MRPL net plunges
Mangalore Refinery and Petrochemicals Ltd, an ONGC group company, has reported a 93 per cent dip in net profit on low refining margins and inventory loss during the quarter ended June 30. Net profit sunk to Rs 28.5 crore compared to Rs 420 crore in the same period last year. However, net sales rose 21 per cent to Rs 7,868 crore. Gross refining margin was $1.92 per barrel compared to $7.98 in the same quarter last year.
Glenmark net zooms 191%
Glenmark Pharmaceuticals today reported a 191 per cent rise in consolidated net profit at Rs 155.5 crore for the June quarter, compared to Rs 53.4 crore in the year-ago period, helped by strong growth in sales and a drug outlicensing deal which fetched Rs 90 crore.
Consolidated net sales increased 25.42 percent to Rs 681.9 crore, against Rs 543.7 crore in the same period last year.
Cairn PAT rises 6-fold
Cairn India today announced an almost six-fold increase in its profit after tax to Rs 281.4 crore for the April-June quarter, compared to Rs 45.4 crore in the corresponding quarter last year. The company also announced commissioning of the third processing unit at its Mangala field in Rajasthan, which increased its crude oil production to 130,000 barrels of oil per day (bopd) from the present 100,000 bopd.