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Rupee depreciation and water scarcity during first quarter of 2012-13 resulted in MRPL posting a loss of Rs 1,521 crore.
Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a net loss of Rs 1,521 crore in the first quarter of 2012-13, against a net profit of Rs 173 crore in the first quarter of 2011-12.
The company informed the stock exchanges that as the rupee value against the US dollar depreciated during Q1 from Rs 51.53 to Rs 55.62, the company recorded an exchange loss of Rs 649 crore.
It also attributed the loss to the lower throughput following a force majeure situation when the district administration stopped water supply for 10 days.
As a result, the company had to carry forward inventory when prices of crude and products were declining sharply, resulting in an inventory loss of Rs 733 crore.
Refining margins
The gross refining margin (GRM) of the refinery turned negative during the first quarter.
The GRM is the difference between the price of the raw material (crude) and the end product prices (diesel, petrol, etc).
The company lost $4.15 for every barrel of crude oil refined in Q1 of 2012-13.
During Q1 of 2011-12, the refinery gained $3.72 for every barrel of crude refined.
On Friday, the scrip of the company closed at Rs 54.80 on the BSE, down by 3.44 per cent against the previous close of Rs 56.75.
The scrip touched the 52-week low of Rs 49.55 during the day.
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