ONGC subsidiary MRPL releases Q2 FY 2024 Results

New Delhi: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company during its 259th Meeting held on October 31, 2023, approved it’s Standalone and Consolidated Unaudited Financial Results for the Second Quarter (Q2 FY 2023-24) and Half Year (H1 FY 2023-24) ended September 30, 2023.

Major Highlights for the Second Quarter (Q2 FY 2023-24):

• In the month of July 2023, a record highest gross crude throughput of 1,438.5 TMT was achieved, surpassing the previous record of 1,428.4 TMT set in July 2019.
• Ever highest Reformate dispatch of 102.2 TMT recorded in the month of July 2023 (Previous highest was 89.4 TMT during Oct-2022).
• Highest MS-VI Production - 195 TMT, in the month of August-2023 (Previous highest was 174 TMT during June-23).
• Highest MS-VI Domestic Dispatch-188 TMT, in the month Of July-2023(Previous highest was 178 TMT during June 23).
• Mandatory Maintenance & Inspection Shutdown of Phase-III Refinery was taken during August-September and all the activities completed successfully.
• First Indian refinery to be certified with AS9100D:2016 for production, certification and distribution of Aviation Turbine Fuel (ATF).

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

Awards received:

• Government e-Market (GeM) Star Buyer Award.
• Dun & Bradstreet Award for Best Miniratna across all sectors.
• Best Innovation in Refinery award in Energy Technology Meet 2023 (Second time in a Row).
• Water Management Company of the Year 2023 (From Energy & Environment Foundation).

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Financial Highlights for the Second quarter Q2 FY 2023-24 (Q2 FY 2022-23):

• Revenue from operations Rs 22,844 Crore (Q2 FY 2022-23 Rs 28,453 Crore).
• Profit before Tax Rs 1,606 Crore (Q2 FY 2022-23 Loss before tax Rs 2,576 Crore).
• Profit after Tax of Rs 1,059 Crore (Q2 FY 2022-23 Loss after tax Rs 1,789 Crore).
• GRM of 17.11 $/bbl (Q2 FY 2022-23 GRM of (4.46) $/bbl).
• Total reduction in interest bearing Long Term Borrowings: Rs 2,158 Crore (i.e. from Rs 13,783 Crore as on June 30, 2023 to Rs 11,625 Crore as on September 30, 2023).

Financial Highlights for the Half year H1 FY 2023-24 (H1 FY 2022-23):

• Revenue from operations Rs 47,676 Crore (H1 FY 2022-23 Rs 64,368 Crore).
• Profit before Tax Rs 3,164 Crore (H1 FY 2022-23 Profit before tax Rs 1,577 Crore).
• Profit after Tax of Rs 2,072 Crore (H1 FY 2022-23 Profit after tax Rs 918 Crore). % increase of PBT of 162.34% for Q2 FY2023-24 vis-a-vis Q2 FY2022-23 
• Total reduction in interest bearing Long Term Borrowings: Rs 3,212 Crore (i.e. from Rs 14,837 Crore as on March 31, 2023 to Rs 11,625 Crore as on September 30, 2023). 
• Networth shored up to Rs 11906 Cr.
• Debt Equity Ratio improved from 2.24 as on 30th September 2022 to 1.17 as on 30th September 2023.
• Strategic initiatives: With an ambition to improve its retail marketing foot print and reduce its export reliance, the company seeks to expand its retail business under its HiQ brand, with a primary goal of achieving a 1 Million Metric Ton (MMT) sales target in the next 3 to 5 years. Additionally, recognizing the evolving energy landscape toward renewables, MRPL is strategically looking into Green fuels and future expansion configuration studies to further improve its profitability.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre