An improvement in GRM (Gross Refining Margin) helped Mangalore Refinery and Petrochemicals Ltd (MRPL) record a profit after tax of ₹2707 crore in Q1 FY23 as against a loss of ₹230 crore in the corresponding period of FY22.

The company recorded a GRM of $24.45 a barrel during Q1 FY23 as against $4.94 a barrel in Q1 FY22. (GRM is the difference between the price of crude oil and the end products.)

MRPL’s gross revenue from operations increased to ₹35,915 crore in Q1 FY23 against ₹15,069 crore in Q1 of the previous fiscal.

The net throughput of the refinery during Q1 FY23 was at 4.29 million tonnes (mt) against 3.07 mt in Q1 FY22. A statement said MRPL recorded highest ever Q1 net throughput of 4.29 mt with a capacity utilization of 114.34 per cent, against the previous best of 3.98 mt with a capacity utilization of 106.13 per cent in Q1 FY18.

The company consistently achieved capacity utilization of 115.94 per cent, 116.74 per cent, and 114.34 in Q3 and Q4 FY22 and Q1 FY23, respectively.

It said the refinery processed new crudes, Kuwait Super Light crude and Khafji crude, during the quarter.

The statement said MRPL achieved highest ever diesel dispatch of 737 TMT (thousand metric tonne) in May. Previous highest was 665 TMT in March 2022. This achievement was made possible by the commissioning of new diesel tanks and new diesel product evacuation facilities.