Mangalore Refinery and Petrochemicals Limited (MRPL) recorded a profit after tax of ₹1,013 crore during the first quarter of 2023-24 against a profit of ₹2,707 crore in the corresponding period of 2022-23, registering a decline of 62.58 per cent.

The company informed stock exchanges late Friday evening that the board of directors of MRPL, which met on Friday, approved the company’s standalone and consolidated unaudited financial results for the first quarter of 2023-24.

Gross revenue from operations of the company stood at ₹24,832 crore during the Q1 of 2023-24 against ₹35,915 crore in Q1 of 2022-23. The export earning of the company was at ₹6,907 crore in Q1 of FY24 against ₹14,765 crore in Q1 of FY23.

The company’s media statement posted on the stock exchanges said that the gross revenue from operations and profit for the first quarter of 2023-24 are lower than the corresponding figures for the first quarter of 2022-23 as the product prices in the Q1 of 2023-24 were much lower than those for Q1 of 2022-23.

The gross refining margin (GRM) of the refinery was at $9.81 a barrel in Q1 of 2023-24 against $24.45 a barrel in the corresponding period of 2022-23. (GRM is the difference between the price of crude oil and the end products.)

The company recorded the highest-ever refinery net throughput of 4.36 million tonnes (mt) during the first quarter of 2023-24 against 4.29 mt in the corresponding period of the previous fiscal. The capacity utilisation of the refinery was at 116.26 per cent during Q1 of 2023-24. The installed capacity of the refinery is 15 million tonnes per annum.

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