 "Mangalore Refinery & Petrochemicals falls 9% on weak Q4 results")
Mangalore Refinery & Petrochemicals Limited (MRPL) shares dropped as much as 8.85 per cent to hit an intraday low of Rs 229.15 apiece on Monday The falls came after the company reported a weak set of quarter-ending March (Q4FY24) results.
MRPL’s standalone net profit plummeted over 40 per cent to Rs 1,138 crore in Q4FY24, from Rs 1,913 crore in Q4FY23.
Its revenue fell marginally to Rs 25,328.7 crore, as against Rs 25,365.4 crore in the same quarter a year ago.
MRPL’s earnings before interest, taxes, depreciation and amortisation (Ebitda) dropped over 33 per cent to Rs 2,329.7 crore in Q4FY24, from Rs 3,490.2 crore in the same quarter a year ago.
Its margin squeezed 460 basis points (bps) to 9.2 per cent in Q4FY24, against 13.8 per cent in the corresponding period in the previous fiscal
MRPL’s gross refining margin (GRM) dropped to $11.35 per barrel in the March quarter, from $15.12 per barrel in the same quarter a year ago.
More From This Section
The company’s throughput, meanwhile, stood at 4.60 MMT in Q4.
MRPL board declared a final dividend of Rs 2 per equity share for the financial Year 2023-24.The final dividend would be paid within 30 days from the date of declaration at the AGM.
Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, operates as a Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.
The refinery boasts the capability to process a variety of crude oils with different API grades, enabling the production of a diverse range of high-quality products. As of December 31, 2023, Oil and Natural Gas Corporation (ONGC) held 71.63 per cent stake, while Hindustan Petroleum Corporation (HPCL) held 16.96 per cent stake in the company.
At 2:03 PM, shares of MRPL were trading 7.28 per cent lower at Rs 233.10 per share. By comparison, S&P BSE Sensex was marginally up at 73,915.17 levels.