Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC) reported a net profit of Rs 328 crore in the January-March quarter of the financial year 2020-21. According to a regulatory filing by the public-sector company to the stock exchanges, Mangalore Refinery and Petrochemicals reported a loss of Rs 1,629 crore in the corresponding period of the previous fiscal.
The gross revenue from operations stood at Rs 29,788 crore in the fourth quarter of the fiscal year 2020-21, compared to Rs 17,545 crore in the same quarter in the previous fiscal. The exports, including high sea-sales and deemed exports for the March quarter stood at Rs 3,903 crore.
Mangalore Refinery and Petrochemicals stated that the outbreak of the COVID-19 pandemic and subsequent lockdown in many countries impacted its business. Due to this, the company faced consequences such as lower demand for crude oil, petroleum as well as petrochemical products. This affected the prices as well as refining margins.
Mangalore Refinery added that even though it resulted in declining sales but the capacity utilisation gradually improved subsequently. Additionally, the domestic sales of petroleum products will be looked into by entering into agreements with the oil marking firms. In order to capture the retail margins, Mangalore Refinery is setting up its own retail outlets, which is being expedited.
On Tuesday, shares of Mangalore Refinery and Petrochemicals Limited settled 8.74 per cent higher at Rs 52.90 on the BSE. Mangalore Refinery and Petrochemicals opened on the BSE at Rs 54, registering an intra high of Rs 55.20 and an intra day low of Rs 51.50, throughout the session on Tuesday.