4.48 million metric tonnes (MMT) from 4.35 MMT. Revenue from operations increased nearly 24% to ₹309.66 billion.
MRPL's shares have gained 2.6% so far this month, following a roughly 5.5% drop in the last quarter of 2022.
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