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MRPL approves unaudited financial results for Q2 FY 2023_24

MRPL approves unaudited financial results for Q2 FY 2023_24
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Mangaluru: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company during its 259th Meeting held on October 31, 2023, approved its Standalone and Consolidated Unaudited Financial Results for the Second Quarter (Q2 FY 2023-24) and Half Year (H1 FY 2023-24) ended September 30, 2023.

Major Highlights for the Second Quarter (Q2 FY 2023-24):

In July 2023, a record highest gross crude throughput of 1,438.5 TMT was achieved, surpassing the previous record of 1,428.4 TMT set in July 2019.
Ever highest Reformate dispatch of 102.2 TMT was recorded in July 2023 (The previous highest was 89.4 TMT during Oct-2022).
Highest MS-VI Production – 195 TMT, in August 2023 (Previous highest was 174 TMT during June-23).
Highest MS-VI Domestic Dispatch-188 TMT, in July 2023 (The previous highest was 178 TMT on June 23).
Mandatory Maintenance and inspection Shutdown of Phase-III Refinery was taken during August-September and all the activities were completed successfully.

MRPL became the First Indian refinery to be certified with AS9100D:2016 for production, certification and distribution of Aviation Turbine Fuel (ATF).

Awards received:
Government e-Market (GeM) Star Buyer Award.
Dun and Bradstreet Award for Best Miniratna across all sectors.
Best Innovation in Refinery award in Energy Technology Meet 2023 (Second time in a Row).
Water Management Company of the Year 2023 (From Energy and Environment Foundation).

Financial Highlights for the Second Quarter Q2 FY 2023-24 (Q2 FY 2022-23):

Revenue from operations Rs 22,844 Crore (Q2 FY 2022-23 Rs 28,453 Crore).
Profit before Tax Rs 1,606 Crore (Q2 FY 2022-23 Loss before tax Rs 2,576 Crore).
Profit after Tax of Rs 1,059 Crore (Q2 FY 2022-23 Loss after tax 1,789 Crore).
GRM of 17.11 $/bbl (Q2 FY 2022-23 GRM of (4.46) $/bbl).
Total reduction in interest-bearing Long Term Borrowings: Rs 2,158 Crore (i.e. from Rs 13,783 Crore as of June 30, 2023, to Rs 11,625 Crore as of September 30, 2023).

Financial Highlights for the Half year H1 FY 2023-24 (H1 FY 2022-23):

Revenue from operations Rs 47,676 Crore (H1 FY 2022-23 Rs 64,368 Crore).
Profit before Tax Rs 3,164 Crore (H1 FY 2022-23 Profit before tax Rs 1,577 Crore).
Profit after Tax of Rs 2,072 Crore (H1 FY 2022-23 Profit after tax Rs 918 Crore). % increase of PBT of 162.34% for Q2 FY2023-24 vis-a-vis Q2 FY2022-23
Total reduction in interest-bearing Long Term Borrowings: Rs 3,212 Crore (i.e. from Rs 14,837 Crore as of March 31, 2023, to Rs 11,625 Crore as of September 30, 2023). Networth shored up to Rs 11906 Cr.
Debt Equity Ratio improved from 2.24 as on 30th September 2022 to 1.17 as on 30th September 2023.

Strategic initiatives: With an ambition to improve its retail marketing footprint and reduce its export reliance, the company seeks to expand its retail business under its HiQ brand, with a primary goal of achieving a 1 Million Metric Ton (MMT) sales target in the next 3 to 5 years.

Additionally, recognizing the evolving energy landscape toward renewables, MRPL is strategically looking into Green fuels and future expansion configuration studies to further improve its profitability.

Physical and Financial Performance:

MRPL published unaudited financial results for Q2 FY 2023_24

Read more:

Free Artificial Limbs Camp held by MRPL benefits 233 people

MRPL bags Innovation Award from Min. of Petroleum & Natural Gas

MRPL wins Dun & Bradstreet PSU Best Miniratna award

MRPL donates Rs One Crore for Endosulfan affected patients

MRPL wins Water Management Company of the Year Award 2023

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