MRPL announces Rs. 2,224 crore net profit in 2017-18

Mangalore Today News Network

Mangluru, May 18, 2018 : Mangalore Refinery and Petrochemicals Ltd. (MRPL) has announced recording Rs. 2,224 crore net profit for the financial year 2017-18 as against Rs. 3,644 crore net profit recorded in 2016-17.

 

During the fourth-quarter that ended on March 31, 2018, the company posted a net profit of Rs. 542 crore as against Rs. 1,942 crore during the corresponding period in the previous fiscal, MRPL stated in a release. Its Board of Directors approved the audited financial results for Q4 along with the audited financial results for 2017-18 on May 15.

It said the company achieved a turnover of Rs. 63,067 crore, including exports of Rs. 16,996 crore during 2017-18 as against Rs. 59,415 crore including exports of Rs. 14,457 crore. The increase in turnover was owing to increase in throughput and also increase in product prices, the release said.

While MRPL recorded a throughput of 4.31 million tonnes in Q4, it recorded a cumulative throughput of 16.31 million tonnes for the whole 2017-18, as against 4.23 million tonnes and 16.27 tonnes during the corresponding periods of the previous financial year. The gross refining margin, however, came down slightly, from Rs. 1,667 crore to Rs. 1,601 crore in Q4 and from Rs. 6,028 crore to Rs. 5,809 crore for the whole year in the corresponding year.

The Board has recommended dividend at 30%, that is, Rs. 3 per share, amounting to Rs. 525.78 crore, to shareholders.

The release said MRPL has successfully commissioned the largest solar power project in a refinery site in the country. The project, with a total capacity of 6.063 MWP, is spread across 34 roof-tops within the refinery premises, comprising both RCC and sloping sheet steel roofs.

It inaugurated a state of the art company-owned, company-operated retail outlet at Panambur in Mangaluru in February, as part of MRPL’s retail expansion plans in Karnataka, Goa and Kerala. The company also commissioned its first-ever dealer-owned, dealer-operated retail outlet at Mandya in March 2018, the sixth retail outlet in Karnataka.