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 245th Meeting held on May 11, 2022, approved its Standalone and Consolidated Audited Financial Results for the Fourth Quarter (Q4 FY’22) and Year ended (FY’22) ended March 31, 2022.
Amalgamation of ONGC Mangalore Petrochemicals Limited (OMPL) with the Company:
- As a part of a reorganization of the Group, the Board of Directors of the Company had approved a scheme for amalgamation (‘the Scheme’) of the erstwhile wholly-owned subsidiary company ONGC Mangalore Petrochemicals Limited (OMPL) (the amalgamating company) with the company (the amalgamated company) on June 10, 2021.
- Prior to this, the Company had acquired control over the amalgamating company on February 28, 2015, by acquiring 51.0017% of equity shares. Subsequently, the Company had acquired additional shares to the tune of 48.9981% from non-controlling shareholders i.e. from Oil and Natural Gas Corporation Ltd. in ONGC Mangalore Petrochemicals Limited on January 1, 2021.
iii. The amalgamating company was primarily engaged in operating a greenfield petrochemicals project consisting of an aromatic complex situated in Mangalore Special Economic Zone, Permude, Mangaluru, Karnataka for the production of Paraxylene, Benzene and other products.
- Pursuant to the scheme of Amalgamation (‘the Scheme’) approved by the Ministry of Corporate Affairs (MCA) vide its order No. 24/3/2021-CL-III dated April 14, 2022, the amalgamating company has been amalgamated with the Company with effect from April 1, 2021 (‘the appointed date’).
MRPL Financial Highlights
Financial Highlights for the Fourth quarter Q4FY’22(Q4FY’21):
- Gross revenue from operations Rs. 28,228 Crore (Q4 FY’21 Rs. 20,793 Crore).
- Profit before Tax Rs. 2,323 Crore (Q4 FY’21 Profit before tax Rs. 428 Crore).
- Profit after Tax of Rs. 3,008 crore (Q4 FY’21 Profit after tax Rs. 268 Crore).
Financial Highlights for FY’22(FY’21):
- Gross revenue from operations Rs. 86,064 Crore (FY’21 Rs. 50,796 Crore).
- Profit before Tax Rs. 2,708 Crore (FY’21 Loss before tax Rs. 915 Crore).
- •Profit after Tax of Rs. 2,955 crore (FY’21 Loss after tax Rs. 761 Crore).
MRPL Major Highlights for the Year FY’22 / Quarter (Q4FY’22):
- Capacity utilization achieved for the current financial year (FY’22) was 100.17% as compared to 76.65% during the previous financial year (FY’21).
- 2. Capacity utilization achieved for the Fourth Quarter (Q4 FY’22) of the current financial year (Q4 FY’22) was 116.96% as compared to the corresponding quarter of the previous financial year (Q4 FY’21) was 107.50%.
- Achieved the highest ever production in a year for Polypropylene (460 TMT against nameplate Capacity of 440 TMT), LPG (production of 1049 TMT) and MS (1727 TMT).
- A retail expansion plan is put in place for the next 5 years and as of date, 35 retail outlets have been commissioned.
- The refinery successfully processed various new crudes such as 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.
- Highest ever Motor Spirit production (MS) and highest ever High-Speed Diesel (HSD) dispatch for a month achieved during March 2022.
- The Desalination plant was commissioned in Dec 2021, which will mitigate one of the major risks faced by the company with respect to water availability.
- Won two state-level Safety Awards for best co-generation boiler award and best safety practices in Oil & Gas Industry award.