Mangalore Refinery and Petrochemicals Ltd (MRPL) has recorded a net profit of ₹1,169.70 crore during the fourth quarter of 2014-15 against a net profit of ₹1,067.04 crore in the corresponding period of the previous fiscal, recording a growth of 9.62 per cent.

A company release said here on Friday that the profit-after-tax was after considering ₹149 crore as depreciation (₹177 crore), ₹114 crore as interest cost (₹58 crore) and a net foreign exchange gain of ₹168 crore (₹575 crore).

The release said that the company could achieve highest-ever throughput of 4.12 million tonnes during Q4 of 2014-15 against 3.84 mt in the corresponding period of the previous fiscal.

It attributed the consistent operation of the units as a reason for this. Strong operating performance from the refining business and lower flat prices resulting in lower fuel cost led to higher operating profits.

During the fourth quarter, MRPL posted a GRM (gross refining margin) of $ 6.97 a barrel ($ 3.18 a barrel). (GRM can be defined as the difference between crude oil price and total value of petroleum products produced by the refinery.)

FY 2014-15

During the financial year 2014-15, the company recorded a throughput of 14.65 mt (14.55 mt) and a turnover of ₹62,412 crore (₹75,226 crore).

The release said the decline in turnover value is due to a steep fall in product prices. Operating performance during the financial year is impacted by the decline in inventory values. The GRM was $ (-)0.64 a barrel ($2.67 a barrel) due to significant inventory loss of $ 4.08 a barrel against inventory gain of $ 0.98 a barrel in the corresponding period previous year.

During 2014-15, the after-tax loss was ₹1,712 crore against a profit of ₹601 crore in the previous fiscal. The loss is after considering ₹499 crore as depreciation (₹706 crore), ₹407 crore as interest cost (₹321 crore), foreign exchange loss of ₹683 crore (loss of ₹2 crore) and inventory loss of ₹2751 crore (inventory gain of ₹632 crore), the release said.

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