MANGALURU: Mangalore Refinery and Petrochemicals Limited (MRPL) has earned a net profit of Rs 3,596 crore during FY 2023-24, up by Rs 2,638 crore profit in FY 2022-23.
The board of directors of MRPL, a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company, during its 262nd meeting held on May 3, approved it’s Standalone and Consolidated Audited Financial Results for the fourth quarter (Q4 FY 2023-24) and year (FY 2023-24) ended March 31, 2024.
In 2023-24, the company earned a revenue of Rs 1,05,223 crore from operations (Rs 1,24,736 Crore in FY 2022-23) and a profit before tax of Rs 5,521 Crore (Rs 4,239 Crore in FY 2022-23). The gross margin (GRM) was US$ 10.36 per bbl (FY 2022-23 GRM of US$ 9.88 per bbl). Total reduction in interest bearing Long Term Borrowings was Rs 5,058 crore (ie from Rs 14,837 crore as on March 31, 2023 to Rs 9,779 Crore as on March 31, 2024). The Debt Equity Ratio improved from 1.70 as on March 31, 2023 to 0.94 as on March 31, 2024.
The major highlights for the fourth quarter (Q4 FY 2023-24) include the highest crude throughput in a Quarter 4.51 MMT (Previous best was 4.42 MMT during Q4 FY 2015-16). The company for the first time processed KGD6 Crude from Ruby FPSO off Kakinada (API-45.50) in the month of February and KG-D98 Crude (API-33.77) from East Godavari block, in March.