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Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC and Annex ‘A’ Mini Ratna Category I Company reported gross operating income of Rs15,148cr in June ended the first quarter of FY22, being a 36% year-over-year increase from Rs6.408cr in the same quarter last fiscal year.
The company reduced its loss to Rs86cr in T1FY22 compared to a loss of Rs524cr in T1FY21. The pre-tax loss was Rs133cr at T1FY22 compared to Rs804cr at T1FY21. GRM of $ 4.50 / bbl at T1FY22 compared to a negative GRM of $ 1.49 / bbl at T1FY21.
“MRPL reported a net loss of Rs86cr and an average gross refining margin (GRM) of $ 4.50 / bbl. Crude throughput was negatively affected in the current quarter due to the demand reduction resulting from the COVID 19 situation, but the demand reduction was relatively less than in the corresponding quarter of the previous year.
Management has assessed the potential impact of COVID 19 based on the current circumstances and does not expect any significant impact on the long-term business continuity of the company / on the useful life of the assets / on the long-term financial situation, etc. lower revenue and refinery throughput in the near future, â€the company said in a filing Thursday.
The company also updated that upon receipt of the order on April 16, 2021 from the National Company Law Tribunal (NCLT), Bengaluru Bench approving the consolidation of share capital by increasing the par value from Rs 10 per share to 10,000 Rs per share and subsequent compliances, ONGC Mangalore Petrochemicals Limited became a wholly-owned subsidiary of the company on May 19, 2021.
Meanwhile, the MRPL board of directors, after meeting Thursday, approved raising funds up to Rs5,000cr through the issuance of non-convertible debentures (NCDs). It also approved the improvement of borrowing powers from Rs25,000cr to Rs33,500cr.
Mangalore Refinery And Petrochemicals Ltd finished at Rs44.65 per coin, down Rs1.05 or 2.3% from its previous close of Rs45.70 per coin on BSE.
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