MRPL - Margins Continue To Disappoint In Q3; Expect A Revival Going Forward: Motilal Oswal

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Motilal Oswal Report

Mangalore Refinery and Petrochemicals Ltd. reported a miss on Ebitda due to lower than estimate refining margin and higher opex during Q3 FY21.

Refining throughput saw a gradual improvement during Q3 FY21 (came in better than our estimate), implying a utilisation of approximately 82%.

During the recent commissioning of the Kochi-Mangalore pipeline, Managing Director Mr. M Venkatesh said the refinery is ready to consume ~0.5 million metric standard cubic meter per day of gas immediately from the pipeline.

Modification of the gas turbine is underway (completion by FY21-end), post which consumption should reach ~1 mmscmd.

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