MRPL Reports Record Operational Milestones Amid Financial Challenges

Mangaluru: Mangalore Refinery and Petrochemicals Limited (MRPL), a Mini Ratna and ONGC subsidiary, revealed a mix of achievements and setbacks in its Q3 FY 2024-25 performance at its 267th board meeting.

Operational Highs

MRPL set new benchmarks with:

Gross crude processing: 4,541.5 TMT, surpassing the previous record of 4,459.1 TMT (Q3 FY 2022-23).
Net crude processing: 4,601 TMT, exceeding the earlier peak of 4,479.7 TMT.
First-time processing: Merey-16 crude from Venezuela, with an API of 15.7, last November.
Record product outputs:
- Aviation Turbine Fuel (ATF): 763.1 TMT, surpassing 747.5 TMT (Q2 FY 2024-25).
- Benzene: 60.6 TMT, exceeding 49.7 TMT.

Financial Performance

Despite operational successes, MRPL faced financial challenges in Q3 FY 2024-25:

Revenue from operations: Declined to ₹25,601 crore from ₹28,364 crore in Q3 FY 2023-24.
Profit before tax (PBT): Dropped to ₹469 crore from ₹591 crore.
Profit after tax (PAT): Fell to ₹304 crore from ₹387 crore.

However, the Gross Refining Margin (GRM) improved to $6.2 per barrel, up from $5 per barrel in Q3 FY 2023-24.

Nine-Month Snapshot

The cumulative performance for FY 2024-25 highlighted deeper challenges:

Revenue: Increased to ₹81,676 crore from ₹76,033 crore (FY 2023-24).
Loss before tax: ₹471 crore, compared to a profit of ₹3,755 crore.
Loss after tax: ₹313 crore, contrasting with a ₹2,459 crore profit.
GRM: Dropped sharply to $3.8 per barrel, compared to $9.9 per barrel last year.

MRPL’s operational excellence underscores its resilience, but financial recovery remains a key focus.

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