Mangalore Refinery and Petrochemicals Ltd. (MRPL) registered a net profit of ₹387.06 crore in the third quarter of 2023-24 against a loss after tax of ₹187.96 crore in the corresponding period of 2022-23.

The gross refining margin (GRM) of the company increased to $5 a barrel during Q3FY24 against a GRM of $3.88 a barrel in Q3FY23.. (GRM is the difference between the price of crude oil and the end products.)

The company informed stock exchanges on Monday that the board has approved an interim dividend of 10 per cent, that is, ₹1 on each equity share of ₹10. The total payout on this account will be ₹175.26 crore. The record date for the distribution of dividends has been fixed for February 2.

Revenue from operations of the company was at ₹28,383.41 crore in Q3FY24 against ₹30,966.16 crore in Q3 of 2022-23.

The company said there was a reduction of ₹3,238 crore in interest-bearing long-term borrowings during the first nine months of 2023-24. Interest-bearing long-term borrowings came down from ₹14,837 crore as on March 31, 2023, to ₹11,599 crore as on December 31, 2023.

It said that the debt equity ratio of the company improved from 2.28 as of December 31, 2022, to 1.14 as of December 31, 2023.

The total throughput of the refinery was 4.42 million tonnes (mt) during October-December 2023-24, compared with 4.48 mt in the corresponding period of 2022-23.

The company said the phase-3 units and HCU-1 (hydro cracking unit) were safely re-started post-mandatory maintenance and inspection shutdown.

The refinery achieved its highest ever monthly gross crude input during December 2023 at 1,558 TMT (thousand metric tonne). The previous highest was at 1,557.3 TMT in January 2016.