Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a loss of ₹519.86 crore in the first quarter of 2020-21 as against a loss of ₹500.12 crore in the corresponding period of 2019-20.

The revenue from operations stood at ₹6,408.47 crore in the Q1 of 2020-21 as against ₹11,200.14 crore in the first quarter of 2019-20, according to the information furnished by MRPL to stocks exchanges on late Tuesday evening.

Covid impact

In its notes to standalone financial results, the company said that the crude throughput for the quarter was significantly lower due to lower demand for petroleum products on account of Covid-19 pandemic.

“The management has assessed the potential impact of Covid-19 based on the current circumstances and expects no significant impact on the continuity of 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 serve the debt and liabilities, the company fully expects to recover the carrying amounts of the assets and comfortably discharge its debts and obligations. The company is positive on the 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 in the notes to standalone financial results.

Fundraising

The company informed the stock exchanges that the board of directors of the company had approved the agenda item to raise funds of up to ₹5,000 crore through issue of non-convertible debentures (NCDs).

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