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Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a loss of ₹86 crore during the first quarter of 2021-22 against a loss of ₹524 crore in the corresponding period of 2020-21.
The average gross refining margin (GRM) of the company stood at $4.50 a barrel during Q1 of 2021-22 against a negative GRM of $1.49 a barrel in the corresponding period of the previous fiscal.
GRM is the difference between the price of crude and the end products such as diesel, petrol, etc.
A company statement said that the crude throughput has been adversely impacted during Q1 of 2021-22 on account of reduction in demand arising out of the Covid situation. However, the reduction in demand was relatively lower compared with the corresponding quarter of previous year.
During the quarter, the gross turnover of the company stood at ₹15,143 crore (₹6,406 crore) and exports at ₹4,931 crore (₹1,444 crore). The throughput of the refinery stood at 3.06 million tonnes (1.86 million tonnes).
Covid impact
The statement said that the management has assessed the potential impact of Covid based on the current circumstances and expects no significant impact on the continuity of operations of the business on long-term basis or on useful life of the assets or on long-term financial position, etc though there may be lower revenue and refinery throughput in the near future.
Consequent upon receipt of order on April 16 from the National Company Law Tribunal (NCLT), Bengaluru Bench, approving consolidation of share capital by increasing face value from ₹10 per share to ₹10,000 per share and subsequent compliances, OMPL (ONGC Mangalore Petrochemicals Ltd) had become a wholly owned subsidiary of the company with effect from May 19, it said.
Fund raising
The board, which held a meeting on Thursday to approve the unaudited financial results for Q1 of FY22, approved an agenda item to raise funds up to ₹5,000 crore through issue of non-convertible debentures (NCDs).
It also approved another agenda item to enhance the borrowing powers from ₹25,000 crore to ₹33,500 crore.
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