Forex gains help MRPL clock Rs 1067 crore profit in March quarter

Company had posted a net loss of Rs 62 crore in January-March 2013

Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a net profit of Rs 1067 crore in the fourth quarter on back of foreign exchange and inventory gains.

MRPL, a unit of state-owned Oil and Natural Gas Corp (ONGC), had posted a net loss of Rs 62 crore in January-March 2013, company Chairman Dinesh K Sarraf said today.

The company returned to black on the back of Rs 575 crore gain from rupee appreciating against the US dollar and an inventory gain of Rs 503 crore.

MRPL earned $3.18 on turning every barrel of crude oil into fuel as compared to a gross refining margin of $1.98 a barrel.

"Going forward, GRMs are going to be higher because completion of expansion," he said.

Turnover rose by about 3 per cent to Rs 20,032 crore, he said adding the refinery processed 3.84 million tonnes in January-March, down from 4.12 million tonnes a year ago.

For full fiscal 2013-14, the company earned a net profit of Rs 601 crore as opposed to a loss of Rs 179 crore.

Turnover was up 9.3 per cent at Rs 75,226 crore as export revenue rose 6.15 per cent to Rs 35,392 crore. GRMs rose marginally to $2.67 per barrel as compared to $2.45 in 2012-13.

Shares of MRPL rose 6.5 per cent to end at Rs 67.70 apiece on the BSE today.