Mangaluru

MRPL Q2 net profit at ₹36 crore

Mangalore Refinery and Petrochemicals Ltd (MRPL) has declared a net profit of ₹36 crore during the second quarter of 2020-21 as against a loss of ₹574 crore in the corresponding period of the previous financial year.

The gross revenue from operations stood at ₹9,686 crore during the second quarter of 2020-21 as against ₹15,262 crore in Q2 of 2019-20.

The gross refining margin (GRM) of the company stood at $3.85 per barrel during Q2 of 2020-21 as against $0.68 per barrel in the corresponding period of the previous financial year. (GRM is the difference between the price of crude oil and the end products.)

A press release by the company said that the capacity utilisation gradually improved during the current quarter as compared to the previous quarter of current financial year. The management has assessed the potential impact of COVID-19 based on the current circumstances and expects no significant impact on the continuity of the operations of the business on a long term basis.

As regards the recoverability of assets and financial resources, performance of contractual liability and obligations, ability to service the debts and liabilities, the company expects to fully recover the carrying amounts of the assets and comfortably discharge its debts and obligations.

It said that the company is positive on long-term business outlook as well as its financial position. However, the company is closely monitoring any material changes to future economic conditions, it said.

MRPL declared a loss of ₹484 crore in the first six months of 2020-21 as against a loss of ₹1075 crore in the corresponding period of 2019-20.

The gross revenue from operations stood at ₹16,095 crore during H1 of 2020-21 as against ₹26,462 crore in H1 of 2019-20.

The GRM of the company stood at $1.55 per barrel during H1 of 2020-21 as against $0.23 per barrel in the corresponding period of the previous financial year.

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Printable version | Nov 26, 2020 6:24:52 PM | https://www.thehindu.com/news/cities/Mangalore/mrpl-q2-net-profit-at-36-crore/article32992189.ece

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