MRPL registers 3.2% higher turnover

Sarkaritel
By Sarkaritel August 11, 2014 23:31

MRPL registers 3.2% higher turnover


New Delhi, Aug 11 :  State owned MRPL, a wholly owned subsidiary of national oil company ONGC, registered a refining throughput of  3.20 MMT in FY 2013-14 Q1  against 3.27 MMT in the corresponding period last year,  the shortfall being  attributed to a planned shutdown.

The GRM was lower at US $ 0.66 /bbl as against US $ 2.94 /bbl during the corresponding quarter, due to increased fuel and loss in a scenario of part commissioning of refinery expansion project. The Company has posted a marginal loss of `Rs 36 crore after adjustment of tax as against loss of `Rs 454 crore after adjustment of tax during the corresponding previous quarter, an MRPL release here said.

HIGHLIGHTS DURING Q1 (2014-15) :

Particulars

Q1

2014-15

2013-14

Throughput (MMT)

 3.20

  3.27

Exports (MMT)

  1.18

  1.55

Gross Turnover  (` In Crore)

16,653

16,134

Exports   (` In Crore)

 5,746

 6,928

EBITA  (` In Crore)

74

(207)

PBT   (` In Crore)

(74)

(454)

PAT  (` In Crore)

(36)

(454)

GRM  (US$ / BBL)

 0.66

 2.94

GRM Break up  
Operating GRM (` In Crore)

60

 274

Inventory gain/(loss)  (` In Crore)

34

148

FINANCIAL PERFORMANCE Q1 FY 2014-15 :

MRPL recorded marginal loss of Rs 36 Crore after adjustment of tax in the1st Quarter 2014-15 as against loss after adjustment of tax `Rs 454 in the corresponding previous quarter.

The company has adopted depreciation rate in line with the new schedule II to the Companies Act, 2013.  The depreciation charge is lower by `Rs 82.26 crore as compared to earlier years due to increase in useful life prescribed by the new Companies Act,2013.

MARKETING INTITIATIVES:

  1. MRPL has entered into a contract  for next three years with Shell India Markets(P) Ltd. (Indian arm of the Royal Dutch Shell) for supply of Motor Spirit and High Speed Diesel.
  2. The Company while retaining strong market presence in its Refinery zone for products (viz. Bitumen & CRMB) being marketed to direct customers, the Fuel oil market share has come down due to discount philosophy of the players in the market.
  3. The company pursuant to commissioning of Delayed Coker Unit has been selling petcoke from April 2014. There is considerable demand for the product and has been able to sell substantial quantity of petcoke produced.

PHASE III REFINERY PROJECT:

MRPL Phase III Expansion project is in final stage of completion and has achieved an overall progress of 99.74% as on 15.07.2014. During the first quarter of 2014-15 , the company has commissioned the Delayed Coker Unit (DCU), Coker Hydro Treater Unit (CHTU) and two trains out of 3 trains of Sulphur Recovery Unit (SRU). Petrochemical Fluidised Catalytic Cracking Unit (PFCCU) and one train of Sulphur Recovery Unit (SRU) shall be commissioned shortly within this month.

The physical progress of Polypropylene unit (PPU) is 96.30% and is expected to be mechanically completed by October 2014.

The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and Schedule A Mini Ratna company, approved its un-audited (Limited Review) results for the first quarter 2014-15.

Sarkaritel
By Sarkaritel August 11, 2014 23:31