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Mangalore Refinery and Petrochemicals Ltd has reported a net profit of ₹1,942 crore for the fourth quarter of the financial year 2016-2017.
This is 43 per cent higher than the ₹1,362-crore net profit during the corresponding period of fiscal 2015-2016. The company said that the spurt in profit is on account of increase in product prices as compared to the corresponding quarter.
The company also declared a dividend at ₹6 per share, amounting to ₹1,051.56 crore. MRPL is a subsidiary of public sector undertaking ONGC.
MRPL also attained the highest ever throughput at 16.27 million tonne for fiscal 2017, higher than the 15.69-mt during fiscal 2016.
A company official told BusinessLine that the company has cleared its dues to Iran. These dues were cleared at the exchange rate prevalent at the time of billing and not at current levels. Since the rupee was stronger then, the company provisioned ₹1,597 crore for this payment, this amount was reversed to MRPL’s accounts. The dues had accumulated as the US sanctions on Iran had prevented payments for crude purchases.
MRPL reported an increase in the Gross Refinery Margin (GRM) at $8.25 per barrel during the fourth quarter of fiscal 2017. This is higher than the $8.24 per barrel reported GRM during the quarter under consideration in fiscal 2016.
For the fiscal 2017, the company reported spurt in GRM to $7.75 per barrel. This is a 49 per cent jump from the $5.20-per- barrel GRM reported during fiscal 2016.
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