Mangalore Refinery & Petrochemicals (MRPL) announced that its Chief Financial Officer (CFO) and Director (Finance), Vivek Tongaonkar, has resigned from his position effective 1 July 2024 (end of business hours). Tongaonkar stated that his resignation was due to his appointment as Director (Finance) of Oil and Natural Gas Corporation (ONGC).
MRPL, a subsidiary of ONGC, is a Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery processes various crude oils, delivering a range of quality products. As of 31 March 2024, ONGC held a 71.63% stake, while Hindustan Petroleum Corporation (HPCL) held a 16.96% stake in the company.
Despite a marginal fall in revenue from operations (excluding excise duty) to Rs 25,328.67 crore in Q4 FY24 over Q4 FY23, the company reported a 40.41% decline in standalone net profit to Rs 1,136.84 crore. The scrip rose 0.39% to trade at Rs 216.70 on the BSE.