MRPL posts ₹2,224 crore net profit in 2017-18

Mangalore Refinery and Petrochemicals Ltd. (MRPL) has announced recording ₹2,224 crore net profit for the financial year 2017-18 as against ₹3,644 crore net profit recorded in 2016-17.

During the fourth-quarter that ended on March 31, 2018, the company posted a net profit of ₹542 crore as against ₹1,942 crore during the corresponding period in the previous fiscal, MRPL stated in a release. Its Board of Directors approved the audited financial results for Q4 along with the audited financial results for 2017-18 on May 15.

It said the company achieved a turnover of ₹63,067 crore, including exports of ₹16,996 crore during 2017-18 as against ₹59,415 crore including exports of ₹14,457 crore. The increase in turnover was owing to increase in throughput and also increase in product prices, the release said.

While MRPL recorded a throughput of 4.31 million tonnes in Q4, it recorded a cumulative throughput of 16.31 million tonnes for the whole 2017-18, as against 4.23 million tonnes and 16.27 tonnes during the corresponding periods of the previous financial year. The gross refining margin, however, came down slightly, from ₹1,667 crore to ₹1,601 crore in Q4 and from ₹6,028 crore to ₹5,809 crore for the whole year in the corresponding year.

The Board has recommended dividend at 30%, that is, ₹3 per share, amounting to ₹525.78 crore, to shareholders.

The release said MRPL has successfully commissioned the largest solar power project in a refinery site in the country. The project, with a total capacity of 6.063 MWP, is spread across 34 roof-tops within the refinery premises, comprising both RCC and sloping sheet steel roofs.

It inaugurated a state of the art company-owned, company-operated retail outlet at Panambur in Mangaluru in February, as part of MRPL’s retail expansion plans in Karnataka, Goa and Kerala. The company also commissioned its first-ever dealer-owned, dealer-operated retail outlet at Mandya in March 2018, the sixth retail outlet in Karnataka.