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Mangalore Refinery and Petrochemicals Ltd (MRPL) registered a loss of ₹71 crore during the third quarter of 2020-21 as against a loss of ₹37 crore in the corresponding period of 2019-20.
A press release said that the company’s board of directors met on Monday approved its standalone and consolidated unaudited financial results for the third quarter of 2020-21 and nine months ended on December 31.
The gross revenue from operations stood at ₹14,136 crore during the Q3 of 2020-21 as against ₹16,745 crore in the corresponding period of 2019-20.
The gross refining margin (GRM) of the company stood at $3.26 per barrel during Q3 of 2020-21 as against $3.19 per barrel in the corresponding period of the previous year. (GRM is the difference between the price of crude oil and the end products.)
The throughput of the refinery was at 3.08 million tonnes during the third quarter of 2020-21 as against 4.07 million tonnes in the corresponding period of 2019-20.
The release said that the company’s capacity utilization gradually improved during the Q3 of 2020-21 compared to the previous quarter of the current financial year.
Management has assessed the potential impact of Covid-19 based on the current circumstances and expects no significant impact on the continuity of the operations of the business on a long-term basis.
As regards the recoverability of assets and financial resources, the performance of contractual liability and obligations, ability to service the debts and liabilities, the company expects to fully recover the carrying amounts of the assets and comfortably discharge its debts and obligations, it said.
The company is optimistic on long-term business outlook as well as its financial position. However, the company is closely monitoring any material changes to future economic conditions, it said.
The company recorded a loss of ₹555 crore in the nine months ending December 31 2020 as against ₹1,111 crore in the corresponding nine-month period of 2019-20.
On Monday, the scrip of MRPL closed at ₹35.45 on BSE, down by 1.39 per cent, against the previous close of ₹35.95.
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