Mangalore Refinery and Petrochemicals Ltd (MRPL) registered an 8.86 per cent growth in net profit during fourth quarter of 2011-12.
The board of directors of the company has recommended a dividend of Re 1 per equity share of face value Rs 10 (10 per cent) for 2011-12.
The company informed the stock exchanges on Wednesday that it registered profit after tax of Rs 602 crore in the fourth quarter of 2011-12 as against profit after tax of Rs 553 crore in the corresponding period of the previous fiscal. The profit after tax for 2011-12 stood at Rs 909 crore (Rs 1,777 crore).
A press release sent to the stock exchanges said that the profit after tax for the fourth quarter and fiscal 2011-12 is after providing for interest and finance charges of Rs 37 crore and Rs 207 crore, depreciation of Rs 125 crore and Rs 434 crore, and tax provision of Rs 290 crore and Rs 412 crore, respectively.
Higher throughput
The refinery recorded a gross refining margin (GRM) of $7.07 a barrel in the fourth quarter of 2011-12, against $8.70 a barrel in the corresponding period of the previous fiscal. It was $5.60 a barrel ($5.90 a barrel) for 2011-12. The release stated that this was despite the steep rupee depreciation at the end of the quarter.
There was a net exchange variation gain of Rs 226 crore (Rs 40 crore) during the fourth quarter of 2011-12.
The refinery throughput during the quarter increased to 3.41 million tonnes (3.37 million tonnes). For 2011-12, the refinery throughput stood at 12.82 million tonnes a year(12.64 million tonnes a year).
On Wednesday, the stock of MRPL closed at Rs 57.50 on BSE, down 0.61 per cent against the previous close of Rs 57.50.