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Mangalore Refinery and Petrochemicals Limited (MRPL), which is an oil refinery at Mangalore and is a subsidiary to ONGC, reported the profit for the first quarter period of the current fiscal year at Rs. 361.96 crores posting a hike of 54.54% as compared to Rs. 234.21 crores secured during the previous year same quarter period.
In the quarterly report released, MRPL total revenue was recorded at Rs. 16638.46 crores posting a 14.59% rise during the June-end quarter in comparison to Rs. 14519.13 crores earned during the corresponding period last year.
According to the BSE filing by the company, the expenses also went up to Rs. 16050.55 crores resulting in an incremental growth of 13.13%, from the Rs. 14186.95 crores incurred during the previous year April-June period.
The state-owned company’s strong performance was linked to the better export performance and improved Gross Refining Margin (GRM). MRPL exports for the quarter under review went up by 50.5% to Rs. 4326 crores from Rs. 2874 crores in the Q1 FY18. Also, the company’s GRM per barrel increased to US$ 8.28 as compared to the US$ 4.74 during the same period as mentioned before.
