Mangaluru: Shares of Mangalore Refinery and Petrochemicals Ltd. (MRPL) surged more than 11 per cent in early trade on Thursday after the company reported a sharp rise in net profit for the quarter ended June 30, supported by a one-time exceptional gain and strong revenue growth.

The stock climbed as much as 11.45 per cent to ₹174.66 on the NSE, significantly outperforming the broader market, with the Nifty 50 trading nearly flat during the session.

Profit jumps on exceptional gain

MRPL reported a consolidated net profit of ₹946 crore for the June quarter, a sharp increase from ₹117 crore recorded in the March quarter. The rise was largely driven by a one-time exceptional gain of ₹472 crore.

Revenue from operations also witnessed strong growth, rising nearly 60 per cent quarter-on-quarter to ₹38,254 crore from ₹23,950 crore in the previous quarter, reflecting improved business performance.

However, the company’s core operating performance remained under pressure. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 26.1 per cent to ₹1,318 crore from ₹1,783 crore in the preceding quarter. Consequently, the EBITDA margin narrowed to 3.4 per cent from 7.4 per cent.

Throughput and infrastructure improve

MRPL said refinery throughput, including crude and other products, increased to 4.43 million metric tonnes (MMT) during the quarter, compared to 4.35 MMT in the previous quarter and 3.52 MMT in the corresponding period last year.

The company also achieved several operational milestones, including receiving Petroleum and Natural Gas Regulatory Board (PNGRB) approval for its Aviation Turbine Fuel (ATF) pipeline connecting to Kempegowda International Airport.

It also commenced product loading operations at terminals in Mangaluru, Hindupur in Andhra Pradesh and Ennore in Tamil Nadu. Additionally, MRPL received ISCC CORSIA certification for producing Sustainable Aviation Fuel (SAF) through co-processing of Used Cooking Oil (UCO), strengthening its clean energy initiatives.

Stock extends recent rally

MRPL shares have gained over 7.8 per cent during the past week, helping recover some of the losses seen over the previous month. Over the past year, the stock has delivered gains of nearly 10 per cent, outperforming the broader Nifty 500 index.