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Business News/ Companies / Company-results/  MRPL posts 15% rise in net profit to Rs1,300 crore in Q4
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MRPL posts 15% rise in net profit to Rs1,300 crore in Q4

Net profit of Rs1,353 crore in the January-March period was 15.6% higher than Rs1,170 crore net profit in the same period a year ago

Photo: BloombergPremium
Photo: Bloomberg

New Delhi/Bengaluru: Mangalore Refinery and Petrochemicals Ltd (MRPL) on Thursday reported a 15.6% rise in the March quarter net profit on back of higher margins on turning crude oil into fuel.

Net profit of 1,353 crore in January-March was 15.6% higher than 1,170 crore net profit in the same period a year ago, the company said in a statement.

MRPL made $8.24 on turning every barrel of crude oil into fuels like petrol and diesel, as opposed to a gross refining margin (GRM) of $6.97 per barrel in fourth quarter of the previous 2014-15 fiscal.

“The improvement in GRM is mainly on account of products like polypropylene and pet coke generated out of the new Phase-III units and increase in throughput," the statement said.

Turnover was higher at 13,477 crore in the fourth quarter of 2015-16 financial year as compared to 13,156 crore. The company turned 4.52 million tonnes of crude oil into fuel in the fourth quarter, up from 4.12 million throughput in the same period a year ago.

For the full fiscal year ended 31 March 2016, MRPL posted a net profit of 1,148 crore on a turnover of 50,864 crore. It had a net loss of 1,712 crore on a turnover of 62,412 crore in the previous financial year. Exports rose 45% to 22,790 crore.

MRPL ready to clear oil dues to Iran

MRPL on Thursday said it is ready to clear its dues for oil import from Iran as soon as the banking channels are available. “Now that the sanctions on Iran have been fully lifted, we hope there will be clarity on payment channel, and it would be sorted out very shortly, and as soon as banking channels are available, we will be making the payment," MRPL managing director H. Kumar told reporters.

Kumar was responding to a query on the issue of clearing $6.5 billion of oil dues to Iran by Indian refiners including MRPL.

Earlier, the payment were getting deferred due to unavailability of banking channels because of western sanctions on Iran, Kumar said.

“During the sanction period, the arrangement was the refiners were paying 45% of the cost in Indian rupees and now the pending 55% of the cost is to be paid in euros. Because there were no banking channels available earlier, the payment was getting deferred," he said.

And depending upon RBI clearances, the refiners were making payments to Iran for exporting crude oil to India, he added.

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Published: 13 May 2016, 12:08 AM IST
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