Mangalore Refinery and Petrochemicals (MRPL) is trading higher by 5% at Rs 68.45on reporting a manifold jump in September 2012 quarter net profit at Rs 1,185 crore on back of higher refining margins and inventory gains.
The state-owned refinery and petro-products maker had net profit of Rs 24 crore a year ago quarter. The company's turnover was up 38% to Rs 17,148 crore on year-on-year basis.
“The company has achieved higher Gross Refining Margin (GRM) of USD 9.19 per barrel in September 2012 quarter as compared to USD$4.80 per barrel in previous year quarter on account of increased throughput and distillate yield, favourable movement of rupee against US dollar and availability of higher cracks in the market for diesel,” MRPL said in a filing.
The stock opened at Rs 65.90 and hit a high of Rs 69.90 on the BSE. Total 742,577 shares have changed hands on the counter so far on the BSE and NSE.
