MRPL registers Rs.2,955 crore net profit during 2021-22

Mangalore Today News Network

Mangaluru, May 12, 2022: Mangalore Refinery and Petrochemicals Ltd., (MRPL) has registered Rs.2,955 crore net profit during 2021-22 as against the net loss of Rs.761 crore in the previous fiscal. Its performance in the fourth quarter of the financial year too saw Rs.3,008 crore net profit as against Rs.286 crore net profit in the relevant period of 2020-21.

 

The board of directors of MRPL approved the standalone and consolidated audited financial results of the fourth quarter as well as year-ended March 31, 2022, in its 245th meeting held on Wednesday. During 2021-22, the company earned a gross revenue of Rs.86,064 crore as against Rs.50,796 crore in the previous fiscal.

MRPL could utilise 100.17% of its capacity during 2021-22 as against 76.65% during 2020-21. It achieved highest ever production in a year for polypropylene, 460 thousand tonnes against nameplate capacity of 440 thousand tonnes; LPG, 1,049 thousand tonnes, and MS (petrol), 1,727 thousand tonnes.

Having commissioned 35 retail outlets, the company has put in place retail expansion plan for the next five years. During the year, MRPL successfully processed various new crude, including Tupi Crude (API-30.2) from Brazil, Amna Crude (API-37.2) from Libya, Egina Crude (API-27.6) from Nigeria, and Baobab Crude (API- 22.6, High TAN) from Ivory Coast.

The company has also commissioned the desalination plant in Decmeber 2021, which would mitigate one of the major risks faced by it with respect to water availability.

With the Union Ministry of Corporate Affairs approving the amalgamation of ONGC Mangalore Petrochemicals Ltd. with MRPL on April 14, 2022, OMPL was successfully amalgamated with the refining company with effect from April 1, 2021, the appointed date.

OMPL is primarily engaged in operating a green field petrochemicals project consisting of an aromatic complex situated in Mangalore Special Economic Zone, Permude, for production of Paraxylene, Benzene, and other products.

Courtesy: The Hindu