MRPL reports net loss of Rs71cr in Q3FY21; GRM stood at $3.26 per barrel; stock slips 2%

Mangalore Refinery and Petrochemicals Limited (MRPL) on Monday reported Net Loss of Rs71cr in the quarter ended December 2020 as against net loss of Rs37cr during the previous quarter ended December 2019. Gross Turnover declined 15.58% to Rs14,132cr in Q3FY21 as against Rs16,740cr during Q3FY20.

The gross refining margin (GRM) of the company stood at $3.26 per barrel during Q3FY21as against $3.19 per barrel in the corresponding period of the previous year. The company is in the business of refining crude and hence the GRMs are dependent on the level of crude prices. This has resulted in lower refining revenues for MRPL in the latest quarter on a yoy basis.

The throughput of the refinery was at 3.08 million tonnes during Q3FY21 as against 4.07 million tonnes in the corresponding period of Q3FY20.

“The company’s capacity utilization gradually improved during the current quarter compared to the previous quarter of the current financial year.

Management has assessed the potential impact of Covid-19 based on the current circumstances and expects no significant impact on the continuity of the operations of the business on a long-term basis,” company said in a regulatory filing on Monday.

The company said it is optimistic on long-term business outlook as well as its financial position. However, the company is closely monitoring any material changes to future economic conditions.

Meanwhile MRPL recorded a loss of Rs555cr in the nine months ending December 31 2020 as against Rs1,111cr in the corresponding nine-month period of 2019-20. GRM of the company stood at $2.25 per barrel in 9MFY21.